A SHARI’AH ANALYSIS OF THE NATIONAL HIGHER EDUCATION LOAN SCHEME IN THE MALDIVES
DOI:
https://doi.org/10.53840/ijiefer109Keywords:
Education Loan, Qard, Ujrah, Education Loans, Service bondAbstract
This study conducts a thorough Shari’ah analysis of the National Higher Education Loan Scheme (NSLS) in the Maldives, aiming to assess its adherence to Islamic financial principles. Employing a qualitative desk review research method, it systematically collects and analyzes existing literature, documents, reports, and academic publications related to the NSLS, offering insights into its financing structure, service charges, and contractual obligations. The research reveals critical findings, including concerns about the 1% service charge, the absence of formal Shari’ah oversight, and varying scholarly opinions regarding its Islamic compliance. Importantly, it provides recommendations to enhance the NSLS's alignment with Shari’ah principles, potentially serving as a blueprint for ethically sound higher education funding. This study's originality lies in its pioneering exploration of a relatively uncharted area and its potential to inspire future research and innovative Shari’ah-compliant financing models in higher education, not only in the Maldives but also in broader Islamic contexts.
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