- This account works under al-wadiah yad dhamanah principle (not Amanha). Thus, it is assumed that customers allow the Bank to use their fund for whatever permissible business permitted by Shari’ah;
- The gift paid to this account holder shall not be fixed, consistent and is not part of the contract;
- Under the contract of Wadiah, the custodian, i.e. the Bank is not allowed to mention or to promise any reward on the deposit received;
- The owner/depositors too cannot demand any rewards or return from their Bank on their deposits;
- Account opening and operation shall be carried out using formats (slips) prepared for IFB service;
- The Bank shall not entertain the Wadiah Current Account holders request to draw cheques in the name of other or himself/herself without having sufficient balance in the account;
- Depositors shall be expected to sign and confirm the sources of their deposits are from permissible business activities in the account opening form;
- The Bank ensures that the fund is obtained from permissible source as per Shari’ah principle; otherwise the Bank will not open an account and has a right to close the account at any time.
- No overdrawal is allowed from Wadiah Current Account;
- Rates & Profit-Sharing Ratio (PSR): Not applicable