Cash Waqf development through private banks in Bangladesh: Challenges and prospects toward building sustainable society

Abstract

This paper mainly focuses on the cash Waqf management and its development through private Banks in Bangladesh. Bangladesh has transformed its global status from least developed to a developing country which was the ramification of nonstop contribution of public-private initiatives. In Addition, it is a Muslim majority country and with huge potentials for cash Waqf scheme. Despite the fact, private Banks are facing a number challenges in accelerating this product among the customer as whole. The study, therefore, addresses key challenges of cash Waqf from socio-legal context and looks for avenues to revitalize and utilize cash Waqf for bringing sustainability in social services, for instance, education and culture, family rehabilitation, social utility, health care and sanitation services. In these key sectors, cash Waqf has enormous prospective in fulfilling the needs of the disadvantaged people of the country. The objective of this study is to identify the passage for sustainable social development through cash Waqf and to draw the attention of concern public and private authorities and policymakers to formulate an effective strategy for cash Waqf and remove the major barriers. The outcome of this research is that it is possible to create a substantial impact on the society by intensifying cash Waqf in Bangladesh. The paper adopts doctrinal research approach wherein both primary and secondary sources of data have been analyzed. It further consults with relevant books, articles, and statute of the country.