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What is Sharia-Compliant Savings? Read the Explanation Here!

May 24, 2022
4 Minutes

You may have been familiar with a banking product called Sharia-compliant savings. Savings in a Sharia-compliant bank account is usually chosen by customers who want their savings to be free of interest and managed under the Sharia Law practices. This savings is used as an instrument for saving money from main salaries, side works income, business results, and many others.

What is Sharia-Compliant Savings?
Sharia-compliant savings is a savings service offered by a bank to its customers, be it Islamic banks or conventional banks. It works like any other general savings or traditional savings where the customers deposit a certain amount of money to the bank to be stored.

The main thing that differentiates this type of saving is the management of the customers' funds is performed based on Sharia principles. These savings ensures that customers' money is managed without interest. Therefore, these savings will suit those who don't want to receive interest but still need help from banks to save their funds.

The Purpose of Sharia-Compliant Savings
The purpose of Sharia-compliant savings is to accommodate the needs of Muslim customers. They often don’t want to use a savings product that will include interest. However, they still need the services from banks to store their funds to keep them safe. That’s why Sharia-compliant savings is here as one of many options you can choose.

Meanwhile, there are many reasons why a customer opts for this Sharia-compliant savings. The first thing is to avoid interest added to their savings. Second, this saving is usually used for religious reasons, for example, saving up for buying Qurban or preparing for Umrah and Hajj. 

The Difference Between Sharia-Compliant Savings and General Savings
Two main things differentiate general savings from Sharia-compliant savings: the contract and profit-sharing (nisbah). There is a contract between the bank and the customer in Sharia-compliant savings. This contract serves as a written agreement containing both parties' rights and obligations. The contract is then split into the investment-based Mudharabah and deposit-based Wadiah contracts.

The second difference is the profit-sharing between the customer and the bank. For your information, Sharia-compliant savings will not receive interest. The profit of these savings is taken from business financing or bank income. As a result, the shared profit received by the customer will depend on the profit and loss of the business.

Types of Sharia-Compliant Savings
Like the conventional savings, Sharia-compliant saving also has a few types, such as:

  • General Sharia-Compliant Savings
    These savings are similar to general savings but are managed according to Sharia principles. You can deposit a certain amount of money for the initial deposit and then regularly save up. You can use these savings for various reasons, either for religious purposes or daily necessities.
  • Sharia-Compliant Hajj Savings
    As the name implies, this saving is exclusive to preparing for a Hajj. An example is the PermataTabungan iB Haji Reguler, a product from PermataBank. These savings will help customers prepare their Hajj funds by saving up at PermataBank. The contract used is Mudarabah Mutlaqah, with an initial deposit of IDR 250K.
  • Sharia Fixed Deposit
    This saving is slightly different from the other two since customers have to deposit a fixed amount of money that the bank has determined. Then, there are also savings requirements based on the fixed term that has been defined at the beginning.

That concludes the explanation for Sharia-compliant savings. This saving is for those who want to save but don’t want to earn interest. PermataBank offers various saving options that comply with the Sharia Law principles. Choose your Sharia-compliant savings at PermataBank now!

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