A Construction of Cash Waqf Management in Bangladesh

Abstract

The practice of Waqf-Al-Nuqud in Bangladesh is interesting to discuss. The construction of waqf in Bangladesh is in the spotlight, considering that waqf has played a role in improving the economy and reducing poverty. Bangladesh waqf management has succeeded in providing a positive response for the benefit of the community, so it is certainly interesting to explore waqf construction information. This study is classified as a literature review which is carried out by collecting information and data with the help of various literature references such as reference books, journal articles and research results. The findings of this study indicate that the waqf practice carried out by the state of Bangladesh has been managed by the Social Investment Bank Ltd (SIBL). This bank has developed a social capital market (The Volutary Capital Market). One of the Islamic financial instruments that have been developed is in the management of cash waqf , namely the Mudarabah Cash Waqf Deposit with the option of a specific purpose. This list of destinations is available to the wāqif who will have the right to choose the destinations to be served from the list or other purposes permitted by the Shariah. Regulations in Bangladesh are contained in the 2013 Waqf Special Law which regulates the method of handing over and developing waqf . The implication of this finding is that waqf management in Bangladesh is managed by developing Islamic financial instruments with the deposit model, it can be adopted by other countries in improving waqf management.