Research Information System
International Conference on Business and Technology (ICBT), İstanbul, Turkey, 6 - 07 November 2021, vol.485, pp.55-71
The Main focus of this paper is to explore the financial system of Islamic educational institutions (Madrasas) of Gujarat specially where the income of these institutions comes from and howthis fund is utilized. Madrasas are the main providers of Islamic education in India. From the conquest of India by Muslims majority of Islamic teachings is completely free till now because children from very lowincome families almost exclusively populate madrassas. Unfortunately, since the British control, the Madrasas' financial system has been completely overlooked, and both the number of donors of waqf land and the number of waqf properties have been steadily diminishing, though in some states likeAssam, Bihar, Madhya Pradesh, Orissa, Rajasthan, Uttar Pradesh, andWest Bengal fewMadrasas receive financial aid from the government. This paper tries to explore the income and expenditure of the Madrasas in Gujarat state whereMadrasas does not get any financial help. This study adopts qualitative research which includes annual audit reports of these institutions. It also gathers information from library and electronic resources. This research shows that Madrasas in Gujarat are more dependent on public funding in terms of Zakat, Sadaqah, Fitra, Fidya, Lillah (general donation), while wages, electricity, repairing, food, gift, program and exam, collection, travel, and hospitality of the guest are the main expenses associated to operate the Madrasas. This is one of the early studies that give analysis on the financial system of Islamic educational institutions in Gujarat.