EXPLORING THE CASH WAQF-IJARAH MODEL: A SUSTAINABLE SOLUTION FOR EDUCATIONAL FINANCING
DOI:
https://doi.org/10.53840/ijiefer191Keywords:
Cash Waqf, Education, Financing, Ijarah, PolicymakersAbstract
Education is essential for shaping individuals and fostering national growth. The basic, secondary, and university levels of Malaysia's educational system are all established to give everyone fair access and opportunities. However, rising education costs pose financial challenges, particularly for low-income students. The cash waqf-ijarah model presents a promising solution. Cash waqf, an Islamic endowment consisting of monetary donations for charitable causes, pools community resources for collective benefit. By integrating Ijarah, a lease-based system, with monetary waqf, this model offers an alternative education financing method aligned with Shariah principles. This study reviews literature and adopted quantitative approach where it evaluates effectiveness in addressing financial constraints in education via primary data collected from a survey. Based on findings, it shows that the proposed system provides an independent, sustainable solution, ensuring access to quality education without relying on interest-based loans. The paper concludes by recommending policymakers and stakeholders adopt this model to enhance social and educational development.
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