Social Islami Bank Ltd. (SIBL) launched the Al-Wasiyah Bil Cash Waqf Account for the first time in Bangladesh.
The waqf account signifies that any person aged 40 years or above can enjoy the profit of the waqf amount in their life and, after death, the earned profit will be spent according to the person’s wishes, shared a press release.
The account was inaugurated virtually, where attendees included Deputy Managing Directors Abu Naser Chowdhury, Md. Sirajul Hoque, Md. Shamsul Hoque, and Mohammad Forkanullah, Company Secretary Md. Moniruzzaman, Head of Marketing and Brand Committee Secretariat Md. Mahfuzur Rahman Bhuiyan, and Shariah Supervisory Committee Secretariat Chief Muraquib.
DMD Abu Naser Chowdhury said the waqif (account holder) can enjoy the profit from their life and, after death, the profit can be spent on social, religious, or educational purposes. However, the account holder can still encash the whole amount for extenuating circumstances.
Md Sirajul Hoque, another DMD, stated that any person above 40 can open the account by depositing at least Tk5 lakh.
The account holder can make one-third of their assets waqf, but if they want to make more than one-third of their assets waqf, they must have written consent from their descendants.
