Waqf for Education: Islamic Philanthropic Initiative in Pakistan and Bangladesh
DOI:
https://doi.org/10.63919/ajmpce.v1i1.11Abstract
This study examines the role of waqf as a source of funding for higher education in Pakistan and Bangladesh, as well as the challenges in its management. Waqf, as an Islamic endowment, holds significant potential to fund higher education; however, its management in both countries faces various challenges. In Pakistan, waqf for education is mostly managed by private entities with limited government support, while in Bangladesh, despite the long history of waqf, the main issues are the lack of regulation and low public awareness. This research employs a qualitative approach through literature review to analyze the management of waqf in both countries. Data were collected through studies of literature, articles, and research related to waqf and higher education. The findings indicate that the potential of waqf can be optimized by adopting innovative approaches such as cash waqf, which has proven effective in several countries, including Malaysia. This approach offers flexibility in fund allocation for scholarships, educational infrastructure development, and the operation of higher education institutions. Furthermore, strengthening regulations, ensuring transparency in waqf management, and increasing public awareness about the importance of waqf in education are essential to maximize waqf's contribution. With these strategic measures, waqf can become a more effective instrument in supporting higher education in Pakistan and Bangladesh, and reduce dependence on public or external funding.
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