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This fatwa acknowledges that a bond (a long-term debt-based security issued by a public company to a bond-holder that obliges the company to pay periodic-interest and repay the principal to the bond-holder) is a conventional capital market investment instrument. It distinguishes a shari'a bond as a long-term security issued by a public company to a shari'a bond-holder that obliges the issuer to pay as income to the shari'a bond-holder a share of the profit, margin or fee, and to repay the bond by a certain maturity date.

The fatwa states that shari'a bonds may be issued pursuant to the following types of agreement:

1. Mudharabah/Qiradh;
2. Musyarakah;
3. Murabahah;
4. Salam;
5. Istishna; and
6. Ijarah.

This fatwa acknowledges that a bond (a long-term debt-based security issued by a public company to a bond-holder that obliges the public company to pay periodic-interest and repay the principal to the bond-holder) is a conventional capital market investment instrument. It distinguishes a shari'a bond as a long-term security issued by a public company to a shari'a bond-holder that obliges the issuer to pay as income to the shari'a bond-holder a share of the profit, margin or fee, and to repay the bond by a certain maturity date.

The fatwa defines a mudharabah shari'a bond as a shari'a bond based on a mudharabah agreement, taking heed of the content of Fatwa No. 7 of 2000 on Mudharabah Financing.

This fatwa states that hajj insurance is only shari'a-friendly if it is based on shari'a principles. It further specifies that those shari'a principles are based on the notion of mutual cooperation between hajj pilgrims, and that hajj insurance is a Tabarru' agreement (bequest), the purpose of which is for the hajj group (jama'ah) to assist each other in the event of any disaster of calamity.

The fatwa specifies the Indonesian Ministry of Religion as the appropriate policy-holder for all hajj pilgrims, and holds the Ministry responsible for the implementation of the hajj. It also requires premiums paid by pilgrims to be separated from other premiums a shari'a insurance company may receive. Shari'a insurance companies are entitled to charge a funds-management fee and are obliged to pay out claims to pilgrims, pursuant to the relevant agreement. It is the right of all pilgrims that any operational surplus be used by the Ministry for the benefit of the Islamic community (umat).

This fatwa acknowledges the need for bond instruments based on shari'a principles designed to finance lease/rental transactions. The fatwa defines a shari'a bond as a long-term security issued by a public company to a shari'a bond-holder that obliges the company to pay as income to the shari'a bond-holder a share of the profit, margin or fee, and to repay the bond by a certain maturity date. It defines an ijarah shari'a bond as a shari'a bond based on an ijarah agreement, taking heed of the content of Fatwa No. 9 of 2000 on Ijarah Financing. An ijarah shari'a bond-holder may act as a leaseholder (Musta'jir) as well as a lease-giver (Mu'jir).

This fatwa acknowledges that shari'a financial institutes need to respond to the need in society for multi-service financing. It states that multi-service financing is permissible if executed pursuant to an Ijarah or Kafalah agreement. If either of these two types of agreement are used, the shari'a financial institute facilitating the agreement may charge a fee (ujrah), the quantum of which is to be nominal and agreed upon by the parties at the time the agreement is executed.

This fatwa states that a shari'a financial institute may provide a customer, whose diminshed financial capacity has compromised their ability to meet their repayments, with a discount on the total price of a murabahah transaction. The quantum of that discount, however, is at the discretion of the shari'a financial institute.

This fatwa defines a mudharabah musytarakah as a type of mudharabah agreement where the shari'a financial institute funds manager (mudharib) uses its capital in a joint-venture investment with the customer. The provisions of such an agreement are:

1. the agreement used is a mudharabah musytarakah agreement, that is, a combination of a mudharabah agreement and a musyarakah agreement;
2. the shari'a financial institute, as a funds manager, uses its capital or funds in the investment with the customer;
3. the shari'a financial institute, as a party to the agreement, uses its own funds to obtain a proportional profit;
4. the parties share in the profit, after the shari'a financial institute has recouped its initial investment; and
5. in the event of financial loss, the shari'a financial institute bears a loss proportionate to its investment. 

This fatwa defines hawalah as the transfer of a debt from one party to another, comprising hawalah muqayyadah and hawalah muthlaqah. It defines hawalah muqayyadah as a hawalah where the muhil (debtor) is in debt to the muhal (creditor) at the same time as being in arrears to a muhal 'alaih (financier). The fatwa also defines hawalah muthlaqah as a hawalah where the muhil is in debt to someone but not in arrears to a muhal 'alaih. A hawalah bil ujrah is defined as a hawalah that incurs an ujrah (fee).

The fatwa states that a hawalah bil ujrah only applies to hawalah muthlaqah. Moreover, with a hawalah muthlaqah, the muhal 'alaih may accept an ujrah (fee) in acknowledgment of its ability and commitment to pay the debt of the muhil. The quantum of the fee must be stipulated clearly in the agreement. Ijab (offer) and qabul (acceptance) must also be expressed by both parties showing their intention to enter into an agreement. Among other conditions, the fatwa also states that once a hawalah transaction has been conducted, the right of the muhal to bill shifts to the muahl 'alaih.

This fatwa defines shari'a rights issues as rights to shares included in the Shari'a Stock Listing (Daftar Efek Syariah) that enable share-holders to purchase new stock, including shares, stock that can be converted to become shares, and rights to purchase shares, before they are offered to other parties. The fatwa permits public companies to issue rights issues, while also permitting rights issue-holders to sell those rights to other parties.

