قابليّة الصكوك الوقفية لتمويل قطاع التعليم في جمهورية مصر العربية: دراسة فقهية قانونية

Abstract

This research aims to explore the role of Sukuk-Waqf as an innovative financial instrument for supporting higher education in Egypt, by analyzing the theoretical, legislative, and economic dimensions associated with its implementation. The study begins by examining the concept of Waqf in Islamic thought, with a focus on cash waqf as a significant development that enhances the sustainability of Waqf financing through more efficient asset investment. The research also discusses Islamic Sukuk, with an emphasis on Sukuk-Waqf as a mechanism that combines optimal investment of endowment funds with compliance with Shariah principles. It explores the origins, evolution, and legal legitimacy of Sukuk-Waqf, along with an analysis of their suitability for financing development projects, particularly in higher education. Additionally, the study examines the role of Waqf in financing higher education and scientific research, reviewing Waqf investment mechanisms and the challenges that may hinder the application of Sukuk-Waqf. Furthermore, it explores leading international experiences, aiming to extract lessons applicable to Egypt. The research addresses the legislative framework governing financial Sukuk in Egypt, including Sovereign Sukuk Law No. 138 of 2021, which provides a general framework for issuing and managing sukuk. It also discusses the role of the Financial Regulatory Authority (FRA) in ensuring compliance with financial and regulatory standards. The study concludes that there are no obstacles preventing the implementation of Sukuk-Waqf in Egypt, as they provide a flexible and sustainable financing mechanism for higher education institutions. Furthermore, international experiences confirm their effectiveness in funding universities, supporting scientific research, and developing academic infrastructure. Based on these findings, the research recommends raising awareness of Sukuk-Waqf, improving management mechanisms, and fostering cooperation between endowment institutions and universities to ensure sustainable educational and economic development.