BAHNU A/P V.P MOHAN-012015030034SYAFIQAH BINTI BAHAR-012015030340ANIS AZWANI BT ABDUL AZIZ-012013111561MOHAMAD KHAIRIE BIN ZAIPORI-012015030167NORSHAHERA BT MOHD SHARUM-012015030036NURUL AIN NAJWA BINTI MUHAMAD-012015030389
Term wadiah is drived from the verb wadaa. Keep lodge,store,entrust,leaves or deposit.Something placed under somebody who is not owner to keep. Wadiah is a safe keeping of deposit.Wadiah itself is divided into two..its named Wadiah Yad Al Amanah and Wadiah Yad Al Dhamanah
Al MuwaddiDepositor, Owner of the propertyAl WadiDepositee, Custodian of the propertyAl-Wadiah Property for safe keepingSighahOffer (Ijab)Acceptance (Qabul)*
Conditions for Contracting Parties Al-muwaddi is the depositor or the owner of the property Al-wadi is the depositee or the custodian of the property Both parties must be person of sound mind and eligible to do a contract (ahliyaah al ada`a)Both parties must be eligible to be a wakil (agent) and trustee Al-wadi must ensure his capability to safe-keep the deposit.*
Conditions for Wadiah (Deposited Property) It must be valuable from Shariah view point, must be owned and deliverableIt must be a form of property that can be possessed physically *
Safe custody based on trust (Amanah).The trustee will only be responsible for damages to the assets or property entrusted in case of negligence and the trustee cannot mix the assets or property with his or other peoples properties.Features of Wadiah Yadd Al-Amanah:
The trustee should keep the deposits as he is keeping and taking care his own property.The trustee is not entitled to any profits gained from the contract. Any benefits accrued from the deposit belong to the owner.The trustee should not take advantage of the deposit.The trustee should not transfer the deposit in the hands of others without permission of the depositor.
Features of wadiah yad al-dhamanah Combination of safekeeping (wadiah) and guarantee (dhaman) Based on guarantee whereby the custodian guarantees the refund of the property kept with him and ensure to refund the item upon request. The custodian is entitled to use the deposited property for trading or any purpose. The custodian has the right to any income derived from the utilisation of the deposit and responsible for any damages or loss The custodian owns the profit and under his discretion to give some portion of it as gift (hibah) to the depositors. The gift cannot be in the form of pre-agreed agreement. The custodian must return the deposited property to the owner at any time upon the request of depositor.
21BankAPPLICATION OF WADIAH YAD AL-DHAMANAHYou place money in a bank and the bank guarantees to return the money to you. - You are allowed to withdraw the money anytime.
Bank may charge you a fee for looking after your money and may pay hibah (gift) to you if it deems fit. - This concept is normally used in deposit-taking activities, custodial services and safe deposit boxes.
CONVENTIONALISLAMICLoan contractCONTRACTWadiah (safe-keeping) contractLender BorrowerRELATIONSHIPDepositor DepositeeDeposits are paid interestINCOMEDeposits are not entitled to any incomeConventional banks must give the depositers their interest paymentOBLIGATIONIslamic banks may give the depositer a share of the profits generated at their discretionDeposits are liability products of a bankPRODUCTSDeposits are either a trust or guarantee products of a bank