This fatwa defines a 'Shari'a Bank Indonesia Certificate' (Sertifikat Bank Indonesia Syariah) as a short-term security issued by Bank Indonesia in Indonesian Rupiah, based on shari'a principles. It defines a 'Ju'alah Shari'a Bank Indonesia Certificate' as a Shari'a Bank Indonesia Certificate used for ju'alah agreements.
The fatwa states that a Ju'alah Shari'a Bank Indonesia Certificate is a monetary instument issued for the purposes of monetary control and the management of shari'a banking liquidity. With a Ju'alah Shari'a Bank Indonesia Certificate, Bank Indonesia acts as the ja'il (employer), the relevant shari'a bank acts as the maj'ul lah (employee), and the object of the ju'alah (mahall al-'aqd) is the participation of the shari'a bank assisting Bank Indonesia with monetary control by absorbing liquidity from society and placing it with Bank Indonesia, in the form of a particular amount of money for a particular period of time. The fatwa also states that Bank Indonesia, in its monetary operations through the issuing of Shari'a Bank Indonesia Certificates, provides shari'a banks with a liquidity absorption target to facilitate monetary control, and promises a certain dividend for those shari'a banks that cooperate.
The fatwa states that a shari'a bank cooperates by purchasing a Ju'alah Shari'a Bank Indonesia Certificate. Bank Indonesia is then required to return those funds by the relevant date of maturity. It also states that a Ju'alah Shari'a Bank Indonesia Certificate is non-transferrable and cannot form part of a shari'a bank investment portfolio.