Redefining saving structures in banking and e-money: Moving beyond qard and wadi’ah towards amanah tasharrufiyyah (authorized trust)
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Abstract
The advancement contemporary financial innovations have generated novel juristic debates regarding contractual characterization. This is largely
due to the rigid application of classical Fiqh terminologies that often fail to align with modern transactional realities. Specifically, the
categorization of banking savings and e-money balances under the contracts of Qard (Loan) or Wadi’ah Yad Dhamanah (Guaranteed Custody)
presents significant jurisprudential anomalies, particularly regarding risk allocation, ownership status, and the prohibition of usury (Riba). The
objective of this study is to develop the fundamental theory of saving contracts by moving beyond these classical limitations. The present study
employs a qualitative methodology based on Ushul Fiqh, legal maxims (Qawaid Fiqhiyyah), and the more adhere to primary texts (Quran and
Sunnah), this research resurfaced the concept of Amanah Tasharrufiyyah (Authorized Trust). The concept is rooted in the Prophetic precedents
of Urwah Al-Bariqi and the Hadith of the Cave and it promotes a redefinition of the saver-bank relationship as a trust-based delegation of
authority rather than a creditor-debtor arrangement. The findings demonstrate that the adoption of Amanah Tasharrufiyyah provides a definitive
legal resolution to contemporary dilemmas. It establishes clearer status of promotional benefits in Fintech as permissible gifts (Hibah) rather
than usurious additions, e-commerce, online gold/money trading and interbank transfers by establishing Qabdh Hukmi (constructive possession),
and undisputed Zakat mandate reliability on the saver. This reconstruction demonstrated that Sharia authenticity remains relevant and provides
advanced solutions to the operational exigencies of modern financial technology.
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