INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue X October 2025  
Prospects of Cash Waqf in Bangladesh: The Need for a Separate  
Legal and Regulatory Framework  
Md. Asraful Islam1 and Md. Zahidul Islam2  
⃰
1Department of Law, Southeast University, Dhaka  
2Department of Law, Bangladesh University, Dhaka  
⃰
Corresponding Author  
DOI: https://dx.doi.org/10.47772/IJRISS.2025.910000565  
Received: 28 October 2025; Accepted: 04 November 2025; Published: 18 November 2025  
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.  
Keywords: Cash Waqf, Poverty alleviation, Economic development, Islami Banks etc.  
INTRODUCTION  
During last few decades, the rapid growth of Islamic finance throughout the world is inspiring many countries  
investing in socioeconomics sector to enhance society’s well-being (Aldeen et. al., 2020). Nowadays, Islamic  
economy is not limited to the material profits that could be attained from the current life rather than  
considering both the current world (Dunia) as well as the hereafter (Akhira) which is considered Muslim  
ummah’s ultimate goal (Kahf, 1999). Today, social welfare, social security, management and distribution of  
wealth, consumption, taxation, debts, monetary policies, market exchange and investment are considered the  
main features of Islamic economics (Shinkafi & Ali, 2017). Waqf is regarded as an effective socio-economic  
tool that serves both Islam and society. The implementation of cash Waqf globally has attracted many scholars’  
attention to revisit the prospects and influences of this method of finance. However, there is a few researches  
in this area, specially in the context of Bangladesh. Cash Waqf is an efficient instrument that can be an  
alternative for poverty alleviation, since such an initiative require a tremendous amount of money that could  
not be attained totally by the government. Hence, seeking for a sustainable source if fund is inevitable. An  
indispensable part of Islamic socioeconomics, cash Waqf is a social fund politically and economically free of  
charge. Moreover, it more powerful, permanent and pervasive since it is cardinally voluntary activity  
characterized by perpetuity (Aldeen et. al., 2020). This paper aims at exploring the prospects of cash Waqf in  
Bangladesh highlighting the current legal and regulatory framework of cash Waqf in Bangladesh. It also  
emphasizes the role of cash Waqf in economic development and poverty alleviation in Bangladesh. Finally, the  
paper ended with some recommendations for the better management of cash Waqf in light of the lessons  
learned from some other countries.  
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METHODOLOGY  
The study follows a qualitative and doctrinal research methodology supported by an analytical approach. It is  
based primarily on library and document based research aimed at examining the legal, regulatory and  
institutional aspects of cash waqf in Bangladesh. Both primary and secondary sources have been used. The  
primary sources include statutory laws, particularly the Waqfs Ordinance, 1962 (Bangladesh), relevant  
government rules, and policy documents concerning waqf administration. The secondary sources comprise  
books, journal articles, research theses, and reports published by national and international institutions related  
to Islamic finance and waqf management.  
The study also employs a comparative method by reviewing the legal and operational frameworks of cash waqf  
in selected Muslim countries such as Malaysia, Indonesia, Kuwait, Bahrain and Singapore to identify best  
practices that could be adapted in the Bangladeshi context. The collected data are critically analyzed to identify  
the strengths, weaknesses, and regulatory gaps in the existing system and to propose a more effective  
framework for managing cash waqf in Bangladesh.  
Origin And Development Of Cash Waqf  
In Islamic history, the Waqf system has witnessed tremendous development, since its early stages in the  
prophet Muhammed (Sm) era until the present moment. During the reign of the Khulafa’ al-Rashidin and the  
subsequent period of Islamic ruling, Waqf activities were further extended (Aldeen et. al., 2020). Today, cash  
waqf is recognised in the whole Muslim world as one of the most effective mechanisms in apprehending the  
socio-economic and welfare objectives of the institution of waqf. For the first time in the history of Islam, cash  
Waqf was introduced by Imam Zufar in the eighth century on a condition that the cash endowed must be  
invested through mudaraba and the returns generated must be spent for charity (Cizakca, 2009). Similar  
practices like cash Waqfs are also traced in ancient Mesopotamia, Greece and the Roman Empire (Cizakca,  
2009). At the beginning of fifteenth century, the Ottoman courts during the Ottoman Empire approved the  
practice of cash waqf and by the end of sixteenth century this practice became popular all over Anatolia and as  
far as the European territories of the Ottoman Empire (Cizakca, 2004) which correspondingly managed some  
parts of the Middle East, South-Eastern Europe and North Africa (Aldeen et. al., 2020). During that time, the  
collections in the cash Waqf were used to acquire and improve several models of fixed assets (Cizakca, 2004).  
