Integrating Cash Waqf into Islamic Microfinance: A Sustainable Funding Solution for Economic Development in Bangladesh

Integrating Cash Waqf into Islamic Microfinance: A Sustainable Funding Solution for Economic Development in Bangladesh

Saif Rahman Samrat¹, Ashiqun Nabi²

¹Assistant Director, Parashmoni Samajik Unnayan Sangstha.

²Assistant Professor in Finance, Manarat International University

DOI: https://dx.doi.org/10.47772/IJRISS.2025.9020355

Received: 14 February 2025; Accepted: 19 February 2025; Published: 24 March 2025

ABSTRACT

This paper explores the integration of cash waqf as a sustainable funding mechanism within Islamic Microfinance Institutions (IMFIs) in Bangladesh. Given the country’s pressing economic challenges, including high inflation, liquidity shortages, and rising non-performing loans, this study posits that cash waqf can enhance the financial sustainability of IMFIs while promoting inclusive economic development.

A qualitative literature review methodology was employed, focusing on existing research related to cash waqf and Islamic microfinance. The study examined various books, journals, and articles to understand the historical context and modern applications of cash waqf in supporting economic development, particularly in the context of Bangladesh’s financial landscape.

The findings suggest that cash waqf can address several challenges faced by IMFIs, including high operational costs, limited access to capital, and financial exclusion of rural populations. By providing a perpetual, low-cost, and Shariah-compliant source of funding, cash waqf can facilitate the provision of interest-free loans and support income-generating activities, particularly in agriculture and small enterprises. The study highlights the need for robust governance frameworks to ensure transparency and accountability.

This paper contributes to the discourse on innovative financial solutions within Islamic finance by proposing the integration of cash waqf into the microfinance sector in Bangladesh. It underscores the potential of cash waqf to serve as a transformative tool for poverty alleviation and economic empowerment, offering a pathway for sustainable development that aligns with Islamic principles of equity and social justice. The study calls for collaborative efforts among stakeholders to maximize the benefits of cash waqf, thereby fostering inclusive growth in Bangladesh’s socio-economic landscape.

Keywords: Cash Waqf, Sustainable Economic Development, Islamic Microfinance, Low-Cost Funding, Ethical Finance.

INTRODUCTION

Bangladesh faces significant economic challenges, including high inflation, liquidity shortages, and rising non-performing loans, exacerbated by global economic pressures and political instability. Inflation reached 11.66% in July 2024, straining purchasing power and financial stability, while dollar shortages hinder foreign debt repayments. These factors have increased borrowing costs, limiting small businesses’ access to capital and growth opportunities (Reuters, 2024a; The Daily Star, 2024a; Reuters, 2024b; The Financial Express, 2024). These economic strains underscore the urgent need for innovative financial solutions that not only address immediate funding gaps but also promote inclusive economic development.

Islamic microfinance has emerged as a transformative financial mechanism designed to cater to the needs of underserved populations by adhering to Sharia principles. This approach not only fosters equitable financial access but also empowers individuals, thereby contributing to poverty alleviation and sustainable growth. The dual tools of cash waqf and microfinance loans serve as instruments for social upliftment, particularly in sectors such as agriculture and small enterprises, where their impact can be most pronounced (Ibrahim et al., 2013; Alam et al., 2024). However, the current reliance on high-interest loans and external funding sources by Islamic Microfinance Institutions (IMFIs) poses significant challenges, undermining the very objectives of microfinance aimed at empowering economically disadvantaged communities.

This paper proposes the integration of cash waqf into the framework of Islamic microfinance in Bangladesh, positing that this approach not only enhances the financial sustainability of IMFIs but also contributes to sustainable economic development. Cash waqf, a form of charitable endowment in Islamic finance, offers a sustainable funding mechanism rooted in principles of social justice and equity. Historically, cash waqf has played a pivotal role in supporting socio-economic development, and its modern applications demonstrate its potential for resource mobilization aimed at social welfare (Ibrahim et al., 2013).

