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A Conceptual Model for Inter-State Corporate Waqf Financing for Higher Learning
Higher education is over dependent on
public funds, cash endowments and business
contributions which are non-perpetual and may
only concern the current and immediate future
generations.A resource-based corporate waqf
to develop and sustain the higher education
sectorwill be explored in this paper.Theresourcebased
(from output of harnessing water, energy,
land banks and forests) corporate waqf financing
are by itself inherently perpetual and sustainable.
However, the conventionaltheory of perpetual
resource flows across state’s borders may
constrain the inter-state flow of waqf funds.
An Islamic economic theoretical framework
of resource-based corporate waqf financing is
explored in this study. The optimization of costeffective
allocation of burdens of responsibility
between many sources (power generators)
and receptors (higher education institutions,
students) of corporate waqf is modelled. A
literature review of Islamic approachesreveal
for example, the Islamic principles of Al-
Hisbah (administration of public interest) that
can minimize the burdens to be shared by the
inter-state sourcesand receptors in the interstate
model