At that time cash waqf accounted for more than half of the newly created awqāf in the Ottoman Empire  
(Cizakca, 2004).  
In present days, a renewed interest towards cash waqf can be seen in many parts of the Muslim world,  
including Bangladesh. Compared to the standard traditional concept of dedicating immovable properties as  
waqf, cash waqf is a favourite to many Muslims, affluent or otherwise. In countries like Bangladesh where land  
properties are becoming scarce day by day due to density of population, cash waqf can be considered advanced  
alternative. As a result, cash Waqf is gaining popularity and acceptance to a wider range of the population who  
are willing to participate in welfare-oriented activities (Karim, 2016).  
Understanding The Meaning Of Cash Waqf  
Generally, the subject matter of a Waqf is a building or land or any other immovable property. However, there  
are persons who cannot afford immovable property to participate in Waqf. Thus, cash Waqf is a great option  
for them who do not have a fixed asset but rather have movable assets i.e. cash for donating. As a result,  
everyone in the society are able to perform sustainable charity activities through cash Waqf as long as they are  
keen on doing it voluntarily only for the sake of Allah’s (SWT) blessings (Mohsin, 2008).  
Cash waqf has been defined by many scholars. Al-Tasuli from Maliki School defined cash waqf as ‘the process  
of dedicating cash as waqf for the purpose of lending it to designated beneficiaries without interest’. Similarly,  
Zufar from Hanafi School defines cash waqf as the process of dedicating cash as waqf and then upon investing  
it the profit would be used for the specific charitable purpose. Despite slight variations in the definitions there  
is a unanimous fatwa among classical scholars that cash waqf is permissible (Ahmad, 2015). Most of the  
definitions come to a common point that cash waqf is a charitable endowment established with cash capital  
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permanently dedicated and privately (Cizakca, 2009) owned by a Muslim, or a group of Muslims or a  
corporate body governed according to shariah with perpetual dedication (Mohsin, 2009) of its usufruct to be  
spent on any purpose recognised by shariah. In Bangladesh, the definition of Waqf in section 2 of the Waqfs  
Ordinance 1962 includes ‘movable properties’ and ‘any other endowment or grant’ to be within the ambit of  
waqf for the purposes mentioned in the Ordinance (Waqf Ordinance, 1962), as such cash waqf is deemed to be  
covered by the definition (Karim, 2016).  
Cash Waqf practices could be categorized into two; the first one is the direct one, for instance, investing waqf  
money to redevelop an old waqf property and the indirect form of cash Waqf where the fund is invested in a  
specific project permitted by shariah and the profit is used for fulfilling the purposes (Mohsin, 2013).  
The basic features of cash Waqf include the following (Karim, 2016):  
a) Liquid Fund as the subject of the Waqf. In a ‘Cash Waqf’ the main corpus is a ‘cash capital’ as opposed  
to immovable property waqfs where the corpus is usually a ‘real estate, land or a building’.  
b) Immediate Usufruct. Unlike immovable properties, benefit from cash Waqf follows almost immediately  
after creating it.  
c) Affordability and Convenience. Buying or owning immovable property and dedicating it as waqf can  
only be afforded by a certain class of people. On the other hand, cash Waqf it is much easy and  
affordable compared to real estate. As a result, everybody can participate.  
d) Remarkable mobility of cash waqf. It enables transfer of waqf capital across economic sectors simply  
by redirecting loans from one set of borrowers to another.  
e) Benefits from cash waqf can be provided to varied types of activities such as education, food, social  
and religious service. When the waqf is in the form of cash-capital and it is invested in order to grow, a  
regular usufruct can be earned and has the flexibility to be spent for any welfare purposes.  
