Setting up Shari'ah-based Deposit Products

Shari'ah-compliant deposit products are designed for financial offerings that adhere to Islamic principles. Instead of earning a fixed interest rate, these products operate on a profit-sharing model, where returns are shared between the customer and the institution based on a pre-agreed ratio.

This guide covers the specific settings required to create such a product. For general instructions on all available fields, please refer to our main guide on Setting Up New Deposit Products.

Create a Shari'ah-based deposit product

1. Navigate to Administration > Products > Deposits and click New Deposit Product.
2. In the Creating a New Deposit Product screen, select the Product Category drop-down and choose from the following list: Shari'ah-based Personal Deposit, Shari'ah-based Business Deposits, Shari'ah-based Daily Banking Accounts, and Shari'ah-based Business Banking Accounts with Profit Sharing: Yes.
   
3. Select the Product Type drop-down and choose from the following list: Current Account, Savings Account.
   
4. Select whether to Apply withholding taxes in Profit Settings
5. Choose Accounting Rules. More information about it check in "Islamic Banking Accounting".
6. Choose Technical Overdraft, if it is needed.

Shari'ah based deposit product will be marked with Calculation Method: Profit sharing and this parameter will be reflected under each account created in this product.