Abstract
The present study provides a general overview of the concept of Waqf, and an in-depth discussion of how cash Waqf can fund, educational institutions such as Islamic schools, their maintenance, teachers and students in need. It discusses jurists’ opinions regarding the legal ruling of cash Waqf and points out predominant opinions relating to the issue at hand. The study also expounds proposed practical models for cash Waqf to fund Islamic schools. The study uses descriptive, inductive and analytical methods. Based on the discussions, the study concludes that if cash Waqf is implemented in a proper way, it can play a significant and effective role in funding Islamic schools.
Highlights
Waqf is one of the most important economic sources in Islam
There has been a decline in the role of Waqf in the 20th and 21stcentury, as there has been a reluctance of the public sector to provide funds to Islamic schools in many Muslim countries (Elasrag, 2012)
Cash Waqf is “any asset which can be a tool for exchange, measurement and keeping of value at the same time”
Summary
Waqf is one of the most important economic sources in Islam. Historically, it has played a very significant role in funding educational institutions such as Qur’anic schools, Islamic studies and medicine, and history and so on. The types of Waqf for these institutions included services that met their educational needs such as, the payment of salaries for staff, housing, health care and other daily expenses for students. The present study examines cash Waqf in details well as its practical application in funding Islamic schools. This study is more inclined towards the opinion which argued that the Prophet (s.a.w) was the first person who practiced Waqf This is supported by the fact that Mukhairiq was martyred in the battle of Uhudin the 3rdHijri year, whereas Umar ibnu al-Khattab allocated his land after the battle of Khaibar, which was in the 7thHijri year. The concept of Waqf was further developed and expanded during the Abbasid period It included hospitals, public libraries and housing for the poor and needy.
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