Wadi’ah Yad Dhamanah definition

Wadi’ah Yad Dhamanah means safe keeping with guarantee. It refers to the transaction between the depositor (Customer) and the custodian (Bank) for the safe keeping of the goods or money. The acceptance and continuance of an account may be granted by the Bank subject to the Shariah principles, and upon compliance with the Rules & Regulations under the concept of Wadi’ah Yad Dhamanah by the depositor. The Bank in this situation is guaranteeing the safe keeping of the goods or money and will return the same to the depositor accordingly, subject to the Bank’s procedures.
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Examples of Wadi’ah Yad Dhamanah in a sentence

  • Any sum of deposited money or any sum of monies subsequently deposited into Account with the Bank shall be based on the principle of Wadi’ah Yad Dhamanah.

  • Frenz and Younes (2010) disclose in their book that under the contract of Wadi’ah Yad Dhamanah, a person would appoint another person to look after his wealth or deposit and the person appointed (guarantor or custodian) may use the wealth or deposit to generate income.

  • Within this literary "devolution" in French literature, the work of literature only partially "represents" another culture; it is mostly employed to illuminate the reader/own learner's culture, using their cultural habits as a starting point.

  • The Bank shall accept the sum of money deposited and any sum of monies to be subsequently deposited into an Al-Wadi’ah Account opened by Customer based on the Syari’ah (Islamic) principle of Al- Wadi’ah Yad Dhamanah (Guaranteed Safe Custody) concept.

  • For instance, most retail deposit schemes, both current and savings, are based on Wadi’ah Yad Dhamanah (guaranteed safekeeping) or Al-Qard (loan), which are guaranteed principal contracts regardless of the bank’s profitability on its asset side.

  • So Qard Hassan cannot be used as monetary operations instrument, but still I have a question concerning Wadi’ah Yad Dhamanah.

  • The customer(s) agrees that the money deposited into the Current Account is based on Shariah contract of Wadi’ah Yad Dhamanah (guaranteed custody) and give consent for the Bank to deal with the whole or any part of any monies standing to the credit of the customer(s) accounts in the manner that the Bank shall deem fit.

  • If we look lengthy explanation in earlier about the application Contracts- Contracts muamalah start of the contract Wadi’ah Yad Dhamanah, Wakalah Bil Ujrah, Mudharaba muthlaqa, and Ijarah Maushufah Fid dzimma, then each contract has a character each with all the risks and the consequences.

  • For Savings Account, the minimum amount for deposit or withdrawal through Automated Teller Machine ("ATM") and Cash Deposit Machines ("CDM") is Ringgit Malaysia Ten (RM10) while managing through the counter is Ringgit Malaysia One (RM1) unless account closure and the minimum balance that must be maintained in the account is shown in the table below except for the Agro Perdana -i Wadi’ah Yad Dhamanah account for Government Departments / Agencies / Collection agencies.

  • The Bank shall accept the sum of money deposited and any sum of monies to be subsequently deposited into an Al-Wadi’ah Account opened by Customer based on the Syari’ah (Islamic) principle of Al -Wadi’ah Yad Dhamanah (Guaranteed Custody) concept.

Related to Wadi’ah Yad Dhamanah

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