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Arabic Title

التمويل وفق نموذج المشاركة في الدخل (ISA): نحو صيغة شرعية لتمويل التعليم الجامعي

Abstract

This study examines financing under the Income Share Agreement (ISA) model as a contemporary financing instrument and seeks to introduce it as a new model at the local level. It aims to enable beneficiaries to access education in return for consideration linked to their future income. The study seeks to develop a Shariah-compliant structure by identifying its jurisprudential characterization and Shariah parameters and analyzing its contractual elements. The study concludes that the subject matter of the contract is the educational benefit rather than the transfer of ownership of money, which distinguishes it from a loan and other forms of financing and affects its Shariah ruling. It further finds that the model is most appropriately characterized as an ijarah (lease) contract, as it involves the transfer of usufruct in return for consideration. The consideration may also permissibly take the form of a proportionate share of future income, provided that it is properly regulated and free from material uncertainty and excessive gharar. The findings show that this model contributes to enhancing the quality of education and strengthening its linkage to the labor market, while acknowledging certain economic challenges that can be addressed through sound contractual design and appropriate governance mechanisms. The study concludes that this model is permissible subject to its relevant Shariah parameters and recommends its adoption by educational institutions and the establishment of supportive educational financing funds of an endowment-based or developmental nature.

First Page

109

Last Page

125

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