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University Funding Through Waqf: Lesson from Indonesia and Selected Countries

In: 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloquium (ICIEBP) 2022

Author

Listed:
  • Yana Rohmana

    (Universitas Airlangga, Department of Islamic Economics, Faculty of Economics and Business
    Universitas Pendidikan Indonesia, Faculty of Economics and Business Education)

Abstract

This paper aims to explore the history, legal framework, funding sources, and allocation of higher education waqf use in Indonesia and selected countries namely Egypt, Malaysia, Turkey, and Pakistan. The study in this paper is a type of library research. In its implementation, the researcher uses descriptive analysis method. Several well-known universities in various parts of the world have proven successful as waqf- based universities such as in Indonesia and selected countries, namely Egypt, Malaysia, and Pakistan. However, they have their own unique history and mechanism in terms of funding sources, and allocation of use. The development of waqf in universities can be intensified by effective fund management, strong legislation, good governance, marketing efforts and identification of the right waqf management model to be implemented. Furthermore, higher education waqf can assist the government in reducing its financial obligations in educating the community through the waqf assistance. Waqf can be an important source of educational activities in several countries in the world. This shows that waqf funds are able to finance higher education activities in a good and sustainable manner. It is recommended that higher education waqf institutions encourage the use of waqf because they are able to bring justice and benefits to the wider community. Next, higher education waqf institutions promote the use of waqf because it brings justice and benefits to society.

Suggested Citation

  • Yana Rohmana, 2023. "University Funding Through Waqf: Lesson from Indonesia and Selected Countries," Advances in Economics, Business and Management Research, in: Meri Indri Hapsari & M. Bastomi Fahri Zusak (ed.), 4th International Conference on Islamic Economics, Business, Philanthropy, and PhD Colloquium (ICIEBP) 2022, pages 218-231, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-176-0_15
    DOI: 10.2991/978-94-6463-176-0_15
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