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Deposit Insurance from the Shariah Perspective

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  • International Association of Deposit Insurers

Abstract

Deposit insurance is relatively new to the Islamic financial world and it has attracted a lot of interest as regards understanding its permissibility from the Shariah (Islamic law) perspective, and the differences between Islamic or Shariah-compliant and conventional deposit insurance systems. This paper discusses briefly the arguments put forward by deposit insurance practitioners as to why deposit insurance is permissible under Shariah, and the differences between Islamic and conventional deposit insurance systems. The paper does not provide any fatwa on Islamic deposit insurance but rather presents some related Shariah views. The paper also discusses approaches in designing an Islamic deposit insurance system (IDIS), and describes the approaches taken by Malaysia and Sudan in developing their IDIS.

Suggested Citation

  • International Association of Deposit Insurers, 2010. "Deposit Insurance from the Shariah Perspective," IADI Research Papers 10-02, International Association of Deposit Insurers.
    • Handle: RePEc:awl:respap:1002
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    File URL: https://www.iadi.org/en/assets/File/Papers/Approved%20Research%20-%20Discussion%20Papers/DP-DI_From_Shariah_Perspective_(Final)_Sep2011_to_IADI.pdf
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    More about this item

    Keywords

    deposit insurance; bank resolution;

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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