Islami Bank offers Waqf deposit account to promote continuous charity

Extending a helping hand to serve humanity is one of the noblest responsibilities in life.

To encourage this spirit, Islami Bank Bangladesh PLC offers the Mudaraba Waqf Cash Deposit Account (MWCDA)—a simple and sustainable form of Sadaqah Jariyah (continuous charity)—aimed at inspiring affluent individuals to fulfil their social and spiritual obligations.

The MWCDA is a voluntary, permanent account where the principal remains intact, while the income generated from Shariah-compliant investments is spent on various welfare initiatives. The funds deposited by wealthy and well-off individuals are invested in profitable sectors in accordance with Islamic principles, and the resulting profits are used for the greater good of society.

The account can be opened with a minimum deposit of Tk1,000, either as a lump sum or in instalments. Upon full deposit of the declared amount, the donor is issued a Cash Waqf Certificate.

Managed under Mudaraba principles, the profits from this account can be directed either to Shariah-compliant sectors selected by the bank or according to the account holder's preferences. Profit disbursement occurs annually on the account's anniversary, although customers may opt to receive monthly profit at a provisional rate. Account holders may also choose to allocate the profits to specific charitable causes.

Any Bangladeshi citizen aged 18 or above is eligible to open an account, with deposits allowed in instalments. Required documents include two recent passport-sized photographs and a copy of a valid National ID card, passport, or driving licence. Accounts can be opened at any branch, sub-branch, or agent outlet of the bank.

In addition to individuals, partnerships, trusts, clubs, societies, cooperatives, and educational institutions may also open an account by submitting the necessary documentation, such as partnership deeds, trade licenses, trust deeds, and tax certificates. Parents or guardians may open an account on behalf of their minor children.

Customers can set up standing instructions to transfer monthly instalments from their current or savings accounts. Deposits can also be made through iBanking, the CellFin app, and other digital channels. Foreign currency deposits are accepted in the Waqf account.

In the event of the account holder's death, the profits will continue to be disbursed to the designated charitable sector. If the declared amount remains partially unpaid, heirs may deposit the remaining sum to complete the Waqf.