In the context of Bangladesh, the synergy between cash waqf and microfinance can address several pressing challenges faced by IMFIs, including high operational costs, limited access to capital, and financial exclusion of rural populations. Cash waqf can provide a perpetual, low-cost, and Shariah-compliant source of funding that facilitates the provision of interest-free loans and supports income-generating activities, especially in agriculture and small enterprises. The integration of cash waqf into Islamic microfinance is particularly relevant in light of the current economic landscape, where the dependence on high-interest loans and external funding sources can compromise the sustainability and scalability of microfinance initiatives.

This study employs a qualitative approach, utilizing a literature review methodology to explore the integration of cash waqf into Islamic Microfinance Institutions (IMFIs). By focusing on literature-based research, the study examines existing books, journals, and articles on cash waqf and Islamic microfinance. The findings aim to uncover the broader discourse surrounding cash waqf, sustainable economic development, Islamic microfinance, low-cost funding, and ethical finance.

LITERATURE REVIEW

Ibrahim et al., (2013) explores cash waqf as a flexible Islamic financial tool for economic development. It highlights its use in poverty alleviation, SME financing, and public welfare, with successful applications in countries like Malaysia and Indonesia.

Integrating cash waqf into Islamic microfinance in Bangladesh could address funding gaps in key sectors like agriculture and education, leveraging its perpetual and interest-free nature. Models such as cash waqf certificates used by Social Investment Bank Limited (SIBL) provide practical frameworks for implementation.

Alam et al., (2024) examines how microfinance impacts agriculture, services, and industrial sectors in Bangladesh using the ARDL model. It finds positive effects on agriculture and services but negative on industry, highlighting inefficiencies in financial utilization.

This analysis is relevant to cash waqf and Islamic microfinance as it identifies gaps in industrial financing that waqf-based models could address. Cash waqf offers sustainable, interest-free funding, which can enhance productivity in agriculture and services while fostering economic development. Integrating waqf into Islamic microfinance could bridge sectoral disparities and support inclusive growth.

Cizakca (2004) examines the historical development and modern potential of Islamic non-bank financial instruments, focusing on cash waqfs and mudaraba. The study highlights how cash waqfs, which invest endowed cash for charitable purposes, flourished in the Ottoman Empire despite legal and religious challenges. Comparisons with European financial institutions, such as the Monti di Pieta, reveal how the prohibition of interest limited the growth of Islamic finance. The paper suggests integrating corporate structures with Islamic financial principles to modernize cash waqfs and enhance their sustainability and competitiveness.

Ahmad (2015) examines the potential of cash waqf as an alternative to riba-based financing, focusing on its role in providing interest-free loans to grassroots communities. The study highlights the historical success of cash waqf in the Ottoman Empire and its modern application in countries like Malaysia and Saudi Arabia. It discusses different operational models based on Islamic jurisprudence and emphasizes the importance of proper management to ensure sustainability. The author concludes that cash waqf can effectively support entrepreneurship and poverty alleviation if well regulated.

Mannan (1999) introduces the Cash-waqf Certificate as an innovative financial tool in Islamic social finance, designed to mobilize social capital and support voluntary-sector banking. Using Bangladesh’s Social Investment Bank as a case study, the paper highlights how Cash-waqf can fund education, health, and social welfare projects while providing an alternative to income tax systems. The author emphasizes its potential to reduce poverty, promote economic equality, and foster participatory economic models based on Islamic principles. The study calls for greater political and institutional support to expand its implementation globally.

The study by Ahamad et al. (2024) investigates the self-sustainability of Microfinance Institutions (MFIs), emphasizing the influence of various financing sources and the role of external governance. Using data from 661 MFIs across 86 countries (2010–2018), it employs Data Envelopment Analysis (DEA) and the Generalized Method of Moments (GMM) for a robust analysis. Findings suggest that financing sources like retained earnings and equity significantly boost MFIs’ self-sustainability, especially when external governance is strong. The study highlights the importance of diversified funding strategies and quality governance in achieving MFI efficiency and sustainability.

