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Before answering the question, first we need to understand what the underlying contracts for deposit accounts are. Deposit accounts can be divided into two; savings account and current account.
In Malaysia, savings account offered by Islamic banks is generally under the contract of wadi’ah yad dhamanah (safe keeping with guarantee), mudharabah (profit sharing) and qard (benevolent loan). This article will be focusing on the first contract as it has to do with hibah (gift).Read More »Is Scouting Around for the Best Hibah Rate for Deposit Accounts Permissible?