All perfect praise be to Allah the Lord of the Worlds. May His peace and blessings be upon our Prophet Mohammad and upon all his family and companions.
Islam encourages charitable initiatives, such as introducing a new idea to make others do good deeds that are beneficial to society. The Messenger of Allah (Peace and blessings be upon him) said: "He who introduced some good practice in Islam which was followed after him (by people) he would be assured of reward like one who followed it, without their rewards being diminished in any respect. And he who introduced some evil practice in Islam which had been followed subsequently (by others), he would be required to bear the burden like that of one who followed this (evil practice) without their's being diminished in any respect." {Transmitted by Muslim}.
It is permissible to launch the (Dinar) initiative for collecting obligatory and voluntary charities in favor of a certain category of students; however, collecting Zakat funds for this initiative is permissible only after the following parameters are adhered to:
First: The person volunteering to collect and distribute obligatory and voluntary charities is an agent acting on behalf of the givers, and an agent is in a position of trust in terms of keeping and distributing the charities according to the rules of Sharia. Accordingly, it is imperative that the funds of this initiative are delivered to the eligible students who meet the Sharia conditions that entitle them to receive Zakat; that is by making the funds in their complete possession and that they are amongst the Muslims eligible to receive the Zakat.
Second: Each type of charity (Obligatory and Voluntary) must be kept in a separate bank account. This is because it is prohibited to delay giving obligatory charity-after meeting its conditions stipulated in Sharia, and being able to pay it-with the intention of paying it in the form of monthly installments to the eligible students, and whoever does this is a usurper of the poor`s right. It is stated in the Shafie book {Moghni Al-Mohtaj, Vol.2:P.129}: "Zakah must be paid to the eligible recipients at once if it meets the conditions stipulated in Sharia in this regard and the person liable for it has the ability to pay it."
We remind that it is necessary to inform givers of voluntary charities about the purpose for which their donations are collected and on which they are spent. And Allah the Almighty knows best.