Get to know the various types of savings in Islamic banks


Get to know the various types of savings in Islamic banks

 Get to know the various types of savings in Islamic banks

– In sharia economics, there is no concept of interest in carrying out operations, especially in collecting funds from customers.

So what is offered by Islamic banks compared to conventional banks.

Quoting from the OJK page, the collection of funds in Islamic banks can be in the form of demand deposits, savings and time deposits. The operational principles of sharia applied in the collection of public funds are the principles of Wadiah and Mudarabah.

So there are only two types of contracts that you will receive when opening an account at a sharia financial institution.

1.) The principle of wadi'ah

The wadi'ah principle applied is wadi'ah yad dhamanah which is applied to current account products. Wadiah dhamanah is different from wadiah amanah. In wadiah amanah, in principle, the deposited property should not be used by the entrusted person. Meanwhile, in the case of wadi'ah yad dhamanah, the entrusted party (the bank) is responsible for the integrity of the deposited property so that he may take advantage of the deposited property.

The general terms of this product are:

Profits or losses from channeling funds become property or are borne by the bank, while the owner of the funds is not promised compensation and does not bear the loss. Banks are allowed to give bonuses to fund owners as an incentive to withdraw public funds but cannot be agreed in advance.

Banks must make an account opening contract, the contents of which include permission to channel funds deposited and other agreed terms as long as they do not conflict with sharia principles. Especially for current account holders, banks can provide checkbooks, bilyet giro, and debit cards.

With regard to opening this account, the bank can use a substitute for administrative costs to simply cover the costs that actually occurred.

Other provisions relating to current accounts and savings accounts remain in effect as long as they do not conflict with sharia principles.


2.) Mudharabah Principle

In applying the mudharabah principle, the depositor or depositor acts as shahibul maal (owner of capital) and the bank as mudharib (manager). The funds are used by the bank to perform murabahah or ijarah as previously described. The bank can also use the funds to perform a second mudharabah. The results of this business will be shared based on the agreed ratio. In the event that the bank uses it to perform the second mudharabah, then the bank is fully responsible for the losses incurred.


The pillars of mudharabah are all fulfilled (there are mudharib - there are owners of funds, there are businesses that are shared, there is a ratio, and there is a Kabul consent). This mudharabah principle is applied to time deposit products from time deposits.


Based on the authority granted by the depositor, the mudharabah principle is divided into two, namely:

Mudharabah mutlaqah

Mudharabah Muqayyadah


a) Mudharabah Mutlaqah

In mudharabah mutlaqah, there are no restrictions for banks in using the funds raised. The customer does not provide any conditions to the bank, to what business the funds stored in it are to be distributed, or determine the use of certain contracts, or require the funds to be allocated to certain customers. So the bank has complete freedom to channel these URIA funds to any business that is thought to be profitable.

From the implementation of this mudharabah mutlaqah savings and time deposit products were developed, so that there are two types of fundraising, namely mudharabah savings and mudharabah deposit funds.

The general provisions in this product are:

Banks are required to notify owners of the ratio and procedures for notification of profits and/or profit sharing on a risk basis that may arise from depositing funds. If an agreement has been reached, then this must be included in the contract.

For mudharabah savings, banks can provide savings books as proof of deposit, as well as ATM cards and/or other withdrawals to savers. For mudharabah deposits, banks are required to provide deposit certificates of deposit receipts (bilyet) to depositors.

Mudharabah savings can be taken at any time by savers in accordance with the agreed agreement, but are not allowed to experience a negative balance.

Mudharabah deposits can only be withdrawn in accordance with the agreed time period. Extended deposits after maturity will be treated the same as new deposits, but if an automatic extension is included in the contract, there is no need to make a new contract.

Other provisions relating to savings and time deposits remain valid as long as they do not conflict with sharia principles.


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