Tag Archives: Usury Practice

Ruling of Bank Deposit

Ruling of Bank Deposit

Definition of Bank Deposit

Author: Ustadz Said Yai Ardiansyah, MA

One of the products issued by bank is deposit. Deposit is a kind of saving that can not be withdrawn until the certain period of time agreed ends, with the benefit of obtaining percentage of profit from the deposited money. If it is drawn before the its due time, then the bank will charge the owner with some fines.

The example is as follows:

Joko wanted to save his money in deposit account. He deposited IDR 50 millions of his money in 3 months period. The interest rate of deposit is 5% per year, thus, in each month, he received = IDR  50 millions x 5 % : 12 months =IDR 208.333,33. Next, the sum is charged with income tax of 20%, hence, in three months, Joko received IDR 208.333,33 x 3 months = IDR 625.000,00 before taxed.

Joko needn’t to worry about the money he deposited, since it certainly yields profit albeit small. Even though the bank goes bankrupt, or suffers from losses, it still has to pay the profit/interest of his money.
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Solution for Those Who Already Entrapped in Usury Practice

usury

Solution for Those Who Already Entrapped in Usury Practice

Ibn Sa’di said, “All transactions, whether it is selling and buying, renting, investing, etc, in which the parties involved in it have agreed with it, but it is forbidden in shari’a, is an unlawful and invalid transaction. The willingness of all parties involved is useless because the willingness of transactors is a stipulation for validity of a transaction after the please of Allah and His messenger of that transaction.”
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