Amid ongoing economic challenges and restricted cash flow, Islamic banks in Bangladesh significantly reduced their corporate social responsibility (CSR) spending in the first quarter of 2024. According to data from Bangladesh Bank (BB), CSR expenditure by these banks dropped to Tk 0.85 billion during January-March 2024, a substantial 34.11 percent decrease from the Tk 1.29 billion spent in the previous quarter (October-December 2023).
This decline continues a downward trend observed in 2023, where CSR spending by Islamic banks fell nearly 30.95 percent in the first half compared to the same period in 2022. A senior executive at a private commercial bank attributed the decline to constrained cash flow, noting that many banks are resorting to borrowing, indicating financial strain. The overall CSR spending trend has been downward in recent years. For example, CSR spending in 2021 was Tk 2.75 billion, down from Tk 3.44 billion in 2020.
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