HE INTEGRATION OF PARTICIPATORY FINANCE MECHANISMS IN THE FINANCING OF PUBLIC EDUCATIONAL INSTITUTIONS: OPPORTUNITIES AND CHALLENGES

Education plays a strategic role in the economic and social development of a country. Indeed, a well-functioning education system stimulates economic growth and reduces social inequalities. In Morocco, despite the state’s efforts to finance public education, several challenges persist, such as insufficient budget, aging infrastructure, and a lack of educational resources. In light of these constraints, it becomes crucial to explore alternative sources of financing. Participatory finance, based on ethical and solidarity principles, could provide a relevant solution. Instruments such as Educational Waqf, Participatory Crowdfunding, and Educational Sukuk have shown promising results in countries like Turkey and Malaysia. Although participatory finance has emerged in Morocco with the introduction of participatory banks in 2017, its use to finance education remains marginal. This study focuses on how participatory finance could contribute to financing public educational institutions in Morocco while identifying the challenges to overcome for its implementation. A theoretical approach demonstrated that instruments like Educational Waqf, Crowdfunding, and Sukuk could provide sustainable solutions but require an appropriate regulatory and institutional framework to be fully effective.