CSR spending by Islamic banks in Bangladesh dropped significantly to Tk0.58 billion during July-September 2024, down 27.5% from Tk0.80 billion in April-June, according to a Bangladesh Bank (BB) report. This decline raises concerns about sustaining social impact initiatives, as Islamic banks have historically addressed social challenges through Shariah-compliant funding for education, healthcare, and poverty alleviation. Stakeholders fear the reduction will hinder efforts to support disadvantaged communities. The Islamic banking system holds 25% of deposits and 28% of investments in Bangladesh’s banking sector, with total deposits falling by Tk86.42 billion to Tk4.36 trillion by September 2024. BB urged banks to strengthen CSR activities, emphasizing health, education, disaster management, and poverty eradication to enhance socio-economic development.
Source for more details:
