Regulatory Deposits at Centeral Banks Meaning, Significance and Jurisprudential Gesture


August 25, 2014
Regulatory Deposits at Centeral Banks Meaning, Significance and Jurisprudential Gesture
Ahmed Abdulaziz Alshithri

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Issue

Through this research, we are aiming at linking the contemporary economy with Islamic jurisprudence of financial transactions and to learn the Shariaah knowledge by exploring the contemporary issues, as well to show the significance of regulatory deposit for maintaining credit level across the banks, besides explaining the Shariaah ruling for regulatory deposit. The exploratory methodology has been applied followed by the comparative methodology. The researcher has reached to a few conclusions; prominently the regulatory deposit includes some benefits which could be added to the category of “Maslaha Murslah”, it will be ruled out to be permissible as long as it does not involve any forbidden element and fulfills the conditions as per Shariaah. The researcher suggests that a few Shariaah compliant ways should be devised to protect the rights of all kinds of bank depositors, likewise these ways should not cause any harm to any of the stakeholders by detaining the money without benefitting from its proceeds.

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