Ahmed (2004) highlights the potential of cash waqf in Islamic microfinance as a sustainable tool for poverty alleviation. By preserving the principal and utilizing returns, cash waqf ensures long-term resource availability for funding socio-economic initiatives like qard al-hasan (benevolent loans) and small-scale entrepreneurship. It aligns with Islamic principles, emphasizing equity, financial inclusion, and socio-economic welfare. However, the study notes challenges such as regulatory issues and governance, recommending institutional reforms and community engagement for effective implementation.

Gustani and Ernawan (2016) discuss the integration of cash waqf into Islamic Microfinance Institutions (IMIs) as an innovative solution to funding challenges in Indonesia. Cash waqf involves the endowment of money, with the principal preserved and returns utilized for social and economic benefits. The study highlights two main models: temporary cash waqf, invested in short- or long-term financial products, and permanent cash waqf, incorporated into IMI capital. These models provide a sustainable, Shariah-compliant funding source, enabling low-cost microfinancing, poverty alleviation, and economic empowerment. However, the authors emphasize the need for robust governance and regulatory frameworks to ensure transparency and effective management. By aligning Islamic financial principles with practical applications, the study underscores cash waqf’s potential in fostering sustainable development.

Ahmed (2007) proposes a waqf-based microfinance model to address poverty through Shariah-compliant financial mechanisms. Using cash waqf as capital, supported by reserves like takaful and profit equalization, the model aims to reduce financing costs, ensure sustainability, and promote productive economic activities. Integrating zakah and sadaqah further enhances its scope, aligning Islamic finance with social justice goals. The model addresses challenges like credit risk and moral hazard through innovative mechanisms, though empirical validation is recommended.

METHODOLOGY

This study adopts a qualitative approach, utilizing a literature review method. Literature-based research focuses on using existing literature as the primary object of study. The literature reviewed in this research includes books, journals, and articles, specifically on topics related to cash waqf and Islamic microfinance.

The findings aim to provide pathways for integrating cash waqf into IMFIs, promoting sustainable funding and inclusive economic growth in Bangladesh.

Cash Waqf: An Indefinitely Sustainable Fund

Cash waqf is a unique Islamic financial instrument that provides an indefinitely sustainable source of funding for socio-economic development. As a perpetual charitable endowment, the principal of cash waqf remains intact, while the returns generated from Shariah-compliant investments are utilized to support various social welfare initiatives. This sustainability makes cash waqf an effective tool for addressing economic challenges in Bangladesh. Characteristics that Ensure Sustainability:

Perpetuity of Principal Capital

The defining feature of cash waqf is its permanent endowment nature, meaning the original cash contribution cannot be spent or depleted. Instead, it is invested in halal financial instruments, ensuring continuous income generation for funding charitable causes. This characteristic makes cash waqf a self-replenishing source of funds, capable of addressing long-term social and economic challenges (Ahmad, 2015).

Shariah-Compliant Investment Strategies

Cash waqf funds are invested in ethical, interest-free instruments such as:

Sukuk (Islamic bonds) – Providing stable, risk-mitigated returns.

Murabaha (cost-plus financing) – Generating profit through ethical trade.

Real estate investments – Ensuring consistent rental income (Cizakca, 2004).

These investment avenues guarantee sustained financial returns, reinforcing the long-term viability of cash waqf funds.

Flexibility and Scalability

Cash waqf can be expanded over time through continuous donations, making it a scalable solution for social welfare projects. This flexibility allows communities and institutions to diversify funding sources, ensuring sustainability amid changing economic conditions (Ibrahim et al., 2013).

Community Participation and Social Responsibility

Cash waqf fosters collective contributions from individuals, corporations, and institutions, ensuring a wide donor base and long-term sustainability. Digital waqf platforms further enhance participation, allowing for global contributions to local development projects (Mannan, 1999).

Low-Cost Capital for Development

Unlike conventional financing, cash waqf provides interest-free funds, reducing financial burdens on beneficiaries and promoting sustainable economic growth. This aspect makes it an ideal solution for financing micro-entrepreneurs and social projects, ensuring financial inclusion and poverty alleviation.

