Social Islami Bank Limited (SIBL) has introduced Al-Wasiyah Bil Cash Waqf Account for the first time in the country.
The introduction to this special kind of account was inaugurated at the bank's headquarters on Sunday, said a media statement.
Abu Naser Chowdhury, Md Sirajul Hoque, Md Shamsul Hoque, Mohammad Forkanullah, deputy managing directors of the bank; Abdul Hannan Khan, company secretary; Md Moniruzzaman, head of marketing and brand communication; among others were present at the event.
Managers of different branches of the bank joined the event through virtual platform.
Any solvent person aged 40 years or above can open this account and enjoy the profit of the waqf amount in his life-time; and after his death the profitearned will be spent for the wellbeing of earthly and heavenly purposes as per person's wish.
This is also a perpetual endowment like cash waqf.
An eligible person can open this account by depositing Tk5 lakh or above. Waqif (account holder) can make one-third of his asset as waqf but if he wants to make more than that, he has to take written consent from his descendants.
Abu Naser Chowdhury, the bank's deputy managing director, said the waqif can enjoy the full or partial profit in his life time for his livelihood and after death the profit can be spent on social, religious, educational purposes.
For unavoidable or emergency reasons, the waqif can encash the whole amount or part of it, he said.