PROPOSING WAQF PERCENTAGE MODEL (WPM) IN THE CONTEXT OF HIGHER EDUCATION

Authors

  • Anwar Allah Pitchay School of Management, Universiti Sains Malaysia
  • Mohamad Isa Abd. Jalil Labuan Faculty of International Finance, Universiti Malaysia Sabah
  • Megawati Soekarno Faculty of Psychology and Education, Universiti Malaysia Sabah
  • Mohamed Asmy Mohd Thas Thaker Kulliyah of Economic and Management Science, International Islamic University Malaysia

Keywords:

Waqf, Higher education, universities, Malaysia, Islam

Abstract

One of the critical hurdles for universities in the next decade will be financial sustainability. Only those institutions that have stable economic structures and steady income flows will be able to accomplish their numerous undertakings and counter any current and upcoming challenges. This article is proposing the model of cash Waqf by income percentage within the higher education context. The proposed model was shown to an expert to develop a greater understanding of the Waqf Percentage Model (WPM) as well as appraise its applicability, suitability and prospects in the market. The discoveries from the interviews have supported the
appropriateness of the Waqf Percentage Model in providing significant financial amenities. Consequently, the model is thought to be extremely beneficial in providing financial amenities by providing a substitute for conventional monetary establishments. The government should consider it carefully as this model could help them to reduce expenses on Waqf development. Finally, the Waqf Percentage Model can also be adopted by the Waqf institutions of other Muslim countries.

Abstrak

Salah satu rintangan kritikal bagi universiti dalam dekad akan datang adalah kelestarian kewangan. Hanya institusi-institusi yang mempunyai struktur ekonomi yang stabil dan aliran pendapatan yang stabil yang dapat memenuhi banyak usaha mereka dan menghadapi segala cabaran semasa dan yang akan datang. Artikel ini mencadangkan model wakaf tunai mengikut peratusan pendapatan dalam konteks pendidikan tinggi. Model yang diusulkan ditunjukkan kepada seorang pakar untuk mengembangkan pemahaman yang lebih besar tentang Model Peratus Wakaf (WPM) serta menilai kesesuaian, kesesuaian dan prospeknya di pasar. Penemuan dari wawancara telah menyokong kesesuaian Model Peratus Wakaf dalam menyediakan kemudahan kewangan yang besar. Oleh itu, model ini dianggap sangat bermanfaat dalam menyediakan kemudahan kewangan dengan memberikan pengganti kepada institusi kewangan konvensional. Pemerintah harus mempertimbangkannya dengan teliti kerana model ini dapat menolong mereka untuk mengurangkan perbelanjaan pembangunan Wakaf. Akhirnya, Model Peratus Wakaf juga dapat diterima pakai oleh institusi Wakaf negara-negara Islam yang lain.

Published

2020-12-01

How to Cite

Pitchay, A. A., Abd. Jalil, M. I., Soekarno, M., & Mohd Thas Thaker, M. A. (2020). PROPOSING WAQF PERCENTAGE MODEL (WPM) IN THE CONTEXT OF HIGHER EDUCATION. Labuan E-Journal of Muamalat and Society (LJMS), 14, 87-98. Retrieved from https://jurcon.ums.edu.my/ojums/index.php/LJMS/article/view/2869

Issue

Section

Articles