This fatwa defines a 'state shari'a security' as a state security issued purusant to shari'a principles, as proof of partial ownership of a state shari'a security asset, both in Indonesian Rupiah and foreign currency. A 'state shari'a security asset' is defined as a state shari'a security and/or state-owned financial asset with economic value (land, property and/or other), which can underpin the issuance of a state shari'a security.

The fatwa states that following contracts can be used to issue a state shari'a security:

1. Ijarah;
2. Mudharabah;
3. Musyarakah;
4. Istishna'; and
5. other contracts that are not contrary to shari'a principles.

This decree states that when an agreement to conduct a currency exchange (wa'd (muwa'adah) li al-sharf) or an actual currency exchange (akad al-sharf) is made, uncertainty (gharar) as to the value of either relevant currency is impermissible. Indeed, such uncertainty renders the agreement illegitimate. The decree then stipulates further necessary measures and requirements to prevent uncertainty for such agreements.

This fatwa defines a shari'a import letter of credit as a declaration, issued by a bank, that an importer will pay an exporter, in accordance with shari'a principles. Shari'a import letters of credit may be implemented pursuant to the following agreements:

1. Wakalah bil Ujrah;
2. Qardh;
3. Murabahah;
4. Salam/Istishna';
5. Mudharabah;
6. Musyarakah; and
7. Hawalah.

This fatwa acknowledges that a conventional export letter of credit does not accord with shari'a principles. It defines a shari'a export letter of credit as a declaration, issued by a bank, to pay an exporter, in accordance with shari'a principles. Shari'a export letters of credit may be implemented pursuant to the following agreements:

1. Wakalah bil Ujrah;
2. Qardh;
3. Murabahah;
4. Musyarakah; and
5. Al-Bai'.

This fatwa states that, for the purposes of shari'a-friendly monetary control, and as a way of overcoming excessive shari'a banking liquidity, the central bank (Bank Indonesia) needs to issue a certain type of shari'a-friendly monetary instrument. The fatwa refers to this instrument as Sertifikasi Wadi'ah Bank Indonesia (Bank Indonesia Certificate of Deposit). This type of certificate may not make the provision of a dividend to the bank a condition, unless that dividend comes in the form of a voluntary contribution from Bank Indonesia. Such a certificate may not be bought or sold.

This fatwa states that the sale and purchase of currency, in principle, is permissible, provided the following conditions are met:

1. no speculation is involved;
2. there is a transactional need, or a need to protect one's finances;
3. if a transaction is made with regards to the same currency, the value thereof must be the same and in cash (at-taqabudh); and
4. if a transaction is made using another currency, the current exchange rate must be applied and in cash.

The fatwa permits spot transactions, but prohibits forward, swap, and option transactions.

This fatwa permits shari'a financial institutes to conduct settlement of murabahah transactions for their customers who are unable to fulfil their financial obligations therein within the agreed upon time, provided that:

1. the customer sells the object of the murabahah transaction or other guarantee through the shari'a financial institute at an agreed upon market rate;
2. the customer uses the proceeds of the sale to fulfil its existing financial obligations to the shari'a financial institute;
3. if the proceeds of the sale exceed the debt remainder, the shari'a financial institute returns the excess funds to the customer;
4. if the proceeds do not cover the debt in its entirety, the debt remainder remains that of the customer; and
5. if the customer is unable to pay the debt remainder, the shari'a financial institute may release the customer from any existing financial obligation.

This fatwa states that shari'a financial institutes may reschedule upcoming payments for their customers who are unable to make payment by the agreed upon date, on the following conditions:

1. the shari'a financial institute does not increase the amount owing;
2. the imposition of costs in the rescheduling process are real costs; and
3. a time extension for payment must be based on an agreement between the two parties.

This fatwa states that a shari'a financial institute may perform a conversion (i.e. make a new agreement) for a customer unable to make a repayment by the agreed upon date, provided the following conditions are met:

1. the murabahah agreement is concluded with the object of the agreement being sold by the customer to the shari'a financial institute at market rate, the customer repaying the remaining debt with the proceeds of the sale; and
2. the shari'a financial institute and ex-murabahah customer drafting a new agreement that is either an ijarah (rental) agreement, mudharabah agreement, or musyarakah agreement.

This fatwa acknowledges that shari'a financial institutes require guidance on how best to serve their customers by resolving existing export transaction-related arrears. The fatwa states that a Wakalah bil Ujrah is the appropriate type of contract for factoring accounts receivable, which can be complemented by a qardh. The fatwa also states that the party owed money is to deputise a shari'a financial institute to arrange the relevant export documents and recoup the accounts receivable from the debtor or party appointed by the debtor. The shari'a financial institute may provide its customer with the amount sought (qardh) and then recoup the money it provides its customer from the debtor it is chasing on its customer's behalf. The fatwa permits the shari'a financial institute to charge a fee for its service.

This fatwa defines 'import-related debt resolution' as the transfer of debt from a debtor to a shari'a financial institute, the shari'a financial institute then paying the debt to the party owed, or another party appointed by the party owed.

The fatwa states that the appropriate contract for resolving import-related debts is a Hawalah bil Ujrah. The shari'a financial institute, acting as the muhal 'alaih (financier), accepts the transfer of debt from the debtor (at the value of the import debt owed). The transfer of the debt is also conducted voluntarily by the relevant parties.

The fatwa states that a shari'a financial institute may charge a fee in consideration of incurring the debt, the fee being nominal in nature, rather than a percentage of the principal debt. The parties' offer and acceptance is shown by their willingness to enter into contractual relations. Once a hawalah transaction has been executed, the right of the muhal (creditor) to recoup shifts to the muhal 'alaih.