FINANCING HEIs THROUGH WAQF FUND IN BANGLADESH: ISSUES AND POSSIBILITIES
Abstract
The aim of the paper is to explicate the narrative of waqf fund for funding higher educational institutions (HEIs) in Bangladesh. nowadays, there is the reason for preventing students to pursue their higher education which is costly matters. This paper highlights some problems in implementing waqf fund for financing HEIs in Bangladesh and offer some Easier way to overcome this condition through the implementation of a waqf fund based HEIs. As a qualitative approach, data were gathered by conducting the interview from directors, academician and scholar those who have expertise on the waqf fund-based financing HEIs in Bangladesh. In addition, a review of Waqf literature is placed to examine the present status of Waqf in Bangladesh. The results show that the position of the waqf fund is essential for contributing to the society of Bangladesh and strengthening its financial stability. Taking into consideration that needs and suitable for the higher educational institutions, some problems, and possible solutions have been discussed for the country in order for a transformation in higher education facilities. At the same time, some prospects have been proposed for the country. Raising funds by collecting Hibah /donation, raising funds by different activities and promoting funds from alumni have been proposed for higher education in Bangladesh. This paper discusses the experience of waqf fund implementation in some Malaysian higher educational institutions. It also contains observations from the experience of several past universities.
References
Ahmad, A. U. F., & Hassan, M. K. (2007). Regulation and performance of Islamic banking in Bangladesh. Thunderbird International Business Review, 49(2), 251-277.
Alias, T. A. (2012). Venture Capital strategies in waqf fund investment and spending, ISRA International Journal of Islamic Finance, 4(1), 1-54.
Annual Reports of State Islamic Councils in Malaysia (2006). Retrieved from http://www.mais.gov.my/majlis/index.php?option=com_booklibrary&task=showCategory&catid=48&Itemid=75. Accessed in October 2007 and re-visited in May 2011.
Ashraf, M. A., Osman, A. Z. R., & Ratan, S. R. A. (2016). Determinants of quality education in private universities from student perspectives. Quality Assurance in Education, 24(1), 123-138.
Argun, S. (2013). Elite configurations and clusters of power: the Ulema, Waqf and Ottoman State 1789-1839 (Doctoral dissertation, McGill University).
Ashraf, A. L. I., Hassan, M. K., & Hunt-Ahmed, K. (2013). An integrated Islamic poverty alleviation model. Contemporary Islamic Finance, 223-243.
Azhari, A. S. (2016). ওয়াকফ অধ্যাদেশ ১৯৬২ ও ওয়াকফ আইন ২০১৩: একটি পর্যালোচনা| Waqf Ordinance 1962 and Waqf Law 2013: A review. ইসলামী আইন ও বিচার| Islami Ain O Bichar, 12(47), 85-112.
Blind, P. K. (2007). Building Trust in Government in the Twenty-First Century: Review of Literature and Emerging Issues. In 7th Global Forum on Reinventing Government Building Trust in Government (pp. 1–31). Vienna.
Burrow, G. N. (2008). A History of Yale's School of Medicine: Passing Torches to Others. Yale University Press.
Duruigbo, E. (2004). Managing oil revenues for socio-economic development in Nigeria: The case for community-based trust funds. NCJ Int'l L. & Com. Reg., 30, 121.
Haron, S. (1998). A comparative study of Islamic banking practices. Journal of King Abdulaziz University: Islamic Economics, 10.
Hasan, R., & Siraj, S. A. (2016). Complexities of waqf development in Bangladesh. Journal of Emerging Economies and Islamic Research, 4(3), 17-26.
Islam, M. N. (2018). The Status of Automation System at The International Islamic University Chittagong (IIUC) Library, Bangladesh: A Study. International Scientific and Vocational Studies Journal, 2(2), 125-135.
Karim, M. F. (2010). Problems and prospects of Awqaf in Bangladesh: A legal perspective. Ahmad Ibrahim Kulliyyah of Laws (AIKOL), International Islamic University Malaysia (IIUM), Jalan Gombak, Kuala Lumpur, Malaysia.
Mohsin, M. I. A. (2012). Waqf-shares: new product to finance old waqf properties. Banks & bank systems, (7, Iss. 2), 72-78.
Mohsin, M. I. A. (2003). Integration of Waqfs in the Process of Socio-economic Development: Case Study: Sudan (Doctoral dissertation, International Institute of Islamic Thought and Civilization (ISTAC), International Islamic University Malaysia).
Mahmood, S. M. (2006). Waqf in Malaysia: Legal and administrative perspective. Kuala Lumpur: Penerbit Universiti Malaya.
Mahamood, S. M., & Ab Rahman, A. (2015). Financing universities through waqf, pious endowment: is it possible?. Humanomics.
Malaysia, K. P. (2012). Malaysia Education Blueprint 2013-2025. Kementerian Pelajaran Malaysia.
Moore, M., & Ryan, W. (2006). A Framework for Analyzing Nonprofit Governance and Accountability Policies and Strategies. Hauser Centre for Non-profit Organisations.
Mujani, W. K., Taib, M. S. M., & Rifin, M. K. I. (2016, August). Waqf higher education in Malaysia. In 2016 International Conference on Education, E-learning and Management Technology. Atlantis Press.
Rahman, M., Khan, T. I., & Sabbih, M. A. (2016). Budget for Education in Bangladesh An Analysis of Trends, Gaps and Priorities. Center for Policy Dialogue.
Sadeq, A. M. (2002). Waqf, perpetual charity and poverty alleviation. International Journal of Social Economics, 29(1/2), 135-151.
Torres, L., & Pina, V. (2003). Accounting for Accountability and Management in NPOs. A Comparative Study of Four Countries: Canada, the United Kingdom, the USA and Spain. Financial Accountability & Management, 19(3), 265–285.
Toutkoushian, R. K. (2001). Trends in revenues and expenditures for public and private higher education. The finance of higher education: Theory, research, policy, and practice, 11, 38.
Copyright (c) 2020 Muhammad Nazmul Hoque
This work is licensed under a Creative Commons Attribution 4.0 International License.
