Model of WAQF in higher education: integration between WAQF and endowment model

Waqf was introduced by Prophet Muhammad when he became the leader of Islam and was practiced until now. Basically the role of waqf is more to the service of humanity which brings enhancements to the socio-economic, harmony and prosperity of the Ummah. This research are conducted to discover the challenge may arise in the implementation of waqf in Higher Education Institution (HEI) in Malaysia. The main objective of this study is to examine and compare endowment and waqf model as proposed in HEI. The methodology of this research is a qualitative research through document analysis of relevance references pertaining to endowment and waqf models. This study will analysing the method applied by endowment that might be adapted into waqf model in Malaysia. There are two higher education institution or universities with extensive experience in the field of endowment and one university practicing waqf have been selected as samples in this research. This study will analyse the endowment models in term of financial, source of fund, investment activities, management company, asset allocation and the distribution of return on investment. From the findings, this research will proposed a waqf model by using existing waqf model in Malaysia which adapted from successful endowment model that may enhance the effectiveness of waqf implementation.