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SAVING AND SPENDING

CHAPTER 7

ISLAMIC DEPOSIT ACCOUNTS


Wadiah

Deposits

Mudharabah
Qard

Deposits

Hassan Deposits

WADIAH DEPOSITS
Wadiah

Yad Amanah (WYA)

Wadiah

Yad Dhamanah

WADIAH YAD AMANAH (WYA)

Pure safekeeping function.

When customers deposit a certain amount of money, the


money shall be kept in the banks vault.

The bank is not allowed to utilise the funds for profit


generation or any other purpose.

The bank shall not charge any fees for safekeeping.

RISK AND RETURN FOR WYA

WADIAH YAD DHAMANAH (WYD)

The bank guarantees the return of customers money deposited


into their account even when the money has been stolen.

In return, the bank is allowed to use the funds to generate


profit.

The bank is allowed to enjoys all profits and absorbs all losses.

The bank can provide hibah. More preferred by customers due


to safe custody and possibility of getting some profits.

RISK AND RETURN FOR WYD

RISK
The amount of money or principal deposited
in the bank is guaranteed therefore customers
will not get less than what they deposited.

RETURN
Non-guaranteed returns are given at the
banks discretion.

MUDHARABAH DEPOSITS

Comprises of Investors (Rabb al-mal) who provides the capital


and an Entrepreneur (Mudharib) who provides the expertise on
investing.

Customer (Depositors) is the Investor, and the Bank is the


Entrepreneur who then performs a role as Fund Manager.

Bank has freedom to manage customers money for profit.

Before enter into agreement, both parties would agree to a


profit-sharing ratio (PSR). For example; 60:40 or 70:30.

In the event of losses, Customers (Depositors) have to bear


them all and Bank (Fund Manager) will suffer no losses besides
their time and effort.

Bank also is not allowed to take any remuneration unless the


project is profitable.

MUDHARABAH DEPOSITS
1)

Customer deposit RM10,000 with a bank and PSR 30:70 (30%


to customer and 70% bank).

2)

The bank use the money to invest in a project. It does not


guarantee that the investment will be profitable.

3)

If there is a profit of 10% or RM1,000. The profit will be


shared as follows:
1)

Customer 30% X RM 1,000 = RM300

2)

Bank 70% x RM 1,000 = RM700

3)

The customer account show a new balance of =RM10,000 +


RM300 = RM10,300.

MUDHARABAH DEPOSIT LOSS


4) In

the event of a loss of 20% or RM2,000. The


customer or depositor will be the one who
bears the loss.
a)

Customers = 100% x RM2,000 = -RM2,000

b)

Bank = RM0 (No loss)

c)

Customer account show a new balance of RM10,000RM2,000 = RM8,000.

MUDHARABAH DEPOSIT ACCOUNT


30:70 (30% CUSTOMER + 70% BANK)

2 TYPES OF MUDHARABAH
MUDHARABAH

MUQAYYADAH : The bank is limited


in how it can use the funds in terms of the period
of time, the type of business, the business
location and the kind of services.

MUDHARABAH

MUTHALAQAH: The bank has the


freedom to use the funds without restrictions.

QARD HASSAN DEPOSITS


Which
The

offers no returns at all to depositors.

bank can use the deposit money as it wishes.

Similar
Not

to interest-free loan.

so popular and less available because depositors


do not receive returns.

ISLAMIC CHECKING (CURRENT)


ACCOUNTS

WADIAH CURRENT ACCOUNT : Guarantee the paying back


of money but not any returns.

MUDHARABAH CURRENT ACCOUNT : Less popular than


Wadiah because customer is responsible for all losses
incurred and they may get back less than what is
deposited.

QARD HASSAN : Allow the bank to use the funds without


having to provide any returns.

ISLAMIC CREDIT CARDS

Islamic credit cards cannot offer cash advances, which is a


form of money lending.

Interest is not compounded on account balances. An


additional interest charged due to any delay in payments
is prohibited.

Credit card users can carry out only halal (permissible)


transactions.

Credit card issuers will normally decline transactions on


haram activities, such as buying alcohol and paying the
entrance fee to a casino.

TUTORIAL

Identify 2 questionable issues each under the Mudharabah Deposit and


Islamic Credit Card. Why it is an issue and what has been decided
about it?

Explain the differences between Conventional and Islamic Credit Card.


Show your calculations if the customer use each of the card for RM200
every month for 12 months. And pay only RM100 every month. With
annual interest rates of 15%, calculate the amount that the customer
has to pay for both cards at the end of 1 year. Ignore the annual fee.

Prepare your report and slides for the above.

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