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Issues Deterring the Continued Growth of Awqaf in Bangladesh: The Way Forward to Its Development and Widening the Scope of Its Benefits

In: Islamic Economies

Author

Listed:
  • Abu Umar Faruq Ahmad

    (Universiti Brunei Darussalam (UBD))

  • Muhammad Fazlul Karim

    (Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia (IIUM))

Abstract

The awqaf funds in Bangladesh own a huge amount of underutilized national assets, which have the potential to contribute immensely to the overall socioeconomic development of the country. This chapter seeks to share and explore the current status of the awqaf sector in Bangladesh from legal and regulatory perspectives and underlines the areas that need a fresh look for revitalization and utilization of awqaf. This paper primarily argues that the assets held by the awqaf properties could be utilized more efficiently to lift the poor segment of the population out of the ocean of poverty. This can be done by instituting necessary changes in awqaf management to align with current needs.

Suggested Citation

  • Abu Umar Faruq Ahmad & Muhammad Fazlul Karim, 2017. "Issues Deterring the Continued Growth of Awqaf in Bangladesh: The Way Forward to Its Development and Widening the Scope of Its Benefits," Palgrave CIBFR Studies in Islamic Finance, in: Nafis Alam & Syed Aun R. Rizvi (ed.), Islamic Economies, chapter 6, pages 79-98, Palgrave Macmillan.
    • Handle: RePEc:pal:pcichp:978-3-319-47937-8_6
    DOI: 10.1007/978-3-319-47937-8_6
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    Cited by:

    1. Volker Nienhaus, 2018. "Awqaf: Social Spending, Development Strategy and Financing الأوقاف: الإنفاق الاجتماعي واستراتيجية التنمية والتمويل," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(2), pages 91-99, July.

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