According to Shari’ah Principles, the word “Al-Wadeeah” means ‘to receive something for safe custody with the permission to use the same and with the condition to
return the same on demand’. In Islamic Banking, it means ‘Receiving money by banks from the clients for safe custody with the condition to return the money on demand,
either through cheques or by any other acceptable means’. The bank can use the money at its own risk. So, the Depositor(s) does not share any profit or loss on funds
kept in the AWCA. The bank has the discretion to realize charges from the client(s) for safe keeping of the money or for any other special services, if rendered.
The Accounts, in which such deposits are kept, are called Al- Wadeeah Current Account (AWCA).
Eligibility
An adult person having sound mind or a group of people in his /their firm’s name and Sole Proprietorship, Partnership or Private limited Company, Clubs/Societies/NGOs/ Charitable Organizations/School/College/ University
with valid trade license and other documents as per Bangladesh Bank requirements. The account can be opened either singly or jointly, with one or more person/Firms/Institutions.
Islamic Principles
Under Al-Wadeeah Principles: Al-Wadeeah Current Deposit is a deposit product operated according to Islamic Shari’ah where the depositor will deposit money in the Bank in the form of 'Amanat' and will take no
risk. Thus they don’t share any profit or loss.
Required Documents/Papers
Complete Account Opening Form with TP & KYC.
Two recent Passport Size Photographs of the Proprietor duly attested by the introducer.
Introducer’s signature in the A/C opening form and at the back of the photograph(s) of signatories.
Photocopy of NID/Passport/Driving License/Ward Commissioner Certificate with photo (Photo must be attested by ward commissioner).
Copy of valid Trade License.
Up to date TIN (Optional).
The personal identity of the proprietor of the Firm has to be established by regular individual account opening documentation.
Sole Proprietor declaration.
Proof of Address- Copy of Utility Bill for latest 3 months.
Certified true copy of the Memorandum & Articles of Association of the Company.
Copy of Certificate of Incorporation.
Copy of Certificate of Commencement of Business (For Public Limited Companies only).
Extract of the Board resolution/General Meeting of the Company for opening the account and authorization for its operation duly certified by the Chairman/Managing Director of the Company.
List of the Directors with address in specified Form.
List of the Directors with address in specified Form.