Institutional Governance and Transparency

Effective governance mechanisms ensure that cash waqf funds are prudently managed, with regular audits and monitoring to enhance accountability. Transparent fund management foster’s public trust and encourages further contributions, ensuring sustainability in the long run (Ahmed, 2004).

Economic challenges in Bangladesh and cash waqf

The integration of cash waqf into Islamic microfinance institutions (IMFIs) provides a sustainable, ethical, and Shariah-compliant funding solution that addresses many challenges faced by the sector in Bangladesh. The following aspects highlight how cash waqf serves as a complementary solution:

Cost-Effective Capital

Cash waqf offers IMFIs a low-cost and interest-free source of capital, which helps reduce the financial burden typically associated with commercial borrowing. Unlike conventional loans that come with high interest rates, cash waqf funds are endowed as charitable contributions without repayment obligations. This allows IMFIs to provide affordable financial services to low-income entrepreneurs, promoting financial inclusion and economic development (Ahmad, 2015).

• Reduces operational costs for IMFIs, enabling them to offer lower-cost financing to beneficiaries.
• Avoids reliance on external debt-based funding that may contradict Islamic principles (Cizakca, 2004).
• Provides an alternative to high-interest commercial loans, which often hinder the growth of small businesses.

Shariah Compliance

Cash waqf ensures adherence to Islamic financial principles, allowing funds to be invested in ethical, Shariah-compliant financial instruments such as:

• Sukuk (Islamic bonds): Providing stable returns without interest (riba).
• Murabaha (cost-plus-profit): Facilitating trade-based transactions in an ethical manner (Cizakca, 2004).
• Qard Hasan (benevolent loans): Offering interest-free loans to entrepreneurs and individuals in need (Ahmed, 2004).

By maintaining Shariah compliance, cash waqf reinforces ethical financing and social justice, ensuring that all financial activities contribute positively to the well-being of the community (Mannan, 1999).

Perpetual Sustainability

Cash waqf provides a long-term sustainable funding mechanism, as the principal amount remains intact while only the profits generated from investments are utilized for microfinance activities. This ensures continuous funding for social and economic initiatives such as:

• Financial support for micro-entrepreneurs.
• Funding education, healthcare, and social welfare programs.
• Ensuring the self-sufficiency of IMFIs (Ahmed, 2004).

The sustainability of cash waqf allows IMFIs to avoid financial instability and focus on poverty alleviation and economic empowerment.

Financial Inclusion

Cash waqf enhances financial inclusion by enabling contributions from individuals across all income levels, fostering a collective effort to mobilize resources for socio-economic development (Mannan, 1999).

• Encourages public participation and social responsibility.
• Empowers marginalized communities by providing them with ethical financial services.
• Creates a sense of community ownership and mutual support.

This broad participation allows IMFIs to extend their reach to underserved populations in rural and urban areas, offering them financial tools to improve their livelihoods (Ahmad, 2015).

Reduction of External Dependency

Many IMFIs in Bangladesh rely heavily on donor funding and commercial loans, which often come with conditions that may not align with Islamic principles. Cash waqf provides an independent and self-sustaining funding source, enabling IMFIs to:

• Reduce reliance on external financial institutions and donors.
• Achieve financial independence and long-term self-sufficiency.
• Expand operations and scale impact more effectively (Cizakca, 2004).

This independence ensures that IMFIs can focus on their core mission of poverty alleviation and economic empowerment without financial constraints.

Social and Economic Impact

Cash waqf contributes significantly to social and economic development by funding initiatives that directly benefit the community. The funds generated can be used to:

• Support small and medium enterprises (SMEs), fostering job creation.
• Provide financial assistance to low-income households for healthcare and education.
• Promote sustainable development initiatives that align with national economic goals (Mannan, 1999).

This holistic approach aligns with the principles of Islamic finance, which prioritize socio-economic justice and community welfare.

Operational Model: Cash Waqf for Islamic Microfinance

The operational model of integrating cash waqf into Islamic microfinance institutions (IMFIs) follows a structured process to ensure efficient fund collection, ethical investment, disbursement to beneficiaries, and sustainability through robust monitoring frameworks. This model provides a sustainable and Shariah-compliant financial mechanism to support economic development.

