Islami Bank offers MWCDA to promote continuous charity

Business Report :

Islami Bank Bangladesh PLC offers the Mudaraba Waqf Cash Deposit Account (MWCDA)-a simple and sustainable form of Sadaqah Jariyah (continuous charity)-aimed at inspiring affluent individuals to fulfil their social and spiritual obligations.
The MWCDA is a voluntary, permanent account where the principal remains intact, while the income generated from Shariah-compliant investments is spent on various welfare initiatives. The funds deposited by wealthy and well-off individuals are invested in profitable sectors in accordance with Islamic principles, and the resulting profits are used for the greater good of society.
The account can be opened with a minimum deposit of Tk1,000, either as a lump sum or in instalments. Upon full deposit of the declared amount, the donor is issued a Cash Waqf Certificate.
Managed under Mudaraba principles, the profits from this account can be directed either to Shariah-compliant sectors selected by the bank or according to the account holder’s preferences. Profit disbursement occurs annually on the account’s anniversary, although customers may opt to receive monthly profit at a provisional rate. Account holders may also choose to allocate the profits to specific charitable causes, says a press release.