Tertiary education plays crucial role in building a robust human capital base within a knowledge driven global economy. As such, tertiary education policy is increasingly becoming a significant national agenda in order to raise higher level employment skills in order to sustain a globally competitive research base as well as to improve knowledge dissemination to the benefit of society (OECD, 2008). Malaysia's education system has gone through an expansion in its various segments especially in the its higher education segment where it is to now focus on developing young talents. Malaysian higher education system was initially built under the Government's sponsorship before the entrance of private education institutions offering tertiary education. Nevertheless, given the unhealthy global economic state, this has imposed fiscal pressure on the Government.
The forward lease nature is normally a combination of ijarah and istisna; where the outcome will be in a form of tangible or intangible asset that can be the subject matter of business transactions. Many assets in the market can be designed based on forward lease such as airplane, ships, residential or commercial building, and the like. The forward lease is regarded as innovative structure with special feature that contributes significantly to the expansion and evolution of the Islamic finance market. Below discussion is briefly illustration on the concept of forward lease and its structuring in the Islamic capital market.
Financial planners are usually well familiar with terms like wealth creation, wealth accumulation, wealth protection and wealth distribution. However, the term wealth purification is something unique to Islamic wealth management and planning and it may look strange to those not familiar with this concept. According to Islamic injunctions, everything that human beings are bestowed with is a gift from Almighty God. Wealth is one such precious gift that can be used for material success in this world as well as eternal salvation in the afterworld. For this purpose, certain obligations are imposed upon the wealth that is accumulated by a person in legal way.