Fund Collection

Individuals and institutions can contribute to cash waqf through various channels, including traditional waqf certificates and modern digital platforms. These methods facilitate broad-based participation and resource mobilization:

• Cash Waqf Certificates: Formalized documents that allow donors to endow a specified amount, ensuring transparency and proper utilization of funds.
• Digital Platforms: Online portals and mobile applications simplify the donation process, enabling contributions from a wider audience, including the global Muslim diaspora.
• Low-Denomination Waqf Shares: These make participation accessible to people across all income groups, encouraging collective community involvement and democratizing the waqf process (Ahmad, 2015).

Investment and Growth

The collected cash waqf funds are strategically invested in Shariah-compliant financial instruments to generate sustainable returns while adhering to Islamic ethical guidelines. Some key investment avenues include:

• Real Estate: Investing in commercial or residential properties that generate steady rental income.
• Sukuk (Islamic Bonds): Offering fixed returns without involving interest (riba), ensuring compliance with Islamic finance principles.
• Murabaha (Cost-Plus-Profit Agreements): Investments in halal trade and business ventures that generate profits through ethical markups.

These investments provide consistent financial returns, ensuring that IMFIs have a reliable source of funds to support their operations and beneficiaries (Cizakca, 2004).

Disbursement to Beneficiaries

The returns generated from investments are utilized to provide financial assistance to micro-entrepreneurs and individuals in need through various Shariah-compliant financing methods, such as:

• Qard Hasan (Interest-Free Loans): These are benevolent loans provided without any profit margin, aimed at supporting small businesses, education, and healthcare.
• Murabaha (Cost-Plus-Profit Agreements): A structured financing method where goods are purchased and sold to beneficiaries with a disclosed profit margin, ensuring ethical trade practices and financial sustainability.

These funding mechanisms empower low-income individuals and small businesses by providing them with affordable and ethical financial support to enhance their livelihoods.

Monitoring and Sustainability

To ensure the long-term viability and effectiveness of cash waqf-based microfinance, robust governance frameworks and auditing mechanisms are implemented. These include:

• Regular Audits: Periodic financial audits conducted by independent bodies to ensure transparency, accountability, and compliance with Shariah principles.
• Governance Frameworks: Establishing dedicated committees and regulatory bodies to oversee fund utilization, ensuring alignment with social and economic development goals.
• Performance Evaluation: Continuous monitoring of financial performance and social impact to optimize fund allocation and enhance program efficiency .

Effective monitoring mechanisms ensure that cash waqf funds are used efficiently, maintaining donor confidence and fostering long-term sustainability of the IMFIs(Ahmed, 2004).

Challenges and Recommendations

Challenges

Awareness Gap:

One of the most significant barriers to the successful integration of cash waqf into Islamic microfinance institutions (IMFIs) is the lack of awareness among potential donors, beneficiaries, and stakeholders. Many people in Bangladesh, particularly in rural areas, are unfamiliar with the concept of cash waqf and its benefits. This knowledge gap limits the inflow of contributions and reduces the scale of community participation. Moreover, many donors are unaware of how their contributions can have a perpetual impact on socio-economic development.

Governance and Management Issues:

Effective management of waqf funds is critical but often hindered by poor governance structures. A lack of standardized frameworks for collecting, investing, and distributing waqf funds can lead to inefficiencies, mismanagement, or even misuse. Transparency issues further erode trust among donors, discouraging contributions. Without adequate auditing and compliance mechanisms, ensuring the sustainable and ethical use of cash waqf funds becomes challenging.

Regulatory Limitations:

Existing legal and regulatory frameworks in Bangladesh may not fully support the integration of cash waqf into IMFIs. The absence of clear policies regarding the establishment, operation, and taxation of waqf funds creates uncertainty for financial institutions. This lack of regulatory clarity also makes it difficult for IMFIs to establish trust and legitimacy in the eyes of both donors and beneficiaries.

