The Islami Bank Bangladesh Limited (IBBL) has become a trend-setter in the country by introducing ‘Cash Waqf’ in the field of poverty alleviation and social welfare. IBBL officials said in Dhaka on Sunday, ‘Cash Waqf’ provides a unique opportunity for making investment in different religious, educational and social services.’

‘Mudaraba Waqf Cash Deposit Account’, through which savings are made from earnings for the purpose of Waqf by the well-off people of the society, can be mobilised and the income to be generated there from may be spent for different benevolent purposes.

Through the scheme, the IBBL has been able to contribute to popularisation of the role of Waqf in the country including Cash Waqf which will be instrumental in transferring savings of the rich to the deprived members of the public, in financing various religious, educational and social services in Bangladesh.

Cash Waqf can work as supplement to the financing of various social investment projects, officials said.  Waqf is to be done in perpetuity and the account shall be opened in the title to be decided by the Waquif. Officials said, deposits/cash will be received as endowment on Mudaraba principle.

Islami Bank will manage the Waqf Fund on behalf of the Waquif. Waquif will have the right/opportunities to create Cash Waqf at a time or he/she may start with a minimum deposit of Tk 10,000 only and the subsequent deposit shall also be made in thousand or in multiple of thousand taka. If necessary, foreign currency may be accepted on complying with relevant rules/formalities.

Cash Waqf will be accepted in specified Endowment Receipt Voucher and a certificate for the entire amount shall be issued as and when the declared amount is built up in full.

The Independent/Bangladesh/ 27th Feb 2012