Waqf-Based Social Business: A Financial Alternative to Private Tahfiz Institutions
Abstract
Tahfiz institutions are now gaining popularity among Malaysians, and they have a lot of potential to be part of the mainstream education system. The growing demand for Tahfiz has resulted in a rise in the number of Tahfiz institutions in Malaysia especially private Tahfiz owned by individuals. However, most of the private Tahfiz institutions in Malaysia face financial constraints and struggle to obtain sufficient funding for their operations and infrastructure development. This may affect the operation of Tahfiz institutions in general. Therefore, the lack of funds has had many direct and indirect effects on the operation of Tahfiz institutions. Lack of resources, especially financial, hinders the institution's ability to provide a conducive learning environment for students. Tahfiz institutions in Malaysia are completely dependent on student fees as their main source of funds. Thus, this paper aims to propose the role of waqf as an alternative to help Tahfiz institutions, especially private Tahfiz in ensuring the sustainability of their operations. A review of existing literature on waqf education, development of private Tahfiz, and financial constraint. A proposed model was developed to assist the financial burden of private Tahfiz through a Waqf-based Social Business model.
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