Financing Higher Education Through Waqf Assets

Gustina , - and Ihsan, Hidayatul (2017) Financing Higher Education Through Waqf Assets. International Conference of Applied Science on Engineering, Business, Linguistics and Information Technology . pp. 89-94. ISSN 2598-2532

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Abstract

Throughout the history, waqf had been witnessed as one of the generators to the development of education in Islam. There are many universities around the world which were supported and funded by waqf assets. Among other things, Al Azhar University, which has been established from the 10th century, is financed through waqf assets. Interestingly, this university could provide free education for many students from all over the world. The success story of Al Azhar University in managing waqf assets supposedly could inspire other Muslim countries to implement the same way. In fact, Indonesia, as the largest Muslim population in the world, is highly potential to develop waqf assets in supporting the higher education. Nevertheless, there are still very limited higher education institutions in Indonesia which are managed based on waqf. On the other hand, the rising cost of higher education demands for an alternative source of funding. Waqf, indeed, could be an alternative as it has been practiced for centuries. This study therefore aims to seek evidence regarding how waqf could support the higher education, in this case in Indonesian setting. Two case studies from two waqf-based universities were conducted. Through in-depth interviews, document reviews and observations, we found that the potential of waqf as the alternative source of higher education financing has not been realized optimally. There are some challenges identified in order to develop a sustainable waqf based university. Thus, this paper proposes some recommendations to both university management and waqf regulator for the future development of higher education waqf in Indonesia.

Item Type:Article
Subjects:C Social Sciences > CG Finance
C Social Sciences > CB Economic Theory
C Social Sciences > CH Public Finance
Divisions:Luar PNP > Journal, Proceeding
ID Code:755
Deposited By:Rahmat Hidayat
Deposited On:28 Nov 2017 07:58
Last Modified:28 Nov 2017 07:58

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