Cash Waqf

"Do good as Allah has done good to you." (Surah Al Qasas: Ayah 77)
Cash Waqf refers to the deposit which is irredeemable & perpetual in nature, donated in cash form in order to ensure regular flow of income for using in social welfare sectors in a Shariah compliant way.
According to the Hadith of Sahih Muslim "All our activities end on death except three things-

• Contribution to knowledge,
• Ongoing charity and
• Faithful child

Salient Features:

• Facility to open account deposit the installment in any working day of month
• Facility to deposit Cash Waqf in onetime and installment (Monthly/Quarterly) basis or in Common Fund
• Maximum Income sharing Ratio: (ISR)
• Ensure Shariah compliant ever-lusting / permanent income to any social institute
• Create a scope of Sadaqa-E-Jariah for here and hereafter

GENERAL TERMS & CONDITIONS:

• Cash Waqf is an endowment according to the Shariah. Bank will manage the waqf fund on behalf of the donor/Waqif.
• Cash Waqf Account can be opened in any working day.
• Cash Waqf fund will be invested in various Shariah compliant domestic and global investment portfolios.
• In case of specific beneficiary of waqf fund income, the concerned beneficiary must have a bank account. Profit generated from the concerned Cash Waqf account will be credited to the Beneficial's account on monthly basis.
• Waqif (donor) may alter the beneficiary only on separate written request.
• For common beneficiary, profit shall be payable to the selected 24 sectors at the sole discretion of the Bank.
• Only the profit, generated from the waqf fund will be distributed to beneficiary(s)/ different sectors.