Safe deposit box (lease of a vault)
A bank service in which a customer leases a vault or box for a fee to keep valuables.
A safe deposit box service lets a customer lease a vault or box at the bank to keep documents or valuables. AAOIFI's banking services standard treats it as a lease: the institution allocates a box to the customer under a contract and may charge a fee for it. The standard makes the institution responsible for the safety of the vault, but it does not guarantee the items kept in it except in case of misconduct or negligence in keeping the vault.
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
Banking service feeA fee for a banking service that involves no lending, charged as a lump sum or a percentage of the service's value.IjarahA lease: the lessor owns the asset and sells its use for an agreed rent over an agreed period.Amanah (trust)Holding someone else's property as a trust: the holder is not liable for its loss unless it was caused by misconduct or negligence.WadiahSafekeeping: an asset placed with a custodian to be kept and returned on demand.