According to Shari’ah Principles, the word “Al-Wadeeah” means ‘to receive something for safe custody
with the permission to use the same and with the condition to return the same on demand’. In Islamic
Banking, it means ‘Receiving money by banks from the clients for safe custody with the condition to
return the money on demand, either through cheques or by any other acceptable means’. The bank can use
the money at its own risk. So, the Depositor(s) does not share any profit or loss on funds kept in the
AWCA. The bank has the discretion to realize charges from the client(s) for safe keeping of the money or
for any other special services, if rendered. The Accounts, in which such deposits are kept, are called Al-
Wadeeah Current Account (AWCA).