For those who want to save and manage finances according to sharia principles, you can consider mudharabah savings and wadiah savings. These two types of savings are quite popular. Indeed, both mudharabah savings and wadiah savings comply with sharia principles. But, both have differences. Everything is discussed in full in this article.
Plus Points of Mudharabah Savings
What is mudharabah savings?
In accordance with sharia banking principles, Mudharabah akad binds two parties in the form of cooperation where there is a business involved. The customer is the first party because they act as a capital provider. The bank is the second party because it acts as a recipient and manager of capital.
Because it is collaborative, Mudharabah akad has a time period agreed upon by both parties. Mudharabah akad can be categorized into 2 types, namely Mudharabah Muthlaqah and Mudharabah Muqayyadah.
Mudharabah Muthlaqah akad allows the recipient of capital to freely manage funds and determine the type of business that can provide profits but still complies with Islamic law. Meanwhile, Mudharabah Muqayyadah akad places restrictions on capital recipients regarding capital management.
Characteristics of mudharabah savings
Because the main principle of Mudharabah akad is cooperation, one thing that stands out as a characteristic of mudharabah savings is the distribution of profits, which is better known as nisbah.
The bank will invest or manage funds from customers into businesses that comply with sharia principles. When they make a profit, the bank will share it with customers. The ratio is in accordance with the agreement at the beginning.
InsyaAllah, having mudharabah savings will make you achieve your dreams faster because of the profit sharing provided from investment returns or management of funds entrusted to the bank.
Plus Points of Wadiah Savings
What is wadiah savings?
In accordance with sharia principles, Wadiah akad has the nature of a pure deposit. Wadiah akad is divided into 2 types, namely Wadiah Yad Dhamanah and Wadiah Yad Amanah.
Wadiah Yad Dhamanah akad allows the party receiving the deposit to utilize the deposit. Of course, how to manage or utilize the deposit is in accordance with Islamic law. Meanwhile, Wadiah Yad Amanah akad does not allow the party receiving the deposit to utilize the deposit.
Characteristics of wadiah savings
Apart from being a deposit where the customer has the right to withdraw the money entrusted at any time, another characteristic of wadiah savings is that there is no promise of a reward. When you open a wadiah savings account, you will not earn interest because interest is basically not in accordance with sharia principles.
InsyaAllah, having wadiah savings is more blissful for you because it complies with sharia principles and can help you more easily make your financial goals come true.
Differences between Mudharabah and Wadiah Savings
Can you guess the differences between mudharabah and wadiah savings? Continue reading to find out.
In wadiah savings, banks play a role in safeguarding the money entrusted to customers as best as possible. Customers can also withdraw all the money deposited whenever they want. But, mudharabah savings are different. There is a relationship that resembles a partnership between the customer and the bank because there are profits that will be distributed.
Apart from that, the nature of money is a deposit in Wadiah akad because there are no profits to be distributed, while the nature of money is more directed towards investment in Mudharabah akad. The reason goes back to the profit sharing that banks give to customers.
Main Difference between Sharia Savings and Conventional Savings
So what is the difference between sharia savings and conventional savings? After reading this article, you already know that wadiah savings do not provide interest and mudharabah savings apply the principle of profit sharing. These two characteristics are not found in conventional savings.
Customers who save money in conventional savings will receive interest, which is generally paid every month. The interest rate is set by the bank. However, interest payments are fixed so customers will always receive interest. The larger the balance in the account, the greater the interest earned.
Also read: What Are the Plus Points of Sharia Banks in Indonesia?
How to Open Mudharabah Savings at Jago Syariah
Those of you who are interested in managing your finances according to sharia principles can open mudharabah savings in the form of a Sharia Deposit. The Sharia Deposit uses Mudharabah Muthlaqah akad so it provides profit sharing.
After completing Jago Syariah account registration, log in to the Jago application and tap Create Pocket to open a Sharia Deposit. Apart from getting competitive profit sharing, you can save with a more flexible time in the Sharia Deposit, with a period ranging from 1 to 24 months.
How to Open Wadiah Savings at Jago Syariah
Not just mudharabah savings, at Bank Jago Syariah you can open wadiah savings in the Saving Pocket. The Saving Pocket uses Wadiah Yad Dhamanah akad without interest.
In the Jago application, you can create Saving Pockets right away, up to 20 Pockets. This is the same as having 20 wadiah savings because each Pocket comes with its own account number.
Open a Jago Syariah Account directly from the Jago Application
Opening an account with Mudharabah and Wadiah akads at Jago Syariah is very easy and simple. Without needing to stop by a Bank Jago branch, create a Jago Syariah account digitally via the Jago application. There will be an ijab and qabul between you and the bank, which will also be done digitally.
Ready to have savings with Jago Syariah to secure your future and achieve various financial goals?
Don't worry about opening mudharabah savings and wadiah savings at Jago Syariah. Bank Jago is a member of LPS deposit insurance program. Money stored at Bank Jago (such as savings and deposits) is guaranteed by LPS up to a maximum of Rp2 billion per customer. Apart from that, Bank Jago is also licensed and supervised by the Financial Services Authority (OJK) and Bank Indonesia. Jago Syariah complies with the DSN MUI fatwa and is supervised by the Sharia Supervisory Board (DPS).
