Asked by: Basem Deshkin
asked in category: General Last Updated: 27th June, 2020

What is Wadiah Yad Dhamanah?

In contemporary Islamic finance a deposit or deposit account. A depositor places property with another party for safekeeping. A Wadiah Yad Dhamanah is a contract of Wadiah with a repayment guarantee. Under a Wadiah Yad Dhamanah the depositary guarantees the return of the deposited property.

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Also, what is wadiah?

Wadiah is a contract that is used on the liability side of the balance sheets of Islamic banks. Classically speaking wadiah is a contract by virtue of which one party keeps an asset with a counterparty for safekeeping purposes for a specific period of time (Figure 12.1).

Likewise, what is Al Wadiah Islamic banking? The term wadiah is derived from the verb wada'a, which means to leave, lodge or deposit (Al-Farabi, 1987). Legally, the hanafy scholars define it as an empowerment to someone for. keeping the owner's property explicitly and implicitly.

what is Wadiah saving account?

WADIAH. WADIAH (SAVINGS ACCOUNT-i) Wadia is a Shariah compliant product. It opened to all Ethiopian citizen and permanent residents. This deposit product is operated by Bankbook, ATM cards and other alternative Electronic Payment systems.

What is Ijarah contract?

An ijarah refers to− (a) a lease contract that transfers the ownership of a usufruct of an asset to another person for a specified period in exchange for a specified consideration; or (b) a contract for hiring of services of a person for a specified period in exchange for a specified consideration.

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