Islami Bank launches ‘Waqf cash deposit account’

Posted by BankInfo on Mon, Sep 30 2013 11:24 am

DHAKA, Sept 29: Islami Bank Bangladesh Ltd (IBBL) launched its latest product Cash Waqf on Sunday.

The said account provides a unique opportunity for making investment in different religious, educational and social services, says a press release. Earlier, Islami Bank Bangladesh Limited (IBBL) has introduced

“Mudaraba Waqf Cash Deposit Account” (MWCDA) with aim to assist the underprivileged people in society. Waqf, a perpetual endowment, by the well-off and the rich people of the society and the income generated from waqf may be spent for different benevolent purposes.

The objectives of this deposit is to assist mobilization of social savings by creating Cash Waqf with a view to commemorating alive or deceased parents, children.

The account is also to strengthen the integration of the family relationship of the well-off people and the rich, to increase social investment and to transform the social savings into capital,

to benefit the poor sections of the people out of the resources of the rich, to create awareness among the rich regarding their social responsibilities and to make a unique integration of social security and social peace. 

The Account can be opened in foreign currency. Any bonafide adult citizen of Bangladesh with sound mind may open this Account with any of IBBL with a title selected by the Waquif.

Two passport size photographs of the Waquif will be required to open this Account.

Bank will spend the fund in the following purposes and the Waquif will have the right to choose the purposes to be served either from the list or any other purposes permitted by the Shari'ah.

News:The Independent/30-Sep-2013
Posted in News, Banking, New Product