Rastin Swap Deposit (RSD): A Financial Account of Rastin Banking

  • Bijan Bidabad Professor, Economics and Chief Islamic Banking Advisor, Bank Melli, Iran
Keywords: Rastin Swap Deposit, Rastin Swap Card, Rastin Swap Bond, Rastin Banking, Islamic Banking, Interest-Free Banking, Swap Contract

Abstract

This paper introduces Rastin Swap Deposit account as a new banking deposit account which is interest-free and is based on Swap Contract in Rastin Banking. In this depositing by opening the deposit, the depositor is entitled to use an interest-free loan to the amount and duration that his resources have been being deposited and then return the money back to the bank. Depositor and bank agree that a combination of money and duration be selected in such a way that the products of amount and duration in both operations of depositing and loaning be the same. From the time of depositing to the first maturity (the date that depositor requests loan), the depositor is lender and bank is borrower; and from the time of the first maturity to second maturity (the date that depositor returns the money back to the bank) depositor is borrower and bank is a lender. Rastin Swap Deposit (RSD) can be issued in both local and foreign currencies.

JEL: E43, E44, E52, E58, E62, E63

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References

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Published
2019-05-25
How to Cite
Bidabad, B. (2019). Rastin Swap Deposit (RSD): A Financial Account of Rastin Banking. International Journal of Islamic Banking and Finance Research, 3(2), 17-23. Retrieved from https://www.cribfb.com/journal/index.php/ijibfr/article/view/270
Section
Articles