Prime Bank PLC recently signed a partnership agreement with Mastul Foundation, a non-profit charity organisation in Bangladesh.

Md Nazeem A Choudhury, deputy managing director of the bank, and Kazi Reaz Rahman, executive director of the foundation, signed the agreement at the bank's corporate office in the capital's Gulshan, according to a press release.

Under the agreement, Prime Bank will facilitate the collection of deposits through the "Sadaqah Jariyah" account, which will be invested in accordance with the Mudaraba principle, thereby ensuring ethical and Shariah-compliant financial growth.

The accrued profits will be allocated to the Mastul Foundation in line with mutually agreed timelines, with strict adherence to established guidelines.

In return, the foundation will guarantee that the funds are utilised solely for charitable and welfare purposes, thereby underscoring its commitment to generating a long-lasting social impact.

This collaborative initiative is designed to promote ongoing charitable giving while contributing to both economic and social development across Bangladesh.

Syed Ibne Shariar, vice-president and head of the Islamic banking division of the bank, and Rakibul Hassan Razib, head of administration of the foundation, along with other senior officials from both organisations, were also present.