Cash Waqf: IBBL tool for helping deprived people

Cash Waqf is the latest product in our banking sector particularly in Islamic economics and finance and it provides a unique opportunity for making investment in different religious, educational and social services. Islami Bank Bangladesh Limited (IBBL) has introduced `Mudaraba Waqf Cash Deposit Account MWCDA with aim in helping the destitute and hapless people of the 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.

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 and 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.

IBBL collects Waqf deposits as perpetual endowment on Mudaraba principle from the rich people and manages the fund on behalf of the Waquif, who will have the right to create Cash Waqf at a time or he/she may start with a minimum deposit of Taka Ten thousand and the subsequent deposit shall also be made in thousand or in multiple of thousand taka. 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. The Waquif will have the right to choose the purposes to be served either from the list of choices determined by the Bank or any other purposes permitted by the Islamic Shari’ah.

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.

Family Rehabilitation: Improving the conditions of absolutely poor living below the poverty line, Rehabilitating physical handicapped and disadvantaged group of people, beggars, destitute women and Up-lift of urban slum dwellers.

Education & Culture: Education of orphans i.e. supplying books/clothes free of cost, Expansion and development of proper education for skill development, Informal education facilities for children at home, Physical education and sports facilities, Supporting to Islamic culture and heritage and art promotion, Supporting education of deserving students in the form of scholarship, Supporting vocational education in general, Supporting education to inaccessible and neglected area, Financing specific Madrasha, School and College etc. of a particular area, Educating deserving dependants, Supporting any project in the area of education, research. religious and social services in the memory of father, mother and any descendants and Establishing educational chair.

Health & Sanitation: Village health care and sanitation, Supplying arranging of pure drinking water to households, schools, mosques, slums, etc., Establishing hospitals, clinics, health   care programs especially for the poor, Health research grant and research in particular disease.

Social Utility Services: Settling disputes, Providing legal aid to deserving men/ women to establish their lawful rights, Assist in arranging dowryfree marriage to poor girls, Maintenance of public roads and tree plantation in the village/road sides, To rehabilitate the Reverted Muslims, Providing assistance to peace-loving Non-Muslims and solving their problems, Creating social awareness to prohibit gambling and other social vices, such as, thieving and other anti-social activities, Construction, installation and development of public utility services, Maintenance of a specific mosque, graveyard, Eidgah.

This perpetual endowment may be a way of emancipation from punishment in the hereafter.