President Abdul Hamid said modernisation of waqf management is necessary to institutionalise Waqf property.
"Some Muslim countries have been successful in institutionalising waqf resources for the greater welfare of the community," he said.
The President made the remarks while addressing the inaugural ceremony of an international workshop on 'Revival of Waqf for Socio-economic Development' on Saturday.
Islamic Research and Training Institute, Islami Bank Bangladesh Limited and Centre for Zakat Management jointly arranged the workshop at Sonargaon Hotel in the Dhaka.
About the role of waqf, he said the charity had played a major source of revenues and contributed enormously to the development of education, healthcare, poverty alleviation and social welfare in the golden era of Muslim history.
The President noted that many educational institutions, orphanages, and mosques are based on waqf property.
"It indicates that waqf has got a deep root in society and culture," he said.
Therefore, he said, the strength of waqf has a direct effect to enhance the capabilities of the poor to take care of themselves and its benefit may be used for every religion not for Muslim only.
Citing Islamic bank's Cash Waqf as a new product of savings and perpetual charity, the President urged more banks and organisations will come forward to establish such institutions as part of their responsibilities to society, according to UNB.
He also called upon scholars to put in their full endeavours to discover the essence of different Islamic financial instruments, including Zakat and Waqf, to support the disadvantaged community.
About the UNESCO's recognition of Bangabandhu Sheikh Mujibur Rahman delivered at Race Course Maidan in 1971, President Hamid said: "As the Bangali nation, we feel proud that UNESCO has recently recognised the historic 7 March speech....the speech has been included in the Memory of the World International Register, a list of world's important documentary heritage maintained by UNESCO."
Bangladesh Bank governor Fazle Kabir and Islami Bank chairman Arastoo Khan, among others, spoke on the occasion.