WAQF and endowment fund management in higher education institutions : an analysis of International Islamic University Malaysia

Waqf and endowment are significant Islamic philanthropic instruments in supporting social and economic development, particularly in the field of higher education in Malaysia. These instruments have long contributed to providing sustainable sources of funding for the education sector. Amid the growing need for financial sustainability and increasing operational costs, waqf and endowment have become vital alternatives to dependence on government funding. This study aims to analyze the management and utilization of waqf and endowment funds at the International Islamic University Malaysia (IIUM), identify the challenges faced, and explore the best strategies to enhance their effectiveness. This research adopts a qualitative methodology, with data collected through interviews and document analysis to understand the mechanisms for managing waqf and endowment funds. The findings indicate that IIUM has implemented structured and strategic management mechanisms in collecting and utilizing waqf and endowment funds, including collaborations with various sources such as alumni and corporate partners. However, the main challenges include low public awareness, limited human resources, and regulatory constraints affecting fund management effectiveness. This study is expected to contribute significantly to the development of good practices in waqf and endowment fund management and serve as a reference for other institutions in achieving financial sustainability