2024-03-21 22:53:52
It is one of the duties of human life to extend a hand of cooperation in the service of humanity. Islami Bank Bangladesh Plc has Mudaraba Waqf Cash Deposit Account to encourage the wealthy in the society to fulfill this duty.
It is a sadakaye zaria service. Cash waqf is a simple way to continue sadaqah in favor of a person after his death. The importance of cash waqf is immense in attaining the pleasure of Allah by participating in social and human welfare.
Islami Bank has launched Mudaraba Waqf Cash Deposit Account to fulfill this wish of people. Introduction of ‘Cash Waqf’ account is a unique step of Islami Bank for the development of family rehabilitation, education, health and medical services and various social utility service sectors. Mudaraba to make the wealthy and wealthy people aware of their responsibilities, preserve family memories, collect social savings by encouraging social and religious activities, promote the welfare of the common people, especially the poor through the rich, and contribute to social security and overall development efforts of the country by increasing social investment. One of the basic objectives of cash waqf calculation.
The total amount of waqf can be deposited in one time or the total amount of waqf cash can be declared by depositing a minimum of Rs. Foreign currency can also be deposited in waqf account. A cash waqf certificate is issued for the entire amount after the declared cash waqf is deposited in the bank. The bank manages the waqf money on behalf of the account holder based on Mudaraba principle. The account holder can instruct the bank to spend the profits of the waqf cash in one or more sectors prescribed by the bank or in any other Shariah compliant sector of his choice. The account holder himself can spend the profit earned from waqf fund in specific sectors.
The money obtained through this account is invested in profitable sectors and the profit earned from it is spent for various welfare purposes as per the requirement. The sectors of expenditure of profit earned from waqf money include improvement of living standards of people living below poverty line, physically handicapped, disabled, backward people, rehabilitation of beggars and destitute women and improvement of material condition of slum poor people. Distribution of free education to orphans, providing support to meritorious students in the field of general and technical education in the form of scholarships, financing schools, colleges and madrasas for the purpose of spreading and developing education in remote and neglected areas.
Provision of rural medical and health services, supply of clean drinking water to various slums, schools, mosques, etc., establishment of hospitals and clinics for the poor, grants for health research in specific diseases, legal assistance to establish legal rights of poor women, assistance in dowry-free marriages for poor girls. Grants, development of village roads and strengthening of tree plantation programs, construction and development of social service institutions, development and maintenance of specific cemeteries, Eidgahs etc. through income-generating programs are financed. Besides, waqf money can be spent on any welfare and service sector according to the choice of the account holder.
The Waqf Cash Deposit Account launched in 2004 has received a huge response from all quarters. Around one lakh customers have already opened WAFC accounts. Anyone can open a waqf account at any branch, sub-branch and agent outlet of the bank. Islamic Bank’s Mudaraba Waqf Cash Deposit Account can be one of the means of posthumous release to spend wealth on human welfare and benefit from it in charity even after death.