Followings are among of the Sharia'h Concept In Islamic Banking:
2. Qardh
3. Hibah
4. Mudharabah
5. Bai' Bithamin Ajil
6. Murabahah
7. Musyarakah
8. Ijarah Thumma Al-bai'
And there are other concepts that have been developed and under development by the Ulama' and professionals to fulfill the needs of the Ummah.
Al-Wadi'ah
Definition:
Wadi’ah is derived from the word wada’a meaning lodge, leave or deposit. In Islamic Banking perspective, wadi’ah refers to safekeeping instrument that allows a person to keep the wealth or assets belonging to oneself with another person. In fact, it was practiced before Islam came. Under an Islamic scheme of savings, customers are assured for an interest free safekeeping services.
However, unlike the conventional banks, Islamic Banks or Financial Institutions not promising the customers any profit or interest for their deposits but they may offer the customers a profit earned by the bank through the investments made by utilizing using the customers money. It is called “Hibah” where it is absolute discretion of the bank.
Syari’ah Justifications on Al-Wadi'ah
1. Based on the Holy Quran (An-Nisa’:58)
إِنَّ اللّهَ يَأْمُرُكُمْ أَن تُؤدُّواْ الأَمَانَاتِ إِلَى أَهْلِهَا وَإِذَا حَكَمْتُم بَيْنَ النَّاسِ أَن
تَحْكُمُواْ بِالْعَدْلِ إِنَّ اللّهَ نِعِمَّا يَعِظُكُم بِهِ إِنَّ اللّهَ كَانَ سَمِيعًا بَصِيرًا
(An-Nisa’: 58)
“Indeed, Allah commands you to render trusts to whom they are due and when you judge between people to judge with justice. Excellent is that which Allah instructs you. Indeed, Allah is ever Hearing and Seeing.” (An-Nisa’: 58)
2. Based on the Holy Quran (2: 283)
“And if you are on a journey and cannot find a scribe, then a security deposit [should be] taken. And if one of you entrusts another, then let him who is entrusted discharge his trust [faithfully] and let him fear Allah , his Lord. And do not conceal testimony, for whoever conceals it - his heart is indeed sinful, and Allah is Knowing of what you do.”
3. Hadith by The Prophet S.A.W:
"Fulfill the trust that is entrusted to you, and do not betray of people who have entrusted you" . Abu Dawud and Tirmidzi
4. There are a collective agreements among the Fiqh Scholars allowing the practice of Wadi’ah since it is essential to the people in Muamalah.
Al-Wadi’ah Pillars:
1. Contracting Parites:
a. Muwaddi’ – Depositor
b. Wadii’ – Custodian
2. Wadi’ah – The deposited item or asset
a. Must be valuable – able to be used for commerce.
b. Must be physically able to possess.
3. Sighoh – Ijab and Qabul (Contract)
Wadi’ah is not valid until there is mutual consent expressed through offer and acceptance (Ijab and Qabul). Offer is revocable unless declare irrevocable or until it is accepted or after a stated or reasonable time. Majority say it is not obligatory. Minority say obligatory only if the depositor cannot find anybody else to protect his property.