Operational Challenges:

IMFIs often face high administrative and operational costs when reaching underserved populations, particularly in rural areas. Integrating cash waqf into their operations requires developing specialized systems for managing waqf contributions and returns. Many IMFIs lack the technical expertise and infrastructure to handle these complexities efficiently.

Default Risks:

Beneficiaries of waqf-funded microfinance programs, particularly those from vulnerable socio-economic backgrounds, may face difficulties in repaying even interest-free loans. Limited business experience, lack of financial literacy, and external economic shocks can lead to higher default rates, threatening the sustainability of cash waqf initiatives.

RECOMMENDATIONS

Awareness Campaigns and Community Engagement:

o Conduct nationwide educational initiatives through mosques, religious scholars, and community organizations to raise awareness about the concept and benefits of cash waqf.

o Leverage digital platforms and social media to reach younger generations and the global Bangladeshi diaspora. These platforms can showcase success stories, allowing people to see the tangible impacts of their contributions.

o Develop waqf literacy programs tailored for rural communities, using local languages to explain how waqf funds align with Islamic values and benefit society.

Strong Governance Frameworks:

o Establish independent waqf management bodies within IMFIs to oversee fund collection, investment, and disbursement. These bodies should include Shariah scholars, financial experts, and community representatives to ensure transparency and accountability.

o Implement regular audits and public reporting to build trust among donors and ensure that funds are being utilized as intended. Digital tools, such as blockchain-based systems, can be explored to enhance transparency and traceability.

o  Develop standard operating procedures (SOPs) for managing waqf funds, ensuring consistency and efficiency across IMFIs.

Regulatory Reforms:

o  Collaborate with policymakers to create clear legal frameworks for cash waqf operations. This should include guidelines for establishing waqf funds, tax exemptions for donors, and investment compliance with Shariah principles.

o  Encourage the Bangladesh government to provide incentives for waqf contributions, such as tax deductions for donors or matching grants to amplify the impact of waqf funds.

Capacity Building for IMFIs:

o  Provide technical training for IMFIs on managing waqf funds, including Shariah-compliant investment strategies and effective fund disbursement models.

o   Develop partnerships with international Islamic finance institutions to share best practices and offer mentorship programs.

o Introduce digital tools and platforms that streamline the collection, management, and reporting of waqf funds, reducing administrative burdens and enhancing operational efficiency.

Entrepreneurial Training for Beneficiaries:

o Equip microfinance beneficiaries with financial literacy and business management skills to ensure the sustainable utilization of waqf-funded loans.

o Provide ongoing support, such as mentorship and access to markets, to help small businesses grow and repay loans successfully.

o  Establish risk-sharing mechanisms, such as takaful (Islamic insurance), to mitigate the impact of defaults and protect the sustainability of waqf funds.

Integration of Digital Waqf Platforms:

o  Develop user-friendly digital platforms that allow individuals to contribute to waqf funds conveniently, regardless of their location. These platforms can include features for monitoring contributions and their impacts.

o  Enable mobile banking services to facilitate small contributions from rural populations, making the process inclusive and accessible.

o Use artificial intelligence to optimize waqf fund allocation and ensure the highest socio-economic returns on investments.

Incentives for Donors:

o  Provide recognition programs for major donors, such as naming social projects or facilities funded by their contributions.

o   Collaborate with religious leaders to emphasize the spiritual rewards of waqf contributions, fostering a culture of philanthropy.

o   Introduce innovative products like low-denomination waqf certificates to make participation accessible to all income groups.

CONCLUSION

The integration of cash waqf into Islamic Microfinance Institutions (IMFIs) presents a transformative opportunity to address Bangladesh’s pressing economic challenges, including high inflation, liquidity shortages, and rising non-performing loans. As a Shariah-compliant, perpetual funding mechanism, cash waqf offers a sustainable and ethical alternative to conventional financing, aligning with Islamic principles of equity and social justice. By leveraging the inherent characteristics of cash waqf, IMFIs can provide low-cost, interest-free capital to underserved populations, fostering financial inclusion and economic empowerment.

