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Endowment Fund (Waqaf) as an Answer to Increasing Cost in Managing Higher Institutions

Education endowments fund have long been practiced in Malaysia through the existence of traditional religious educational institutions such as madrasah, religious schools (private and state owned) that provides education for those in village and remote areas. These endowments were used to manage the schools so that the students need not to pay anything for their education. But the endowments fund were limited to primary and secondary level education or equivalent. In 1999, the International Islamic University of Malaysia (UIAM) has established the Islamic Endowment Fund (IEF), making it the first institution of higher learning (IHP) in Malaysia to establish an education endowment known as “waqf fund” followed by several other IHPs from year to year. This article discuss the development of writing, whether in the form of research, books, articles and so on in debating the issue of management of waqf education fund in the higher learning institutions in Malaysia. This study was conducted using qualitative method and library research approach. This study shows that scholars, academics and the government were very concern on the management of the fund. Malaysia's education endowment funds are growing with the setting up of education waqf fund in several IHPs such as IIUM, Universiti Putra Malaysia (UPM), Universiti Kebangsaan Malaysia (UKM), Universiti Sains Islam Malaysia (USIM), Universiti Teknologi Malaysia (UTM), Insaniah College University, and some other IHPs. However, there are very limited number of research to study waqf fund for education in the IHPs especially involving aspects of fund management as the backbone to ensure the success of waqf for education. Keywords—Waqf; education; education cost management; institutions of higher learning