Accounts and Deposits


Question: In case the Islamic bank does not achieve any yearly profits, Is it permissible  for the Islamic bank to distribute more profits than what was achieved to compete in the market?


Fatwa: The origin is to distribute the actual achieved profits, and does not commit to the expected profit nor the market competition profits, but there is no objection in supporting investments accounts holders (deposits) from the shareholder profits subject to the shareholders' approval, or to be delegated to the Board of Directors, and requires the disclosure of such support in the financial statements that are published, according to the accounting standards, after the benefit from the share of profit equalization reserve.



Question: After the investing deposit firstly, and when investing current accounts, does the bank before this investment (current accounts),  - Take explicit permission  or implicit  authorization from his clients allowing the bank to benefit from these funds on the basis that it is a loan and the loan is secured to return?

Fatwa: No need to take an explicit  permission from the client, because the current accounts in its idiosyncratic adaptation according to the commission decision are Hasana (good) loans , and are treated as the bank's own funds.



Question: When the client overdrafts, as a service provided by the bank for some clients, Is it permissible to take profits or fees or deduct any amount on the overdrafts?

Fatwa: It is not permissible to take profits, or deduct any amounts on an overdraft, as for the fees you may take a lump sum not related to the value of the overdraft amount or its duration, to  peer for the data change service .



Question: When the bank transfers an amount to a foreign country, the traditional transfer takes about 15 days and the actual transfer  takes 3 days and the usurious bank invests the money between 15 days and 3 days. Is it permissible for the bank to invest these funds noting that these funds are treated as a trust with the bank, and has taken a particular fee to deliver it to the particular country?

Fatwa: The bank must perform the transfer as soon possible, and shall not be delay the transfer, and shall not invest money before the transfer.
An overdraft is possible free of interest, does not affect the exchange rate, because the drawer if  in draws in dollars will pay in dollars, and payment is based on the ideals not value.
May, if necessary, or the need to open current accounts with the traditional banks where the amount deposited in the least possible amount.



It is permissible to agree between the Islamic Bank and the usurious Bank where the Islamic bank has balances with usurious banks and his account is overdrawn, he is not obliged to pay interest to the usurious bank, but may deposit money on the basis of the tiger account, so to avoid paying interest on the overdrawn amounts and this case does not apply on the rule any loan draws benefit is usurious , because the forbidden  benefit is what causes  consequent damage and loss to the other party, and this operation  is a joint benefit between the two parties and the damage is not there in it. "
The client may not to withdraw the investment deposit before the expiry of the agreed period, the Bank may, in some cases approve this, in this case the client loses the profit  of withdrawn amount for the investment period unless management sees other than that.

Depositors profits for the previous period to break the deposit to the investment pot according to the basis of exiting, and management may pay it to the depositors who broke their  deposits.

Question: Is speculation pot separated by currency (Syrian - Dollar- Euro)?

Fatwa: Pots may be separated according to the type of currency, and every pot's profit is its own.



- Is not right not to specify the speculation percentage  in the contract for investments savings accounts and investment deposit, because the idiosyncratic adaptation for investment's savings accounts and investment deposits is speculation, and the consensus of scholars and is necessary to specify  the speculation percentage on contract signature, and  no objection to include the speculation percentage in the contract extinction  on the condition not to change it  only when if the depositor is informed of changing the percentage through the conventionally available media.

-The profit May be calculated on investments savings deposits at the lowest balance, because investments savings deposits are speculation, and for the contractors in speculations to agree to adopt on a minimum balance or average balance, and the  adoption of a minimum balance retroactive on previous deposits unless the depositors are informed through the conventional available media, and the banking services contracts are modified according to the new amendment

- The way to change the speculation percentage  in the old contracts is that the client is informed by the telephone call of the percentage amendment, and where could not call all depositors the bank may inform them by sending a message via a mobile phone or to announce in the newspapers or in the bank by amending the speculation percentage and mention in the announcement that every depositor did not object to the amendment percentage within fifteen days from the date of the announcement, is  considered agreeing to the amendment, and in accordance with Article 28 of the terms and conditions of the banking services contracts, the client signed when she/he opened for the deposit, and in the and in the case of the depositor did not  agree  on the new percentage, the bank may terminate the deposit, giving the depositor the entire accrued profits to the date of termination, and the Bank may announce the termination of  the old deposits if announced by the means available as known where the termination is after fifteen days from the date of the announcement.