Cash Waqf And Economic Development: Bangladesh In Context  
The Waqf system in general and the cash Waqf in particular has brought multi-dimensional economic benefits  
to many Muslim nations over the years (Karim, 2016). Through cash Waqf many essential services were  
introduced to the citizens without any cost borne by the State which otherwise would have been an economic  
responsibility and burden on the state (Cizakca, 1998). These are all easily possible because of cash Waqf  
system which can be created by voluntary donations made not only by the rich but also by the poor as per their  
ability, even in small amount of cash. Thus, privately collected capital may be voluntarily endowed to finance  
all sorts of social services to the society. This way cash Waqf may help reduce government expenditure and  
contribute toward the economic development of the country (Karim, 2016).  
Islami Bank Bangladesh Limited (IBBL), the leading bank in Islamic Banking sector in Bangladesh has  
introduced a “Mudaraba Waqf Cash Deposit Account” with specified options of purposes. This list of purposes  
is made available to the waqif who can choose any of the listed purposes or any other purpose permitted by the  
Shariah. The list includes the following purposes:  
a) Family Rehabilitation;  
b) Education and Culture;  
c) Health and Sanitation;  
d) Social Utility Service.  
Thus, it is clear that the IBBL is reducing the economic burden of the Government through its cash Waqf  
program because these services would otherwise have been the responsibility of the government in absence of  
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any such Waqf. So, other banks, financial institutions, social welfare and charitable institutions may also come  
up with similar kind of ideas that may contribute towards the economic development of the country.  
Cash Waqf And Poverty Alleviation: Bangadesh In Context  
Cash Waqf has been well recognised for its ability to alleviate poverty. Poverty alleviation programs require  
considerable funds, and governments are often unable to provide such financing. The cash Waqf fund trustees  
or Mutawallis will gather the funds from the waqf Waqifs and invest the money in any Islamic-based  
investment fund or other sectors permitted by Islam. The profit obtained from this investment can be used to  
finance enterprises or activities that would assist the ordinary people as a means of poverty alleviation (Beik &  
Arsyianti, 2013).  
Although most established Waqf Institutions are based on real estate, there have been examples in history  
during the Ottoman Empire where Waqf institutions were established for the specific purpose of giving out  
interest-free loans to the beneficiaries of the Waqf, who were actually living in poverty. These loans were  
considered to be self-sustaining and were based on the Islamic finance concept of diminishing Musharaka. In  
this framework, borrowers are provided loans against their houses, although they continue to stay in them by  
paying a fixed rental. Borrowers pay back the principal through a series of transactions, leading to eventual  
ownership. So, it can be argued that a cash waqf fund could be tailored to provide the poorest communities an  
easy access to finance and help them to come out of poverty and impoverishment. This has been an interesting  
model, which was implemented in Bangladesh by a private bank, named Social Islami Bank Limited (SIBL),  
the pioneer of cash Waqf in Bangladesh (Karim, 2016).  
Current Status Of Cash Waqf In Bangladesh  
Cash Waqf was first introduced in Bangladesh by the Social Investment Bank Ltd. (SIBL) in 1995. SIBL  
initiated the Cash Waqf Certificate which was considered as a brand-new product in the banking history of  
Bangladesh. This product has been well accepted by the people for its exceptional features. The Social  
Investment Bank Ltd. received both local and international endorsement as the sole architect of this  
revolutionary monetary product of social capital mobilisation (Saiti et al., 2019). Under this system when a  
person opens a Cash Waqf Deposit account, he can provide welfare services. People are encouraged to  
volunteer to gather cash Waqf deposit with the intention of generating profit, which may be used for the benefit  
of the people (Thoarlim, 2017). The development of cash Waqf in Bangladesh is still a growing trend, and  
many people are aware of cash Waqf in Bangladesh. Cash Waqf finances many private universities in  
Bangladesh. The cash Waqf funds are reserved in the investment fund of an Islamic bank which functions on  
the foundation of Mudarabah. The profits of these funds are used for fulfilling the purpose of the Waqf. The  
cash Waqf management bears a unique characteristic which makes it completely different from charities,  
donation or foundation funds (Ahmad & Shafiullah, 2012).  
