SIBL introduced Al-Wasiyah Bil Cash Waqf Account for the first time in the country. Any solvent persons aged 40 years or above can enjoy the profit of the waqf amount in his life time and after his death the earned profit will be spent for the wellbeing of earthly and heavenly purposes according to the person’s wish. This is also a perpetual endowment like cash waqf.
The waqif (account holder) 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.
“Al-Wasiyah Bil Cash Waqf Account’’ can be opened by depositing Tk.05.00 Lac (Taka Five Lac) and above. Waqif can make one-third of his asset as waqf but if he wants to make more than one-third of his asset, he has to take written consent from his descendants.