Role of Cash Waqf Deposit (CWD) as an Instrument for Socio-Economic Development: Bangladesh Perspective

Abstract

This paper analyzes the current development in the Banking sector of Bangladesh with the introduction of Cash Waqf Deposits (CWD). It has been recorded that the CWD accounts are playing a beneficial role for the socio-economic development of the country. It is evident from the analysis that CWD was started with BDT 250 million in 2010 increased to BDT 1056 million in 2016. It reflects the growing participation of the people to the socio-economic activities of the country. If proper policies are formulated and the prime stakeholders like Waqf administration of the Government, National Board of Revenue and Bangladesh Bank create the overall environment incentivized marketplace, the socio-economic infrastructure of the country would grow further and help achieve the goal of a middle-income country by the year 2021.