European Academic Research ISSN 2286-4822
ISSN-L 2286-4822
Impact Factor: 3.4546 (UIF)
DRJI Value : 5.9 (B+)
Article Details :
Article Name :
Development of Educational Waqf: A Case Study of Palestine
Author Name :
RAFAT T. AL-JALLAD, MAHMOOD IRSHED
Publisher :
Bridge Center
Article URL :
Abstract :
There has been a revival of interest in utilizing Wqaf or Islamic endowment structures by organizations across various jurisdictions as a mean to obtain long-term financing. Awaqf institutions have historically been instrumental in providing various public services such as education, health and municipal services among others, leading to major economic and social contributions. The wrong perception among Muslims that Waqf assets have to be real properties such as lands, buildings, prevented many to participate in Waqf endowments. The Islamic financial engineering aims at utilizing and packaging cash Waqf as an instrument to develop new developmental products that are shari’ah compliant and at the same time market competitive. This paper aims at examining and comparing various cash Waqf models as proposed by many Muslim scholars. As well, we investigated the potential of introducing cash Waqf as a mechanism of fostering high education and providing sustainable education Waqf through exploring the different structures of cash Waqf. In 2001, the Palestine Ministry of High Education established Students’ Loan Fund to offer Qard Hassan to students. The Fund’s source of capital is through grants from a number of insinuations. The methodology of this paper is a qualitative research through document analysis pertaining to cash Waqf models. This paper hinds that the appropriate model that fits the Palestine is the Cash Waqf Financial Institution Model.
Keywords :
Waqf, Cash Waqf, Waqf Shares Model, Corporate Cash Waqf Model, Deposit Product Model.

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