Hibah
A gift: a transfer of ownership without consideration, sometimes paid by banks at their discretion to account holders.
Hibah is a transfer of ownership of an asset from a donor to a recipient without any consideration, in Bank Negara Malaysia's words. In Islamic banking it appears as discretionary gifts to holders of current or savings accounts based on wadiah or qard, and as a way to transfer ownership at the end of some lease-to-own structures. Because it is a gift, it cannot be a contractual entitlement of the account holder.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.
Related terms
WadiahSafekeeping: an asset placed with a custodian to be kept and returned on demand.QardA loan of money to be repaid in an equivalent amount; any benefit stipulated for the lender is riba.Ijarah muntahia bittamleekA lease that ends with ownership passing to the lessee, through a separate sale or gift promised by the lessor.Promotional gifts and prizesGifts and prize schemes an institution offers to attract or reward customers, which AAOIFI addresses under specific Shariah and accounting rules.