Document Details

Document Type : Article In Journal 
Document Title :
Guaranteeing Investment Deposits in Islamic banking System
ضمان الوديعة الاستثمارية في النظام المصرفي الإسلامي
 
Subject : Discussion Forum 
Document Language : English 
Abstract : For developing a viable Islamic banking system, protection of depositor’s money is a basic and crucial question. A depositor wants both security and growth for his saving but Islamic banking provides him only one. This would have led the majority of household to shy away from the system which no country can afford. So (here is genuine ‘need” - a darurah to provide such guarantee. his also necessary to maintain social justice. Until this need is recognized by shariah experts, ‘murabahoh’ and concept of ‘tabarro’ (voluntary donation) msy he used by Islamic banks to guarantee the principal amount of depositors. In this regard al-Tegani’s arguments make Shariah as well as economic tense. Such a praice will also be conducive to reducing the possibility of moral hazard on the part of the bank in the use of the depositors’ money. To guarantee the deposit as an act of taharru’, banks may keep a fraction of the annual income of shareholders in a special account of shareholders which could be used to compensate the depositors for any loss of their principal amount that may occur when doing business with their money. 
ISSN : 1018-7383 
Journal Name : Islamic Economics Journal 
Volume : 16 
Issue Number : 1 
Publishing Year : 1424 AH
2003 AD 
Number Of Pages : 7 
Article Type : Article 
Added Date : Sunday, October 11, 2009 

Researchers

Researcher Name (Arabic)Researcher Name (English)Researcher TypeDr GradeEmail
محمد فهيم خانMUHAMMAD FAHEIM KHANResearcher  

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