Fundamentally, Sharia savings has the same function as other conventional savings, both are used as a fund storage facility that offers security and profits for Customers. However, Sharia savings strictly follow the Islamic Sharia law. Through this implementation of Sharia principles, Sharia savings products are utilized to bring material profits and blessings in the afterlife.
Savings accounts that obey the Sharia principles have been sought after in these few last years, especially becoming an alternative for Customers who wish to avoid riba. Generally, there are several differences between Sharia savings and General savings. From the operating system to features, here are the 4 main differences that you can learn about.
The Presence of Akad
In Sharia savings, akad acts as a written agreement between a bank and its Customer. This akad contains information about the rights and obligations of both parties, guaranteeing each transaction process is in accordance with Islamic Sharia law. There are two different Sharia akad within the Sharia savings products, depending on the Customer’s savings goal.
Firstly, Mudharabah akad which is an investment-based agreement. Since it is investment-based, the bank and Customer will have to share the profit based on the rate that had been agreed upon. The money inside the Customer’s account will be allocated by the bank to fund several Sharia businesses. Eventually, the Customer can collect the profit from the profit-sharing system.
Secondly, Wadi’ah akad is a deposit-based agreement. With this akad, the Customer will not be charged with any administration fee, as well as Nisbah from profit sharing. Although, the Customer has the right to take money from their savings account in whatever amount they wish.
Profit-Sharing
One thing to remember about Sharia savings is the absence of the term interest rate. However, this does not mean that the Sharia savings will not generate any profit for its Customers. Profits in Sharia savings come from business funding or bank income. Therefore, it can be concluded that the profit you get depends entirely on the success of the said business.
Regulations about profit sharing are written on the akad. Not like any conventional bank that sets up a fixed interest rate, you will receive a huge amount of profit-sharing if the business generates a large profit. On the contrary, the profit-sharing will decrease as the business suffers a loss.
Additional Features
There are several types of Sharia savings products that cannot be found in any conventional savings, such as Hajj savings, Umrah savings, waqf savings, and qurban savings. Moreover, Sharia bank also applies an installment system based on the bank profit margin that has been agreed by both parties.
One of the main characteristics of Sharia savings is unambiguous, without hidden meanings. This is applicable in every feature offered to the Customers, including promotions. For example, a Sharia bank offers a shopping promotion, therefore it has to add details about any additional fees or terms and conditions.
Those are the main differences between Sharia savings and general or conventional savings. Other than profitable, Sharia savings will also bring you great blessings from God as you have followed the Islamic Sharia law. PermataBank Sharia offers numerous Sharia services and the best banking products for you, from PermataBank iB Haji to PermataBank iB Bebas for all your savings needs.
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