An Initial Study on Student's Need towards Islamic Waqf Bank for Education

Education and learning is one of the most important processes in today's society. Today's youth are tomorrow's teachers. The importance of education is undeniable for every single person. It is understood that education has a positive effect on human life and all people need to study. Only with the advent of education can people gain knowledge and enlarge their view over the world. Education is the key that allows people to move up in the world, seek better jobs, and ultimately -succeed fully in life. Education is very important, and no one should be deprived of it. On the other hand, Islamic waqf bank is a special designed financial institution in Islam. This bank will benefit the students and also their parents, due to its unique structure that could finance student's education in term of fees and cost of living. Islamic waqf bank use the concept of cash waqf in term of funding the education. Cash waqf is a trust fund established with money to support services for mankind's benefits in the name of Allah. The gifted capital was "transferred" to borrowers for certain period, which was then spent for all sorts of pious and social purposes inclusive for the investment objectives. It is recognized that there is no ample study in the area of cash waqf especially for funding the education. Therefore, the initial study on students' needs towards Islamic waqf bank is essential in order for the fund to be use efficiently. The objective of this paper is to explore the needs towards Islamic waqf bank for education. The methodology of this research is a quantitative research towards 210 respondents among Muslim students in Malaysia The general finding of this paper shows that, the demand of the establishing Islamic waqf bank is extremely high among Malaysian students.