The features of for Mudaraba Cash Waqf Deposit Scheme (MCWDS) are:

• Deposit under this scheme is received on Mudaraba Principles of Islamic Shari'ah
• The Proposed ratio for accounts shall remain valid until any change made by the Management. The changed (if any) PSR shall be applicable for all Mudaraba Deposit Accounts. At the beginning of the year Bank may declare a provisional rate of profit, which will be adjusted with actual rate at the end of the year.
• Deposits / Cash will be received as endowment on Mudaraba principle. The Bank will manage the Waqf Fund on behalf of the Waqif. Waqif will have the right / opportunities to create Cash Waqf at a time or he / she may start with a minimum deposit of Tk. 10,000/- (Taka ten thousand) only and the subsequent deposit shall also be made in thousand or in multiple of thousand taka. If necessary, foreign currency may be accepted on complying with relevant rules / formalities. Cash Waqf shall be accepted in specified Endowment Receipt Voucher and a certificate for the entire amount shall be issued as and when the declared amount is built up in full.
• Installment may also be deposited by cheque. In such case, proceeds against the cheque will be deposited after collection. If the cheque is dishonored then the cheque shall be returned to the Waqif observing due formalities and the installment shall be treated overdue.
• The Waqf amount may not remain intact as the Fund is operated as per Mudaraba principle. As per Mudaraba principle if any loss is incurred in course of business the loss is to be covered to the debit of the Waqf deposit. To be mentioned that the profit amount only will be spent for the purpose(s) specified by the Waqif. Unspent profit amount will automatically be added to Waqf amount and earn profit to grow over the time.
• Profit under this Scheme shall be payable to the respective sector(s)! institution(s) / project (s) / person(s) determined by the Waqif on Annual basis i.e. after declaration of final rate of profit of the Bank.
• No Cheque Book shall be issued against this Account.
• Weightage - 1.20
• A Waqf Management Committee at Head Office level will manage the Waqf Fund. Moreover, if any dispute / objection is raised by the Waqif in connection with the mismanagement of the Waqf Fund or for other causes, in that event the issue will be referred to the said Committee and the decision of the Committee will be final
• The Waqif will issue written standing instruction for yearly transfer of profit amount to MSA / AWCA maintained by the beneficiary(ies)/institution(s) / project(s) / person(s) or the concerned Branch may pay the profit amount directly to the beneficiary(ies) / institution(s) / project(s) / person(s) as determined by the Waqif.
• In case of installment basis Cash Waqf, if the Waqif fails to continue depositing the installment(s), the amount accumulated so far throughout the period shall be counted for profit to be given to that Account. Next year, the Waqif will get the opportunity to deposit his installment again. Mentionable that, one particular Waqif will not be entitled to repeat non- depositing of installment (s) more than five times.
• In case of the failure of the Waqif to deposit the installment any more to build up the declared amount, the Waqif may request in writing to the effect that he is unable to deposit the rest amount to cover the declared Cash Waqf. Thereby, he may be issued Cash Waqf Certificate considering the amount so far deposited as the declared amount after obtaining approval from the appropriate authority.
• In the event of death of the Waqif the profit of that Waqf Account will be spent as per option given by the Waqif and a Certificate in this regard will be issued for the amount so far deposited by the Waqif and this shall be handed over to the successor of the Waqif. If the successor is willing to pay the shortfall amount to cover the declared amount of Waqf then after getting such amount a Certificate for the full amount may be issued.
• If the goal / purpose of Waqf is ended / destroyed, where the income / profit of the Waqf A/c will be spent must be mentioned as a special indication at the time of opening of the Account. If it is not mentioned or if there arise any contradiction, the Committee’s (Waqf Management Committee) decision in this regard shall be final.
• The Waqif will have the right to choose the purposes to be served either from the list of choices determined by the Bank for this purpose or any other purposes permitted by the Islamic Shariah.
• The Waqif shall also have the right to give standing instruction(s) to the Bank for regular realization of cash Waqf at a rate specified by him/her from any other A/c maintained by him/her with the concerned Branch.
• Waqif may also instruct the Bank to spend the entire profit amount for the purpose specified by him/her.
• Bank reserves the right to regret opening of any Account without showing any reasons thereof.

• If you are a Bangladeshi & 18 years of age, start saving to give back to the community with us.

• Passport Size Photograph of Depositor & Nominee duly attested by Depositor.
• NID/Passport/Birth Registration Certificate of Depositor & Nominee.
• Account in the name of minors needs to be complied with formalities of minor’s account & legal guardian will sign in required fields of AOF instead of applicant.
• Transaction/Link Account needs to be opened before opening a Saving Scheme.
• For each Scheme, depositor has to fill up separate personal Saving Scheme opening forms.