National Shari'a Board - Indonesian Council of Ulama Fatwa No. 36 of 2002 on Bank Indonesia Certificates of Deposit

This fatwa states that, for the purposes of shari'a-friendly monetary control, and as a way of overcoming excessive shari'a banking liquidity, the central bank (Bank Indonesia) needs to issue a certain type of shari'a-friendly monetary instrument. The fatwa refers to this instrument as Sertifikasi Wadi'ah Bank Indonesia (Bank Indonesia Certificate of Deposit). This type of certificate may not make the provision of a dividend to the bank a condition, unless that dividend comes in the form of a voluntary contribution from Bank Indonesia. Such a certificate may not be bought or sold.

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