Revolutionising practice of Mohor

A hefty amount of Mohor is stipulated in marriage, but it becomes difficult for the groom to fulfill the financial commitment (Mohor) to his wife while simultaneously meeting the family's expenses. Islami Bank Bangladesh PLC has launched Mudaraba Mohor Savings Account (MMSA) with the aim of promoting the culture of fulfilling Mohor to the wife and facilitating an easy payment process, says a press release.

Muslim people from all walks of life, especially professionals, employees, businessmen, expatriates, can open Mudaraba Mohor Savings Account (MMSA) by depositing money in monthly installments according to their ability. The monthly installments range from Tk 500 to Tk 5,000 for five years' or ten years' tenure. A married man or a man wishing to marry can open this account. The installments will be determined based on the total amount to be paid by the groom, after deducting the amount already paid either in cash or other forms from the amount mentioned in the Kabinnama. Around 33 thousand clients opened this account in Islami Bank.

Any legal citizen of Bangladesh can open a Mudaraba Mohor Savings Account (MMSA) at any branch, sub-branch, or agent of Islami Bank by providing a photocopy of their National Identity Card/Passport/Driving License, 2 copies of their own photographs, 2 copies of their wife's photographs (if applicable), and one copy of the nominee's photograph. Additionally, men can open an MMS account through Islami Bank's Celfin app. Installments can be deposited online from other branches, sub-branches, or agent banking outlets. Monthly installments can be conveniently paid from any location on any day of the month through Celfin or by a "Special Instruction" at the branch, which will result in automatic transfers from the particular savings account to the Mohor account on a specified date each month. Furthermore, monthly installments can also be paid through Islami Bank's i-banking and mcash. The account holder has the option to pay the installments in advance. The principal and profit paid there against are all due to the wife. Installment amount and tenure should be decided at the time of account opening. It cannot be changed later.

A husband can absolve himself of his wife's debt by fulfilling Mohor from accumulated funds in Mudaraba Mohor Savings Account (MMSA). This not only brings financial stability to women's lives but also establishes respect for them. After all, they are empowered by realizing the rights of women in the society. Ultimately, this initiative by Islami Bank, aimed at promoting the practice of giving Mohor, deserves commendation.