Sharia financial management has different principles from conventional financial management. In managing finances according to sharia principles with sharia banking institutions, one of the important requirements that must exist is the akad.
Wadiah Yad Dhamanah akad is a type of akad that is often heard of and is widely used for savings. When opening sharia savings account at Jago Syariah, the akad used is the same. Therefore, it is important for all Jago Syariah users to know more about this akad.
Get to Know Wadiah Yad Dhamanah Akad
Based on the teachings of the Islamic religion in accordance with the Al-Quran and hadith, wadiah means deposit.
Wadiah in sharia banking
The deposit in question can be in the form of goods or money. In the event that you entrust it to an Islamic banking institution, the deposit will be in the form of money.
Deposits in the form of money are generally in the form of savings products. If you deposit money with Jago Syariah, then the savings product you have is sharia savings.
The Wadiah Yad Dhamanah akad allows the recipient of the deposit to use the entrusted money for economic activities. And, the recipient also has full responsibility for the money deposited. In other words, when the depositor wants to withdraw their money, the depositee has the obligation to return it in full.
When Jago Syariah receives the money you have deposited, the bank will manage the money according to sharia principles. And, based on the Wadiah Yad Dhamanah akad, you are free to withdraw the money you have deposited at any time. The bank also does not promise any compensation in any form.
Jago Syariah offers savings products without interest, according to sharia
One more important thing that you also need to know about opening Islamic savings is related to interest or riba. The interest system that is widely applied by conventional banks does not apply. In other words, you cannot find it in Islamic banks. This is because the interest system is not in accordance with Islamic law.
It's time to save money with peace of mind with Jago Syariah. Before opening an account with Jago Syariah, you and Jago Syariah need to have the Ijab Qabul ceremony first. Because Jago Syariah carries the concept of digital money management, the Ijab Qabul will be carried out digitally.
Both Sharia-Compliant, What's the Difference Between Wadiah and Mudharabah Savings?
While both Wadiah savings and Mudharabah savings adhere to s
haria principles, they operate on distinct underlying contracts. Mudharabah savings are based on a profit-sharing principle, where the customer and the bank share in the profits (and potential losses) from the management of the funds. In contrast, Wadiah savings are a pure deposit, meaning the bank simply safeguards the customer's funds. For a complete understanding of their differences, please refer to the full article.
Jago Syariah can be downloaded here for those who don't have it yet. Note that Jago Syariah has the same complete features as Jago conventional, so you don't have to worry at all when making various transactions and payments, Jagoan. And Jago Syariah is also supported by the power of the ecosystem as it can be linked to GoPay and Bibit.
