Research
CONTENTS BIL. | CONTENTS | PAGE | 1. | Contents | 1 | 2. | Introduction | 2 | 3. | Al-Wadiah ( Trusteeship) | 2 | 4. | Definition of Al-Wadiah | 2 | 5. | 1) Al-Wadiah Saving Account : | 2 | | Features | 2 | | Benefits | 3 | | Target Customers | 3 | | How to applt / Documents Required | 3 | 6. | 2) Al-Wadiah Current Account : | 4 | | Features | 4 | | Benefits | 4 | | Target Customers | 4 | | How to apply / Documents Required | 5 | 7. | Al-Mudharabah (trustee profit-sharing) | 6 | 8 | Defination of Al-Mudharabah | 6 | 9 | Objective | 6 | 10 | Example | 7 | 11 | Rules and Regulations Governing the Operations of Mudharabah Savings Account-I : BANK ISLAM MALAYSIA BERHAD : | 8 - 12 | 12 | SERVICES OF BANK ISLAM MALAYSIA BERHAD | 13 | | Pewani Savings Account-i | 13 |
INTRODUCTION
The legal basic for the introduction of banking products along Islamic principles is the Islamic Banking Act 1983, which came into effect on 7 April 1983. The Islamic Banking Act provides the Central Bank with the power to supervise and regulate Islamic bank similar to the case of other licensed bank. The are 13 Islamic banking instruments that have been used in Malaysia. Included Al-Wadiah, Al-Mudharabah, Al-Musyarakah, Al-Bait Bithaman Ajil, Assalam, Al-Murabahah, Al-Ijarah, Al-Wakalah, Al-Kafalah, Ar-Rahn, Al-Qardhul Hassan, Al-Hiwalah, and Al-Dayn.
Al-Wadiah (Trusteeship)
Definition of Al-Wadiah.
Just like conventional banking savings account, wadiah enable depositor deposit fund into banking institution considered as keeper and fund trustee. Banking institution party will guarantee repayment all deposit on or part of outstanding amount when depositor ask. Depositor might be given 'gift' (prize) above banking institution discretion , as a form banking institution parties appreciation to depositor for allowing application of fund.
1) Al Wadiah Saving Account
It is a savings account based on Islamic contract of Al
INTRODUCTION
The legal basic for the introduction of banking products along Islamic principles is the Islamic Banking Act 1983, which came into effect on 7 April 1983. The Islamic Banking Act provides the Central Bank with the power to supervise and regulate Islamic bank similar to the case of other licensed bank. The are 13 Islamic banking instruments that have been used in Malaysia. Included Al-Wadiah, Al-Mudharabah, Al-Musyarakah, Al-Bait Bithaman Ajil, Assalam, Al-Murabahah, Al-Ijarah, Al-Wakalah, Al-Kafalah, Ar-Rahn, Al-Qardhul Hassan, Al-Hiwalah, and Al-Dayn.
Al-Wadiah (Trusteeship)
Definition of Al-Wadiah.
Just like conventional banking savings account, wadiah enable depositor deposit fund into banking institution considered as keeper and fund trustee. Banking institution party will guarantee repayment all deposit on or part of outstanding amount when depositor ask. Depositor might be given 'gift' (prize) above banking institution discretion , as a form banking institution parties appreciation to depositor for allowing application of fund.
1) Al Wadiah Saving Account
It is a savings account based on Islamic contract of Al