Staff Reporter, Dhaka : MudarabaWaqf Cash Deposit Account is one of the humanitarian accounts offered by Islami Bank Bangladesh PLC. Its primary purpose is to encourage affluent individuals in society to fulfill their duty in the service of humanity. This account serves as a form of SadaqahJariyah, perpetually contributing to charitable causes. Cash waqf is a simple way to continue the SadaqahJariyah of a person after his death. The importance of cash Waqf is immense in attaining the satisfaction of Allah by participating in social and human well-being. Islami Bank launched MudarabaWaqf Cash Deposit Account (MWCDA) to fulfill this wish of people.

‘Cash Waqf’ account is a unique step of Islami Bank for the development of family rehabilitation, education, healthcare, medical services and various social welfare sectors. MWCDA is set to make the rich and wealthy people aware of their responsibilities towards the society, to preserve the family memories, to create social savings by deploying fund in social and religious activities and to form the social capital. Its aim is to achieve the welfare of the common people, especially the poor, through the resources of the affluent.

A Waqif, the person declaring money into Waqf, can open a Waqf account depositing his entire declared amount or he can open the Waqf account with just one thousand Taka and can deposit rest of the declared amount in installments in multiples of a thousand Taka. Foreign currency can also be deposited in this account.Islami Bankissuesa Cash Waqf Certificate upon fulfillment of declared amount in the Waqf account. The bank supervises the Waqf amount on behalf of the account holder based on Mudaraba principle. The account holder can instruct the bank to spend the profits from the account in one or more sectors prescribed by the bank or in any other Sharia’h compliant sector of his choice. Additionally, account holders themselves can benefit from a portion of the profits earned from the Waqf deposit.

The money obtained through MWCD account is invested in profitable sectors and the profit earned from those sectors is spent for various welfare purposes as per client’s declaration. Bank spends the profit generated from Waqf amount in different charitable purposes that include the improvement of living standards for people living below the poverty line, the physically handicapped, disabled, and backward individuals, as well as the rehabilitation of beggars, destitute women and poor people residing in the slums.

Humanitarian works also include providing free educational supplies to the orphans, offering scholarships to deserving students; backing vocational education in general; financing for establishment and development of schools, colleges and Madrasas in inaccessible and neglected areas, providing healthcare and sanitation services in villages; supplying pure drinking water to schools, mosques, and slums; establishing hospitals and clinics, especially for the poor; providing grants for health research, particularly in the study of specific diseases, offering legal aid to deserving men and women to help them assert their lawful rights, facilitating dowry-free marriages for underprivileged girls, constructing public roads, and planting trees in villages and along road sides.

Expenditures of Waqf profit also encompass the construction, installation, and development of social service organization, and the upkeep of specific mosques, and Eidgahs.

The MWCD account launched in 2004 has received a huge response. Currently, one lakh clients have opened this account. An individual can open this Waqf account in any branch, sub-branch and agent bank of the bank. Islami Bank’s MWCD account can be one of the means to get benefits from the resources spent for humanitarian wellbeing even after death.