Abstract
Islamic waqf bank is a special designed financial institution in Islam. This bank will benefit the students and also their parents, due to its unique structure that could finance student’s education in term of fees and cost of living. Islamic waqf bank use the concept of cash waqf in terms of funding the education. The gifted capital or cash waqf was “transferred” to borrowers for certain period, which was then spent for all sorts of pious and social purposes inclusive for the investment objectives. It is recognized that there is no ample study in the area of cash waqf especially for managing Islamic waqf bank institution. Therefore, the study for managing cash waqf fund through Islamic waqf bank is essential in order for the fund to be use efficiently. The objective of this article is to explore the relief of higher education loan through Islamic waqf bank.
Highlights
IntroductionIn the Quran, there are many verses which discuss and encourage Muslims to donate and give charity such as in Surah al-Baqarah (2: 261), al-Baqarah (2: 271), Ali Imran (3: 92), Ali Imran (3: 134), al-Lail (92: 18-21) and al-Hadid (57: 18) (Aziz, 2012)
Islamic waqf bank use the concept of cash waqf in terms of funding the education
It is recognized that there is no ample study in the area of cash waqf especially for managing Islamic waqf bank institution
Summary
In the Quran, there are many verses which discuss and encourage Muslims to donate and give charity such as in Surah al-Baqarah (2: 261), al-Baqarah (2: 271), Ali Imran (3: 92), Ali Imran (3: 134), al-Lail (92: 18-21) and al-Hadid (57: 18) (Aziz, 2012)
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