Cash Waqf Deposit is welfare oriented product of Islamic Banks to provide a unique opportunity for making investment in different welfare, educational and social services. ‘Mudaraba Waqf Cash Deposit Account’ (MWCDA) of Islami Bank Bangladesh Limited (IBBL) is also a welfare product for aiding the destitute and hapless people in the society.
Objectives of this deposit is to assist mobilization of social savings by developing 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 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 multiple of thousand taka. The Account can be opened in foreign currency.
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.
The Waqf Account 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.
The waqf endowment also include the social sectors like arranging dowry free marriage to poor girls, tree plantation, rehabilitation of the converted muslims, creating social awareness to prohibit gambling and other social vices, maintenance of mosque, graveyard, eidgah, patronizing the education for meritorious poor students, supporting to Islamic culture and heritage, granting scholarship, providing health and medicare services to the poor etc.
This perpetual endowment may be a way of emancipation from punishment in the hereafter.