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MODES OF OPERATION OF WADIAH SAVING
ACCOUNT
The bank accepts deposits from its customers looking for safe custody
of their funds and a degree of convenience in their use together with
the possibility of some profits in the form SA on the principle of al-
wadiah yad dhamanah.
The bank requests permission from such customers to make use of
their funds so long as these funds remain with the bank .
The customers may withdraw a part of the whole of their balances at
any time they so desire, and the bank guarantees the refund of such
balances.
The bank provides its customers with saving passbook books and
other usual services connected with the SA.
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DISCRETIONARY REWARDS OF WADIAH
SAVING ACCOUNT
Under the principle of al-Wadiah, the bank is not obligated in any
way to give returns on depositors.
However, the banks at its absolute discretion, may reward its customer
a certain amount of return as deemed fit.
Calculation of profit is a follows:
Cumulative daily
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INVESTMENT DEPOSITS
GENERAL INVESTMENT ACCOUNT
It is an investment account with pre-determined profit sharing ratio and
maturity period.
General investment deposits are contracted under the Mudharabah concept,
where depositors and the Islamic Banks agree at the time of placement, the
profit sharing ratio and the placement duration.
An investment account operates under the Mudaraba al-mutlaqa principle, in
which the Mudarib (active partner) must have absolute freedom in the
management of the investment of the subscribed capital.
The conditions of this account differ from those of the savings accounts by
virtue of:
1. a higher fixed minimum amount,
2. a longer duration of deposits, and
3. most importantly, the depositor may lose some of or all his funds in the
event of the bank making losses
GENERAL INVESTMENT ACCOUNT BASED ON
MUDHARABAH
The bank acts as ‘entrepreneur’ and the customers as the ‘ provider
of capital’.
Both agree on show to distribute profits (if any) and in the event of
loss, the customer bears all the loss.
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MODES OF OPERATION OF MUDHARABAH
GENERAL INVESTMENT ACCOUNT
The bank accepts deposits from its customers for GIA on the principle of
Mudharabah.
This investment is utilized as business capital by the bank. Customer will have no
authority to interfere with the management of investment.
Bank will has the right to manage the investments as it deems fit by investing into
businesses that are both Halal (permissible) and profitable.
The deposits will have to be for a specified period.
In basic Shariah relationship, the bank acts in this case as the ‘entrepreneur’ and
the customers as the ‘provider of capital’ and both will agree among others on
how to distribute the profits, if any, generated by the bank from the investment.
In the event of loss in the investment, the customer bears all the loss.
Modes of investment of the funds and the ratios of profit decided by the bank for
all customers.
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PROFIT ON MUDHARABAH GENERAL
INVESTMENT ACCOUNT
Distribution of Profit:
Bank in an agree predetermined ratio.
This agreed distribution ratio must be stated in the contract.
Calculation of Profit:
When an investment certificate is presented on or after the maturity date of the
investment deposit, profit due will be calculated.
The formula can be as follows:
Profit Amount:
Tenor Rate
Capital x x
12 100
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DIFFERENCES BETWEEN MUDHARABAH AND
CONVENTIONAL FIXED DEPOSIT
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COMMODITY MURABAHAH
This is another form of unique deposit contract.
Under this contract, the customer will purchase
commodity (normally crude palm oil or metal) from a
broker, say Broker A, and sold to the bank on
deferred payment (including customer’s profit
margin).
Once the ownership is transferred to the bank, the
bank will sell the commodity to another broker, say
Broker B at a discount for cash. Purchase and sale of
the commodity are considered “real transfer”.
http://iimm.bnm.gov.my/view.php?id=72&dbIndex=
0&website_id=14&ex=1216289403&md=%C3%8
8%E2%80%9Em%20
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