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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