National Shari'a Board - Indonesian Council of Ulama Fatwa No. 3 of 2000 on Deposits

This fatwa acknowledges the increasing demand among society to utilise banking services, including deposit facilities. It notes that withdrawals of deposits can only be made at certain times based on an agreement between the customer and the bank in question. It also notes that not all deposit practices are shari'a-compliant and, accordingly, a set of guidelines are necessary to ensure shari'a-compliant deposit practices.

The fatwa acknowledges that there are two types of deposits:

  1. those that are not shari'a-compliant, insofar as they are based on interest calucations; and
  2. those are are shari'a-compliant, insofar as they are based on Mudharabah and Wadi'ah principles.
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