- The Bank's share as a speculator is deducted before deduction of the investment risk reserve according to the  accounting standards and auditing of  Islamic financial institutions.



Question: The Banking services contracts includes a clause stating that the investment savings account does not invest from it but only 50% of the amount in the account, and in the event of  the investment exceeds 50%, then the profit amount to be for depositors and the bank according to the speculation percentage and the question:

- Is it permissible for the bank to specify the amount  the depositor deserves profit on it as a money lord in the investment savings accounts where by the amount included in the profit distribution is 50% of the deposited amount and the remaining is a current account its profits belongs to the bank only? 

Fatwa: Since the nature of the investment savings account requires to keep part of the money as an amount where the client can draw from it at any time he wants, then the bank may specify the amount to be invested as speculation and participate in the profit and loss when investing and the remaining amount will be as a current account secured on the bank, and the banking services contracts provisions and rulings to cater for this amendment, and what applied on the savings account may be applied on the investment deposits.

- If the client  issued a returned check  then then it is permissible for the bank to take from it the actual damage amount only.


Question: The bank takes a provision for the lowering of receivables in for a financial period and then takes this provision based on the participation percentage  of the bank and depositors in the pot, for example the Bank's participation in the pot is  70% and  the depositors is 30%, and in a subsequent period, the bank considers raising this allowance or decrease it, and the percentage  of the Bank's participation in the pot has changed, and for example the Bank's participation in the pot  is 60% and 40% for the depositors and the question: does this  allocation change decrease or increase  in the subsequent period to the existing participation percentage at the time the change decision or the provision is taken from the pot regardless of the participators percentage in it?


Fatwa: The change to the provision of lowering the receivables in in a specific financial decrease and increase according to the existing percentage at the amendment decision taking into account the recent percentage participation in the taking of the provision before taking the decrease or increase decision in order to achieve justice and to prevent the injustice for depositors and the bank.

- The distribution of profits when the system recognize it  on those present in the new pot of depositors and a bank, according to the participation of each of them in the pot based on the principle of the game between the depositors and the bank and the depositors themselves so as to add a term  to the banking services contract conditions where the depositor is aware of that .
- Originally to break of the deposit is based on the principle of exiting where the depositor sells hi share of the pot, and this is the basic principle to be followed as long as possible, and therefore these profits belongs to the pot, after deducting the bank's speculation percentage of them, and the option to convert these profits to a risk investment reserve remains if the exiting is not possible.

- The Bank may buys depositor's share of the investment pot, including all obligations therefore the bank deserves the depositors calculated profit for the previous period based on the principle of exiting but that remains confined to the absence of funds in the investment pot to buy the depositor's share otherwise the priority in exiting remain for the benefit of the pot to protect the depositors.
- The Bank may issue credit cards and charge a fixed fee at issuing and adapt what money the client takes  through the card on the basis of the Hasan (good) loan, and this, in accordance to the legitimate principle and the commission would review the details when viewing the cards issuing policy and its procedures before starting work.

- The Bank may take a commission from the client  when he requests to close his own  current account for the effort exerted  by the bank to perform this service as an  administrative duty independent of the bank duty to deliver to the client all existing amounts in his current account upon his request.


Question: For some savings account holders deserves some profits after they close their accounts, what the most appropriate destination of these profits?
Fatwa: The most appropriate destination for these profits is the investment risk reserves which returns  to the interest of depositors on the basis that a term to be added to the provisions of the banking services contracts and its rulings indicating  this and obtaining the client's approval on it based on the principle of competition between the depositors.


