Contemporary Primary Sources :: Fatwās - Contemporary :: 27 Dhū al-Ḥijja 1420 / 1 April 2000
National Shari'a Board - Indonesian Council of Ulama Fatwa No. 1 of 2000 on Giro
Dewan Syari'ah Nasional MUI, Posted by Daniel Peterson, 04 September 2015
This fatwa defines a giro as a banking product, which enables the withdrawal of money at any time via a cheque, giro ticket, other financial order facility, or overbooking. The fatwa acknowledges that not all giros are shari'a-compliant, and that a set of guidelines are necessary for the implementation of giros in shari'a banking. Moreover, it notes that there are two types of giro:
- those that are not shari'a-compliant, insofar as they are based on interest calucations; and
- those that are shari'a-compliant insofar as they are based on Mudharabah and Wadi'ah principles.