WAQF AS A SUSTAINABLE FINANCING MECHANISM FOR EDUCATION: DEVELOPING A GOVERNANCE AND RESOURCE MANAGEMENT MODEL
DOI:
https://doi.org/10.35631/IJLGC.1144011Keywords:
Education Financing, Financial Sustainability, Governance, Resource Management, WaqfAbstract
Educational institutions, especially those that are community-based and privately managed, are experiencing financial instability due to increased operational costs and the reliance on unpredictable sources of funding. While historically, waqf has aided the growth of education in Muslim communities, current waqf management is nevertheless challenged by fragmented governance structures, inadequate accountability systems and inefficient utilization of resources. The existing research is mostly conducted on governance, sustainability, and waqf funding independently. There is limited attention towards the broad conceptual frameworks that explain the possibilities of waqf as a sustainable education financing system. This study develops a governance and resource management model for waqf-based education by merging governance, resource-based view (RBV) and sustainability theory. The study employs a rigorous conceptual analysis through a structured synthesis of previous material on waqf governance, resource management and sustainable funding. The suggested model consists of three interrelated parts, i.e., input, process and output. The governance layer deals with the regulation of accountability, transparency and monitoring procedures. The resource management layer deals with the strategic allocation, investment and utilization of waqf resources. The study suggests that good governance enhances the trust of stakeholders and ensures continuity of funding, which in turn leads to better efficiency in the allocation of resources and long-term sustainability of institutions. Theoretically, the model helps integrate the governance and sustainability perspectives into a single conceptual framework. In practice, the model offers direction for policymakers, waqf organizations, educational administrators, and practitioners of Islamic finance to establish more accountable and sustainable systems of education financing. The suggested approach also sets the ground for further empirical study on the governance of waqf and sustainable educational development. Hence, it improves the long-term sustainability, governance efficiency and accessibility of educational institutions.
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