Although Waqf relating to immovable properties in Bangladesh are governed by the Waqf Ordinance 1962,  
cash Waqf pool and management are operated by numerous Islamic banks. Unlike real estate Waqf, there is no  
obligation of registration of cash Waqf to any government agency. There is no accountability of Mutawallis as  
well. The Waqf Ordinance 1962 though included cash Waqf within the scope of Waqf, the relevant provisions  
of this Ordinance only cover the Waqfs relating to immovable properties.  
In Bangladesh, cash Waqf permits people to provide little contributions to waqf institutions. The contributors  
can open the Waqf cash account by putting a fixed amount or by paying a minimal amount every month which  
they are not permitted to withdraw (Aziz et. al., 2014). The banks usually invest those deposits in Shariah-  
compliant investment alternatives and distribute the incomes to recipients according to their needs or by  
waqif’s intentions (Saiti et. al, 2019). The achievement of Social Islamic Bank in distributing and handling the  
cash Waqf has led other Islamic banks in Bangladesh to introduce related accounts of cash waqf for the benefit  
of Muslims and non-Muslims. Other banks that have joined this venture include Exim Bank Bangladesh,  
Prime Bank, Al-Arafah Islami Bank Limited, Shahjalal Islami Bank Limited and Islamic Bank Bangladesh  
Limited (Karim, 2010). It is a common practice in Bangladesh to use banks as agents for collecting cash Waqf  
(Saiti et. al. 2019).  
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Constraints of Cash Waqf in Bangladesh  
There are some constraints that affects the effective operation of cash Waqf in Bangladesh. These include  
(Saiti et. al., 2019):  
a) Insufficient manpower.  
b) Lack of administrative and organisational experience.  
c) Unregistered cash waqf properties.  
d) Lack of provisions in the relevant laws.  
e) Lack of social consciousness.  
f) Unlawful misappropriation and occupation of cash waqf.  
g) Possibilities of power exploitation and ineffective supervision. All the decisions for both private and  
public waqf institutions are made by the headquarters which reduces the divisional employees’  
opportunities to take part in the decision-making.  
h) Lack of Shariah and advisory board.  
i) The aptitudes and qualification of Mutawallis in effectively managing cash waqf for the continued flow  
of funds for their sustainable future are questionable.  
All these problems bring about serious apprehensions in Bangladesh about the governance structure of the cash  
waqf institutions. These problems persist because of absence of any specific legal and regulatory mechanism  
on part of the Government. To overcome these constraints, some recommendations are highlighted in the  
conclusion section.  
Cash Waqf In Some Selected Countries  
Due to its unlimited benefits, Cash Waqf practices have flourished in different parts of the world. In order to  
gather the learning points from those countries, it is necessary to evaluate their cash Waqf system. These  
countries include Bahrain, Indonesia, Kuwait, Malaysia and Singapore.  
Bahrain  
In Bahrain, a Cash Waqf Fund was created in November 2006 under the sponsorship of the Central Bank of  
Bahrain (CBB) in partnership with Islamic Financial Institutions (IFIs). The main purpose of this Cash Waqf  
Fund is to finance research, education and training in Islamic finance. Among the founders of IFI, the Arcapita  
Bank, Bahrain Islamic Bank, Kuwait Finance House (Bahrain), AlBaraka Banking Group, Unicorn Investment  
Bank, ABC Islamic Bank, Shamil Bank (now Ithmaar Bank) and Gulf Finance House were involved in this  
initiative. The member institutions made one-time contributions to the Waqf Fund's corpus which is invested  
in Islamic money market instruments and the return is used to finance the Fund’s initiatives. These initiatives  
are executed through partner organisations. Ever since its establishment, the Waqf Fund has been active in  
sponsoring some important flagship initiatives that include Human Capital Development in Islamic Finance,  
Research and Collaboration with Other Nations, Curriculum Development etc (Karim, 2016). Like Bahrain,  
Bangladesh may also finance education, research and training through Cash Waqf as this will benefit the  
society incessantly.  
