Financial sustainability in Islamic secondary schools: diversifying financial resources through Islamic social finance mechanisms

Mohd. Zain, Nor Razinah and Md Sidek, Suzana Suhailawaty and Hasbullah, Nurul Fadzlin (2024) Financial sustainability in Islamic secondary schools: diversifying financial resources through Islamic social finance mechanisms. NAMA International Journal of Education and Development (NIJED), 1 (1). pp. 189-202. ISSN 2948-3638

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Abstract

Islamic secondary schools are non-profit educational institutions that can either be affiliated with governments’ assistantship or depending on self-generated income. Financial sustainability is found to be scarcely discussed in literature review, especially when it is related to Islamic secondary schools. This research identifies the application of financial sustainability in non-profit educational institutions, with a focus on Islamic secondary schools. With the expansion of researches relating to Islamic social finance and mechanisms, this research also explores their potentials in demystifying the financial sources for the Islamic secondary schools which are suitable to allow them to maintain their financial sustainability. It is found that Islamic social finance offers several financing mechanisms that meet Shariah-compliance, philanthropic in nature, and allow participations from the public. These Islamic social finance mechanisms are zakat, sadaqah, waqf, and etc. Additionally, sponsorships can also be received by Islamic secondary schools through institutional grants. Here, examples of practices are traced from reports issued by NAMA Foundation and their contributions towards the selected Islamic secondary schools. With an objective to assist the Islamic secondary schools to achieve their financial sustainability, the researchers suggest a model that integrates Islamic social finance and its suitable mechanisms which may be applied to Islamic secondary schools. Challenges for the application of this model are also highlighted.

Item Type:	Article (Journal)
Uncontrolled Keywords:	Sustainable Development Goals, Financial sustainability, Education, Islamic social finance, Islamic secondary school
Subjects:	BPH Islamic Economics BPH Islamic Economics > BPH72 Economic development. Growth. Sustainable development. Sustainability BPK Islamic law. Shari'ah. Fiqh BPL Islamic education H Social Sciences > H Social Sciences (General)
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Asst. Prof Nor Razinah Mohd. Zain
Date Deposited:	18 Dec 2024 14:49
Last Modified:	18 Dec 2024 14:57
URI:	http://irep.iium.edu.my/id/eprint/116754

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