Ī is the response particle; wāw is a preposition of oath; Allāhi is genitive after the oath wāw. This wāw is not a conjunction.
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Parsing Ī with an Oath
Reply Particles: Naʿam, Balā and All Six Forms
Ī is the response particle; wāw is a preposition of oath; Allāhi is genitive after the oath wāw. This wāw is not a conjunction.