Indonesia  
In Indonesia, a non-profit organisation under the Ministry of Religious Affairs has turned the concept of Cash  
Waqf into a movement. A group of Indonesian journalists established the non-profit organisation named  
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Dompet Dhuafa Replubika (DDR) to raise a pool of fund for the welfare of the poor through Zakat, Infaq,  
Sadaqah and Waqf (ZISWAF). Though informally established in 1993, Dompet Dhuafa Republlika (DDR)  
was registered in October 2001 with the government as National Zakat Institution (Lembaga Amil Zakat)  
under the auspices of the Ministry of Religious Affairs. DDR then created a waqf fund named Indonesian Waqf  
Fund (Tabung Wakaf Indonesia) with a fourfold network of welfare programs that includes Healthcare,  
Education, Economy and Social Development (Karim, 2016). This could be a valuable lesson for the  
Government of Bangladesh as there is no such Waqf fund in Bangladesh at Government level. It is the high  
time for the Government of Bangladesh to initiate plans for the establishment of a national Waqf fund where  
anybody can contribute and greater deeds can be done with that fund including healthcare, education,  
development works etc.  
Kuwait  
In Kuwait, the Waqf, whether cash or non-cash, is aimed at contributing to the efforts intended to serve the  
revitalization of the Waqf practice and tradition by putting forward developmental projects in Islamic forms in  
order to meet the needs and requirements of the society. This aim is usually achieved by requesting the people  
to donate cash funds or other norms of assets as Waqf. These Waqf funds are managed and overseen by Kuwait  
Awqāf Public Foundation (KAPF) in order to meet the social as well as developmental needs as addressed by  
various action programs. These action programs grant Waqf authority an allowance for achieving the highest  
developmental return and to help achieve the connection among the Waqf projects. In Kuwait, each Cash Waqf  
fund is managed by a Board of Directors consisting of a number of popular and eminent persons to be chosen  
by the President of Waqfs Affairs Council (Karim, 2016). Bangladesh may also follow the footsteps of Kuwait  
in this regard.  
Malaysia  
In Malaysia, cash waqf is progressively acknowledged and recognised. The implementation of cash waqf has  
increased its acceptance in Malaysia, partially due to the advertisements prepared by Bank Muamalat Malaysia  
Berhad (BMMB), which is the pioneer of Islamic banking organisation to manage cash Waqf alongside  
Perbadanan Wakaf Selangor (PWS). With the intention of improving its role as an Islamic bank, in 2012 Bank  
Muamalat Malaysia Berhad (BMMB) merged with Perbadanan Wakaf Selangor (PWS), a state waqf manager  
served as the major gatherer of cash Waqf. The bank established a shared deposit account for accumulating  
cash Waqf. Since its incorporation in 2012, many donors began to inquire about the bank’s efficiency in  
handling the fund. This is because of the absence of disclosure on the utilisation of the fund. Since the bank  
acts as the accumulator of the fund, it should make its cash waqf operation more transparent (Karim, 2016).  
There are several issues pertaining to Waqf management in Malaysia in general and cash Waqf in particular.  
Waqf administration in Malaysia is regulated and managed under different laws and regulations within the  
purview of the States Islamic Religious Council (SIRC) consisting of thirteen states and federal territories  
(Mahamood, 2006). As Waqf institutions are governed by state laws, the nature of the administration of these  
institutions may differ from one state to another. Such dissimilarity could cause inefficiency in cash Waqf  
collection and management in Malaysia (Karim, 2016). However, Bangladesh has no such complexity like  
Malaysia as the country is run by one central government and all the laws are enforced centrally. What is really  
necessary for Bangladesh is just the involvement of the Government in Cash Waqf sector.  
