Monday, January 11, 2016

Financial Crisis Among Malaysian Students? Criticism is not a Solution, but finding a Way out is an effective Solution



There are numerous reports published in recent days in social medias and news broke in different levels of public environments with an undesirable fact and phenomena (http://says.com/my/news/poor-malaysian-students,http://www.themalaymailonline.com/malaysia/article/to-survive-without-money-terengganu-undergrad-says-drinks-only-water-for-se, https://www.malaysiakini.com/letters/325887) that, a big number of Malaysian students at the higher learning institutions are unable to secure financial support from MARA, PTPTN, JPA and or others public or private sponsors to support their education expenses and daily necessities even basic foods. Because they do not have any financial support from any organization either as a loan, scholarship or even aids.  

Among those students, a small number is from wealthy families who might have been supported by the families, another group is from average families who might have been supported by families with very basic contributions by having somehow hardship experience.  While the 3rd group is the big number who are from below the average and or low income families who are even struggling to support their own families in daily needs, but can one soundly been imagined to support the kids' education at the tertiary levels? 

Looking at this humanitarian phenomena, some people keep on with endless criticism, attacks and worse predictions without giving right and effective solution to the way out. Meaningless criticism with no alternatives does neither bring any solution nor ease the crisis rather worsening the situation with an unrepaired end.
Thus, following steps are recommended here in view of an effective way out of the crisis, which shall be achieved based on the holistic spirit of mutual cooperation, care and concern thus, shall effectively be ruled out with result oriented execution by the respective authorities of the government.


Establishment & Management:
A special Tabung, fund or account shall be established to manage a special education fund may be named: " Needy Students' Fund (NSF)", which shall be managed by a GLC under the PM's Department or MOE or Ministry of Religious Affairs. 

Sources of the Fund: 

                It is neither fair nor wise to shift every responsibility on the shoulder of the government. The citizen in general must cooperate and contribute with wise ideas and possible supports towards creating a dynamic nation. Thus, to achieve the goal of true dynamism in the country, both the government and the citizen must support each other within the spirit of cooperation for the common good. Endless criticism and attacks with no solution on the other hand do not ensure any significant result rather develop uncertainties in ruining the true objective. However, the following sources of funds are suggested just considering the fact of a national contribution towards creating a secured futures for the needy students and their respective families through mutual contribution, cooperation and generosity in helping hands.
·       Part of the Zakat fund may be taken out by justifying on the fact that, needy students fall within the meaning of Asnaf al-Zakat (recipients of Zakat) as to Fuqara' (needy) Masakeen (poor) and also Fi-Sabilillah (in the way of Allah swt and or Seeking Knowledge).

·       Structuring and duly Launching Sukuk al-Waqf (charitable bonds) for needy students, which may be structured on the basis of al-Tabarru' (donation) and to be manage on the basis of the principles of al-Waqf. It shall be launched by inviting public (Shari'ah recognized) at large   to subscribe with a minimum premium (per value) in view of helping the needy students with no commercial return

·       Structuring and launching an alternative to GST just for helping the needy students of the country, may be named: NSF-GSD (Goods, Services Donation) with an extra charge by 2% in each transaction.

·       A generous contribution with 10% monthly salary of every employee whose earning is RM 1, 500.00 and above monthly, which may be continued for a period of one year only.

·       10% of the tax / Zakat / Fitrah / compounds / summons from all levels may be contributed to the NSF for a period of 6-12 months only.

·       Reducing of all business / executive trip packages (cost) from all employees in the public and semi-public sectors to economy class / standard for period of one year only and the proceeds (gap) shall be payable to the NSF.

 ·       Cutting off 25% of the entertainment allowances may be exercised for a period of one year only from all employees in public and semi-public sectors, and the proceeds shall be contributed to the NSF.

·       A Week fund raising Campaign may be organized nationwide in creating a special fund to help needy students of Malaysia.

Additional Alternatives:

·        To encourage students in group to establish and operate cash-base in-campus entrepreneurship (small business). The institution or any bank may provide a minimum required financing (soft-loan) to those students enabling the operation of such entrepreneurship in view of supporting their education and daily needs.
  
·       The institution may create Part-time job opportunities in campus or off-campus for the needy students with a limitation so that the education is not effected.
Long-term Plan:
·       It shall be a mandatory rulings that, every guardian shall (as per ability) subscribe a tertiary education insurance / Takaful within 7 days of the birth of the child. Such policy is important to ensure that, the future generation are not left behind the tertiary education just because of no financial support.

              It is thus, submitted that, the above concern, thoughts and suggestions are recommended to be tabled at the policy making levels and be strategized further in view of a sustainable solution for the future back-bone of the country and duly execute them as per the standard policies for the national benefit.