This integration has the potential to mitigate inflationary pressures, reduce dependency on volatile external funding, and promote entrepreneurial growth in key sectors such as agriculture, manufacturing, and small-scale enterprises. Moreover, cash waqf empowers communities by mobilizing collective resources, supporting poverty alleviation, and enhancing socio-economic resilience. Its role in promoting financial inclusion is particularly critical for Bangladesh’s rural and marginalized populations, enabling access to financial services previously out of reach.

However, realizing the full potential of cash waqf requires addressing key challenges, including governance issues, awareness gaps, regulatory limitations, and operational inefficiencies. Robust frameworks for transparency, efficient fund management, and effective monitoring are essential to build trust among stakeholders and ensure the sustainability of waqf initiatives. Additionally, targeted efforts to educate communities, strengthen entrepreneurial skills, and integrate digital platforms can significantly enhance the impact of cash waqf.

In conclusion, integrating cash waqf into IMFIs is not merely a financial solution but a moral and social commitment to creating a more equitable and inclusive economic system in Bangladesh. With collaborative efforts from policymakers, financial institutions, religious leaders, and communities, cash waqf can serve as a beacon of hope, driving sustainable development, reducing poverty, and fostering a future of shared prosperity. This innovative model underscores the power of Islamic finance to uplift societies and address economic disparities while adhering to ethical and spiritual values.

REFERENCES

1. Ahmad, M. (2015). Cash waqf: Historical evolution, nature, and role as an alternative to riba-based financing for the grassroots. Journal of Islamic Finance, 4(1), 63–74.
2. Ahamad, S., Islam, M. A., Yusof, M. F., Al-Jaifi, H. A., & Ehigiamusoe, K. U. (2024). Relationship between microfinance institutions’ self‐sustainability and financing sources: Moderating role of external governance. Annals of Public and Cooperative Economics, 95(4), 971–1001. https://doi.org/10.1111/apce.12472
3. Ahmed, H. (2004). Role of zakah and awqaf in poverty alleviation. Islamic Research and Training Institute (IRTI). https://www.hodhood.com/en/HodHood Documents/Islamic Finance/ Riba/ Role%20 of%20 Zakat%20 for%20 Poverty%20 Alleviation.pdf
4. Ahmed, H. (2007). Waqf-based microfinance: Realizing the social role of Islamic finance. International Seminar on Integrating Awqaf in the Islamic Financial Sector, Singapore, March 6–7. Islamic Research and Training Institute, Islamic Development Bank Group.
5. Çizakça, M. (2004). Incorporated cash waqfs and mudaraba: Islamic non-bank financial instruments from the past to the future. Munich Personal RePEc Archive. https://mpra.ub.uni-muenchen.de/25336/
6. Gustani, & Ernawan, D. A. (2016). Cash waqf as alternative sources of capital of Islamic microfinance institutions: Implementation in Indonesia. Syirkatuna, 4(2), 13–23.
7. Ibrahim, H., Amir, A., & Masron, T. A. (2013). Cash waqf: An innovative instrument for economic development. International Review of Social Sciences and Humanities, 6(1), 1–7. irssh.com
8. Mannan, M. A. (1999). Cash-waqf certificate: Global opportunities for developing the social capital market in 21st-century voluntary-sector banking. Proceedings of the Third Harvard University Forum on Islamic Finance, 243–256.
9. Rifat, M. A. R., Qasim, R., Arafat, M. A. R., & Alam, D. (2024). Does microfinance impact sectoral growth? A case study of Bangladesh. South Asian Journal of Social Studies and Economics, 21(12), 75–87. https://doi.org/10.9734/sajsse/2024/v21i12919
10. Reuters. (2024a). Bangladesh hike interest rates by 9% in coming days to tame inflation. Reuters.
11. Reuters. (2024b). Bangladesh struggling to muster dollars to pay Indian power debts. Reuters.
12. The Daily Star. (2024a). BB identifies risks to economic stability. The Daily Star.
13. The Financial Express. (2024). High interest rates and political turmoil drive private sector borrowing down to a 3-year low. The Financial Express.