Mudaraba Waqf Cash Account

Nature of the Product:

Waqf Cash provides a unique opportunity for making investment in different charity activities related to religious, educational and social services. Savings made from earning by the well off and the rich people of the society can be utilized in our organized manner. Income earned from these funds will be spent for different charitable purposes mostly administered under the waqf estate/properties authority itself.

By opening a Mudaraba Waqf Cash Deposit Account someone can get an opportunity to do welfare to the mankind through Sadaqa-e-Jariah ((صَدَقَةُ جَارِيَةُ ONE Bank Limited urges to all religious & affluent persons of the society to come forward to mobilize Waqf Cash Deposit so that the profit may be utilized for the wellbeing of mankind

Product Type:
  1. Mudaraba Term Deposit (Auto Renewal) &
  2. Mudaraba Savings Account
Account Types:
  1. Specific Account (MTD/MSA) i.e. Account in the name of individual(s) or organization(s)
  2. General Account (MSA) i.e. A Single Account multiple depositors
Key Features:
  1. Both individual and organizations. In case of individual the account can be opened for deceased person by his/her heirs, In the following manner,
Mudaraba Waqf Cash Deposit Account:
  • A person or organization can open this account with an initial deposit of Tk.5000.00 with a declaring of total Waqf amount.
  • Account can be opened in joint name and can be operated Singly/Jointly/Either or Survivor.
  • Title of the account can be different from Account holder/ Waqif/ Fund Provider. This account can be opened in the name of a deceased person also. In that case Account holder/ Waqif/ Fund Provider will sign the AOF and operate the account. Organization can also open this account.
Mudaraba Waqf Cash General Account:
  1. This is a collection account opened by the Bank in Islami Banking Branches to collect waqf deposits from various customer segments (persons / organizations).
  2. Income Sharing Ration between Client and Bank is 62:38, provisional profit rate will set by the bank at the time of booking.
  3. Profit will be calculated on Day End Balance, Profit will be liquidated at Monthly in MWCA product. But beneficiaries’ accounts will be credited as per instruction of Waqif (Account Holder) i.e. Monthly, Quarterly, Half-yearly or Yearly basis.