Singapore  
In Singapore, the first known Waqf created in the country was the Waqf of the Omar Mosque of Kampung  
Melaka, which was endowed by the late Syed Omar Aljunied, who originally was a trader from Indonesia. The  
first Waqf legislation in the country was passed by the British legislation in 1905, which was provided under  
the Muhammedan and Hindu Endowments Ordinance and was enacted on 8th September 1905. In fact,  
philanthropists like Syed Omar Aljunied created or built not only mosques but also revenue stream to ensure  
that these mosques have income for their maintenance and religious activities. These philanthropists had  
actually developed a socio-religious enterprise model, which is now becoming a new trend in charity and non-  
profit enterprises. However, Waqf in the form of cash is unique in Singapore, and the cash Waqf fund there  
included mostly the Mosque Building Fund. Under this kind of cash Waqf philosophy, each Muslim employee  
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is required to contribute a stipulated amount to the fund on a monthly basis. As of 1 July 2005, there were  
about 175,000 Singaporean Muslim employees who contributed towards this fund which amounted to $6  
Million annually. Their contribution was deducted from their monthly salary by their employer and then  
channeled it through the Central Provident Fund (Karim, 2016). This fund has enabled Waqf authority to build  
22 mosques with an accumulated amount of $130 million (Thoarlim, 2017). Creating Cash Waqf fund to  
establish and maintain mosques could be a great initiative for Bangladesh as Bangladesh has millions of  
mosques but does not have a central management system to manage those mosques.  
Governance And Practical Implications  
While this study adopts a doctrinal and analytical approach to examining the legal and regulatory dimensions  
of cash waqf in Bangladesh, it is equally important to link these discussions to the practical realities of waqf  
administration. The effectiveness of cash waqf in achieving its socio-economic objectives largely depends on  
governance issues such as transparency, institutional capacity, and accountability.  
At present, the absence of a uniform regulatory framework and the limited capacity of existing institutions  
hinder the efficient administration of cash waqf. Many Islamic banks and private mutawallis operate their cash  
waqf programs without adequate oversight or performance evaluation. A lack of transparency in fund  
management and insufficient disclosure mechanisms often erode public trust. Therefore, strengthening  
institutional capacity, improving reporting systems and ensuring accountability through independent audits and  
monitoring mechanisms are essential steps toward sustainable cash waqf governance.  
Case studies from other jurisdictions offer valuable lessons. For instance, Malaysia’s State Islamic Religious  
Councils (SIRCs) have introduced transparent accounting practices and digital waqf registries, while  
Indonesia’s Dompet Dhuafa Republika (DDR) demonstrates effective integration of waqf with social welfare  
programs. In Kuwait, the Kuwait Awqaf Public Foundation (KAPF) exemplifies institutional efficiency  
through centralized governance and professional management of waqf portfolios. Learning from such models  
could guide the formulation of a more robust framework in Bangladesh that combines doctrinal soundness  
with operational excellence.  
The diagram below illustrates the relationship between cash waqf, legal mechanisms, and socio-economic  
impact. It shows that a strong legal and regulatory mechanism mediates between cash waqf as an instrument of  
social finance and its resulting outcomes in areas such as poverty alleviation, education, healthcare, and  
community development.  
Figure 1: Diagram showing the relationship between cash waqf, legal mechanisms and socio-economic impact.  
CONCLUSION AND RECOMMENDATIONS  
The main objective of the study is to examine the importance of cash Waqf in poverty alleviation and  
economic development of Bangladesh. The research finds that cash Waqf could play a significant role in  
poverty alleviation and economic development of Bangladesh if the system is well organized, systematic and  
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properly managed. The research also finds that cash Waqfs are currently regulated by the Islamic Banks in  
Bangladesh because of absence of any legal instrument or regulatory body. From the above discussions and  
lessons learned from other countries, following recommendations are suggested for the proper administration  
of cash Waqf in Bangladesh:  
a) There must be a separate and specific legislation for regulating cash Waqf in Bangladesh;  
b) Under the legislation, a well-structured regulatory body needs to be established for proper  
administration, management and supervision of cash Waqfs;  
c) Cash Waqf administration should be decentralised to enhance proper communication;  
d) The government should employ sufficient experienced staff to monitor the activities of cash Waqf;  
e) There should be provision of mandatory registration of cash Waqf so that the waqf can be tracked  
easily;  
f) A Shariah advisory board should be established for cash Waqf for every institution;  
g) The government should employ qualified and experienced Mutawallis for effective management of  
cash Waqf.  
In conclusion, cash waqf holds significant potential for supporting the socio-economic development of the  
poor. Drawing on the successful models adopted in several countries, this study suggests that similar initiatives  
can be effectively implemented in Bangladesh, provided that the recommended measures are carefully and  
systematically executed.  
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