QUESTION: on June 2009 Zaid borrowed an amount of SYP 300 thousands from Omar and the verbal agreement verbal was: borrowing the amount for six months  of six months, until the beginning of 2010, without specifying any other agreement terms, after six months Zaid could not return the  amount to Omar and Omar's answer to Zaid was: Omar Zaid it: you may return the amount whenever you can and the question:

 - Now we are in the year 2013  is it possible for Zaid return the same amount knowing that the amount has lost more than 60% of its value? And knowing that Omar is practicing  business and specifically in buying gold and that the amount he lent he intended to buy gold in the intension to trade and profit.

Fatwa: The commission members gentlemen had  considered  the sayings of the scholars on the issue of the effect of changing the value of the currency on the debts, which was limited to three sayings are:
 First: The debt is returned the same in kind and genera and this is the opinion of the majority of scholars which was settled by the Islamic Fiqh Academy.
 Second: The debit value  is returned at the time of debit, where the debit amount is valued in gold at the time of debit then this value is returned at the time of maturity in the debit currency and this is the saying of Abi Yousef of the Hanafiya.

Third: The debit is returned on its value at the debit date in the case  of an obscene change in the value of the currency and this is the saying of some Malkiya .
- There is a view of some contemporary to consolidate  between the parties,  where the debit amount is valued at the date of the debit and the maturity date and consolidate on the middle of the difference between the two. After discussing these views in the commission has decided the fifth decision:

- The Debit  is returned in the same and not increased by any additional amount, no matter how the currency devaluation, but the commission delegates both the debtor and creditor to the good of the judiciary and appropriate conduct reconciliation following the example of the morality of the Holy Prophet, peace be upon him, where he says: ((God bless slave if easy in selling , easy in buying  and easy in necessity)) and saying: ((your choice is your best in necessity)).


Question: The Bank wants to launch a range of incentive awards to savings accounts holders accounts, what are legitimate considerations of this step? And would it be of the pot's or shareholders' money?
Fatwa: Incentive awards are permissible  because it is such a pure donation and as the beneficiary of these awards the depositors and shareholders then it shall be of the pot and the control of this process is the absence the bank's obligation to donate.


Question: The risk investment provision is imposed on the bank's investment pots for Syrian Pound and foreign currency, but the question is it possible for the foreign currencies pot to be imposed from the Syrian Pound pot?

Fatwa: The provision is only deducted from the depositors profits only, and as the investment areas for each pot is  different from the other and the pots are separate, then it must be kept for each pot dedicated provision so not to deduct the profit from a depositor  as a provision and gives it to another depositor  in a different pot as  profit and thus enriches on his account.


Question:  Would you please indicate the respected commission opinion in the product Aman Deposit.
Fatwa: The Shariaa commission had  approved the action in the Aman Deposit  proposed by Cham Bank management  and this the text resolution:
- ((The permissibility to work with the product Aman Deposit in accordance with the terms and conditions of the approved  conditions and contracts which was signed by the respected Commission))


Would you please indicate the respected commission opinion in the product Ataa Deposit.

Fatwa: The Shariaa commission had  approved the action in the Ataa Deposit  proposed by Cham Bank management  and this the text resolution:

- ((Adopt the conditions for the Ataa deposit  in accordance with the version signed by the Commission.))

Would you please indicate the respected commission opinion in the product Month Deposit.

Fatwa: The Shariaa commission had  approved the action in Month Deposit  proposed by Cham Bank management  and this the text resolution:

- ((Adopt the conditions of Month deposit  in accordance with the version signed by the Commission.))


Question: Would you please indicate the opinion in the product Electronic prepaid card.
((Approved the product  Electronic prepaid  according to the version signed by the commission)).


Question: Would you please indicate the opinion in the Transfer agreement with Western Union.
((Approved the transfer agreement with Western Union according to the version signed by the commission)).