Leveraging Waqf to Address Financing Constraints in Technical and Vocational Education and Training (TVET) Research and Innovation

Abstract

Waqf a perpetual charitable endowment under Sharia law, has been identified as a powerful financial instrument for supporting diverse socio-educational initiatives. Technical and Vocational Education and Training (TVET), a crucial component of the educational framework, plays a pivotal role in cultivating a competent workforce and adapting to the dynamic demands of the industry. Financing constraints, particularly in the realms of research and innovation, pose significant challenges for TVET institutions. These financial barriers impede not only technological progress and innovation but also the overall quality of education delivered. Within the Islamic economic model, waqf is proposed as a solution to overcome these financial hurdles in TVET's research and innovation sectors. This study consolidates information from various sources, including scholarly articles, reports, and statistical analyses, to explore waqf's pivotal role in driving the Islamic economy through TVET financing. The paper also discusses the pivotal role of TVET institutions in enhancing employability and driving economic growth. It examines the funding limitations and their impact on research and innovation in TVET institutions. Furthermore, the study investigates the management of waqf assets and ensures effective investments in TVET education. The conclusions highlight waqf's vital role as a strategic financial resource that can alleviate funding shortages in TVET research and innovation, thereby enhancing human capital development and advancing the Islamic economic framework towards greater sustainability and inclusivity.