Prospects of Cash Waqf in Bangladesh: The Need for a Separate Legal and Regulatory Framework

Abstract

Cash waqf is recognized as one of the most effective mechanisms in achieving the socio-economic and welfare objectives of the institution of Waqf. This paper aims at examining and exploring the prospects of cash waqf in Bangladesh specially highlighting the huge potential of cash waqf in the welfare and benefits of unprivileged society. Hence, the purpose of this study is to analyse the benefits of cash Waqf and explore the legal and regulatory framework that govern cash waqf system in Bangladesh. The study uses a legal and doctrinal research methodology followed by an analytical approach. In identifying and interpreting data, both primary and secondary legal sources are considered. The study finds that under present legal and regulatory framework, it is not fully possible to get optimum benefit from cash waqf. It is also revealed that despite huge potential and prospects, there are diverse challenges in the administration and management of cash waqf in Bangladesh. Thus, the study suggests some policy recommendations in legal, institutional and functional sectors for the proper administration and management of cash waqf in Bangladesh in light of the lessons learned from some other countries.