In early childhood education the dominant discourse of play-based pedagogy is greatly influenced by a western play approach. This paper examines how play is valued as early learning in Bangladesh. It reports on a qualitative study that explored the understandings of four parents and four early childhood educators in semi-rural Bangladesh. Findings revealed that the value of play as learning is determined by the socio-cultural, historical, educational, economic and political factors of the given society. Parents considered play as leisure while teachers acknowledged it as accelerating young children's learning and aiding their preparation for school. However, participants admitted that play could help the young children to overcome their feeling of fear about school. Since the value of play as learning in the Bangladesh context differed from the western practices, the paper emphasises socio-cultural, political and economic considerations while adopting an imported pedagogical approach like play. (Contains 1 figure.)