There is good news for Jagoans who want to have a Jago account with sharia principles. Now, you can have a Jago Syariah account. Read on to find out more.
Sharia Principles Used by Jago Syariah
All your Jago Syariah Pockets are currently using Wadiah principle. In the future, there will also be Pockets with a choice of the Mudharabah principle.
What is Wadiah principle? The principle of Wadiah is based on Wadi'ah Yad Dhamanah akad. This akad is used for savings products and has the nature of a deposit.
What does it mean? Referring to Wadiah akad, when you save money in the bank, you entrust the money to the bank. After the money is received, the bank as the custodian will manage the money according to sharia principles.
Now, because the Wadiah Yad Dhamanah akad is a deposit, the bank does not promise any rewards. But, you can take your money anytime you want.
Then, when you create a Jago Syariah account through the application, there will be a digital ijab and qabul between you and Bank Jago Syariah.
Apart from Wadiah Yad Dhamanah akad, the Sharia Deposit feature is also available with Mudharabah Muthlaqah akad in the Jago application. By saving money in a Sharia Deposit, you will get profit sharing according to sharia principles. Learn more about Mudharabah Muthlaqah akad in this article.
About Jago Syariah Account
When you have a Jago Syariah account, you can still manage your finances in an easy, innovative, and collaborative way, just like Jago account users.
The Saving Pocket feature, for example, can be used to save money or have sharia savings, set savings targets, and grow your savings automatically with autosave. If you already have a family and want to start saving for your child’s education, you can open education savings with Jago Syariah.
Likewise with the Spending Pocket feature, which can be used as a source of funds to pay for all your needs. You can also have fun financial collaborations with those closest to you by creating a Shared Pocket. However, all Pockets and transactions use sharia principles.
You can also still take advantage of the Plan Ahead feature to schedule recurring transactions and Spend Analysis to have a report of expenses to help you make better financial decisions.
The only feature that you can't use when you have a Jago Syariah account is the Locked Pocket because the Locked Pocket offers a higher interest rate when you lock money for a certain period.
To create a Jago Syariah account, for new users, you can directly select the Jago Syariah option and follow the steps in the application. How to register for a Jago Syariah account without having to stop by a bank branch can be read here.
But, what about Jagoans who already have a Jago account?
You can move to Jago Syariah. However, keep in mind, the existing Jago users who choose to move to Jago Syariah cannot change their preferences and switch back to a Jago account.
If you decide to move to Jago Syariah, the account number in each Pocket will automatically change. Now, when the account number changes, don't forget to let your family, friends, and the office know and update the data in the investment application or online business (if any).
Let’s enjoy making transactions and managing finances according to Islamic teachings.
