Mudaraba Cash Waqf Deposit Scheme

Mudaraba Cash Waqf Deposit (MCWD) Account is a contract between the depositor & Aviva Finance where the account will be governed by the Mudaraba Principles of Islami Shariah. In this contract, the depositor will be termed as “Waqif or Saheb-Al-Maal or owner of fund” and the Bank as “Nadjir or Mudarib or business organizer”. An adult person (Muslim or Non-Muslim, native or foreigner) having sound mind or any institution/organization can open one or more account(s) individually or jointly at any branch of the bank. In case of foreigners, due rules & regulations of the land would be applicable. Specially designed account opening form for Mudaraba Cash Waqf Deposit (MCWD) Account as well as the account opening form for Mudaraba Savings Deposit (MSD) Account are to be filled in & signed by the waqif(s) accordingly. The Waqif or the beneficiary under this scheme shall get maximum 65% of investment income or the percentage as the FI decides from time to time to their proportion of deposit applying the weightage allocated there-against.

Required Documents

  1. Complete account opening form
  2. 02 copies passport size photographs of account holder
  3. 1 copy photograph of nominee duly attested by the accountholder
  4. Identification proof like National ID Card/Passport
  5. Minimum deposit Tk.20000/-
  6. Introducer signature.