WAQF AS A SOURCE OF EDUCATION FUNDING: A REVIEW OF CONTEMPORARY PRACTICES AND CHALLENGES
DOI:
https://doi.org/10.29103/icofeb.v2i-.1078Keywords:
Waqf, Education Funding, Cash Waqf, Fintech, Public-Private Partnerships, Sustainable Development.Abstract
Waqf, an Islamic charitable endowment, has historically been a key funding mechanism for educational institutions. This paper explores the evolving role of waqf in education funding, focusing on developments from 2015 to 2023. It reviews contemporary practices, including cash waqf, waqf shares, and the integration of financial technology (fintech) to enhance transparency and efficiency. Countries such as Malaysia, Indonesia, and Turkey have successfully implemented these models to support educational projects. However, challenges such as governance inefficiencies, lack of public awareness, and regulatory issues hinder waqf’s full potential. The study highlights how fintech and Public-Private Partnerships (PPP) can improve the effectiveness of waqf as a sustainable funding source. By addressing these barriers and leveraging modern innovations, waqf can play a critical role in supporting educational institutions, especially in Muslim-majority countries. Recommendations for improving governance and increasing public engagement are also discussed, offering insights into how waqf can contribute to long-term educational development and financial sustainability.
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