A Waqf Concept Applied in Higher Education: An Exploratory Study on the Practice of the IIUM Endowment Fund

Abstract

The IIUM Endowment Fund (IEF) plays a vital role in assisting IIUM students financially. The IEF has served the needy in IIUM more than a decade through the application of waqf, as well as other methods, such as zakat, investment and collection campaigns. In particular, IIUM students face financial difficulty regarding the payment of tuition fees and living expenses, whilst studying at the university. The IEF is very much focused on increasing its collections each year. Based on the waqf concept applied by IEF, this paper will explore how this concept contributes in facilitating the IEF in its fund collections.