Al-Wadiah means safe-keeping arrangement between the depositor (customer) and the Bank under Shariah. It is a deposit product operated according to Islamic Shariah where the depositor will deposit money in the Bank in the form of ‘Amanat’ The Bank takes permission from the depositor to use the deposit according to Islamic Shariah but guarantees that the amount deposited would be available to depositors whenever s/he demands. If Bank does loss using this deposit then bank will incur all responsibilities. Since depositors do not take any risk of loss, so they cannot demand any profit.

Eligibility for opening the account

Al-Wadiah Current Deposit Accounts are suitable for business transactions because of no restriction on withdrawal and deposit either in amount or in frequency. Branch may open a Current Deposit Account in the name of-

• Individual above 18 years of age         
• Two or more persons jointly         
• Sole Proprietorship Concern         
• Partnership Firm
• Govt. / Semi-Govt. Offices / Corporations / Autonomous bodies.
• Limited Companies (Both Private and Public)
• Societies / Clubs / Associations / Local Bodies
• Banks/NBFIS/NGOs
• Others

Features of Al-Wadiah Current Account:

• Bank gives the guarantee to return the full amount on demand at its own risk (depositor will not share the risk).
• Bank can invest this deposited fund with the permission of the depositor.
• Free Cheque Book (1st time only) and free online banking service all over the country along with ATM card service.
• During banking hour multiple deposit & withdrawal by cheque is permitted and it will not have any impact on profit calculation as it is a non-profit bearing product. In this regard, all clauses of Negotiable Instrument Act will be applicable.
• New Al Wadiah Current Deposit Account may be opened with initial deposit of Tk.5,000.00 (Five thousand) in Urban Branches and BDT 2000.00 (two thousand) in Rural Branches, which will be treated as minimum balance.

Other Rules & Conditions:

• Bank, for opening of new Al Wadiah Current Deposit account may accept introduction from another CD / SND / SB account holder having prolonged relationship with the bank and track of satisfactory transactions. Introduction by a reputed person of the locality is also acceptable.
• A penalty will be charged to the customer at the discretion of the HOB, each time a cheque is returned unpaid for want of funds in the account.
• The bank reserves the right to close any Al Wadiah Current Deposit Account with prior notice.
• More than one Al Wadiah Current Account cannot be opened for same customer.
• In case of closure of AWCA, schedule of charges will be applicable respectively for the account holder.