ENDOWMENT AND WAQF FUNDS IN MALAYSIAN HIGHER EDUCATION: A CONCEPTUAL STUDY
DOI:
https://doi.org/10.22452/js.vol29no1.6Keywords:
endowment, waqf, higher education, MalaysiaAbstract
Higher Education Institutions (HEIs) require sustainable sources of income to fund operating costs. The role of endowment funds has always been significant in providing financial sources to these institutions. In Islam, an endowment is known as waqf. As the differences in these two types of funds are found to be indistinctive, this study explores and highlights the atypical concepts. The method of library research has been used to acquire relevant reference materials to discuss the concepts. This paper has identified several aspects that distinguished these two funds, which include the element of perpetuity element, rights of ownership, and governance (law, structure, trustee, need permission, and income sharing).
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References
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Sergey Sazonov, Ekaterina Kharlamova, Irina Chekhovskaya, & Elena Polyanskaya, ‘Funds on the Basis of Mathematical Models Mechanism of Determination of Effectiveness of Spending Assets of Endowment Funds on the Basis of Mathematical Models,’ International Journal of Educational Management, vol. 31/1 (2017): 21-29.
Al-Sharbīnī, Shams al-Dīn Muḥammad Ibn Muḥammad al-Khāṭib, Mughnī al-Muḥtāj ilā Ma‘rifātī Ma‘ānī Alfāẓ al-Minhāj, vol. 2 (Bayrūt: Dār al-Ma‘rifah, 1997).
Siti Mashitoh Mahamood, Asmak Ab Rahman, & Aziz Che Seman, ‘Pembentukan Institusi Pengajian Tinggi Berteraskan Wakaf di Malaysia: Cadangan Model Pelaksanaannya,’ Jurnal Syariah, vol. 26/1 (2018): 1-22.
Siti Mashitoh Mahamood, Asmak Ab. Rahman, & Azizi Che Seman, ‘Cabaran Pelaksanaan Wakaf Universiti Awam di Malaysia: Analisis Menurut Perundangan di Malaysia,’ Kanun, vol. 30/2 (2018): 383-409.
Stephen G. Dimmock, ‘Background Risk and University Endowment Funds,’ The Review of Economics and Statistics, vol. 94/3 (2012): 789-799.
Al-Ṭabarī, Abū Ja‘far Muḥammad Ibn Jarīr, Jamī‘ al-Bayān ‘an Ta’wīl al-Qur’ān, vol. 3 (n.p.: Maktabah Muṣṭafā al-Bābī al-Ḥalābī, 1968).
Tawfique al-Mubarak, ‘The Maqasid of Zakah and Awqaf and Their Roles in Inclusive Finance,’ Islam and Civilisational Renewal, vol. 7/2 (2016): 217-230.
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Al-Tirmidhī, Abū ‘Īsā Muḥammad Ibn ‘Īsā Ibn Sawrah Ibn Mūsā, al-Jāmi‘ al-Ṣaḥīḥ wa Huwa Sunan al-Tirmidhī, vol. 3 (Bayrūt: Dār al-Kitāb al-‘Alamiyah, n.d.).
Yu-Kang Lee & Chun-Tuan Chang, ‘Who Gives What to Charity? Characteristics Affecting Donation Behavior,’ Social Behavior and Personality, vol. 35/9 (2007): 1173-1180.
Zaki Halim Mubarok, ‘Peranan Wakaf dalam Membangun Identitas Muslim Singapura,’ Jurnal Al-Awqaf, vol. 7/1 (2014): 1-22.
Al-Zuḥaylī, Wahbah, al-Fiqh al-Islāmī wa Adillatuh, vol. 8 (Dimashq: Dār al-Fikr, 2010).
Statutes
Civil Law Act 1956 (Act 67), 2006.
Trustee Act 1949 (Act 208), 2016.
Universities and University Colleges Act 1971 (Act 30), 2012.
Wakaf (State of Selangor) Enactment 2015.
Interviews
Mohamad Afizal Mehat (Senior Assistant Director, Department of Higher Education (Malaysia), Public HEI Governance Division), data gained through e-mail, 9 February 2020.
‘Statement of Financial Accounting Standards No. 117, Financial Statements of Not-for-Profit Organizations,’ 2010, http://www.fasb.org/cs/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1175823287301&blobheader=application%2Fpdf, accessed on 21 July 2020.
‘Voluntary Support of Education’ (London, Mexico City, Singapore & Washington, D.C., 2020).
A. Amran & J. Muhammad, ‘Changes and Challenges in Financial Autonom,’ in Governance Reforms in Public Universities of Malaysia, ed. F. Md. Taib & M. N. L. Y. Abdullah (Pulau Pinang: Penerbit Universiti Sains Malaysia, 2015), 59-77.
A. M. Siti Khadijah, S. Muhammad Sabki, & A. Ismail, ‘Philanthropic Commitment Traits for Waqf in Higher Education,’ Global Journal Al-Thaqafah, vol. 7/1 (2017): 71-77.
Abū Dāwud, Sunan Abū Dāwud, vol. 4 (Bayrūt: Dār al-Risālah al-‘Alamiyah, 2009).
American Council on Education, Understanding College and University Endowments (Washington, D.C.: American Council on Education, 2014).
Amy Singer, Charity in Islamic Societies (Cambridge: Cambridge University Press, 2008).
Asmak Ab Rahman, ‘Peranan Wakaf dalam Pembangunan Ekonomi Umat Islam dan Aplikasinya di Malaysia,’ Jurnal Syariah, vol. 17/1 (2009): 113-152.
Baharom Abdul Hamid, Wiaam Hassan @ Kamarudin, & Sarafuddin Abdul Syahid Sowell, ‘The Endowment Fund as a Source of Sustainability for Higher Education in Malaysia: Maximising Investment Returns,’ ISRA Research Paper (2018).
Barbara Lethem Ibrahim, ‘Introduction: Arab Philanthropy in Transition,’ in From Charity to Social Change, ed. Barbara Lethem Ibrahim & Dina H. Sherif (New York: The American University in Cairo Press, 2008), 1-21.
Al-Bukhārī, Abī ‘Abd Allāh Muḥammad Ibn Ismā‘il al-Ju‘fī, Ṣaḥīḥ al-Bukhārī (Riyāḍ: Dār al-Salām, 1999).
Carmen Pérez-Esparrells & Eva M. Torre, ‘The Challenge of Fundraising in Universities in Europe,’ International Journal of Higher Education, vol. 1/2 (2012): 55-66.
Charikleia Kaffe, ‘Peer Effects in Investment Manager Selection: Evidence from University Endowments,’ 2019.
D. Bruce Johnstone, Financing Higher Education: Cost-Sharing in International Perspective (The Netherlands: Sense Publishers, 2006).
Dictionary of Contemporary English, 4th ed. (England: Pearson Education Limited, 2003).
E. Dyachkova, ‘Managing Endowment Fund Income in Universities,’ Educational Studies, vol. 1 (2016): 225-244.
Frank Monti, ‘The Surprisingly Complex ABCs of Endowment Funds,’ Inside Philanthropy, 2015, https://www.insidephilanthropy.com/the-gift-adviser/2015/3/4/the-surprisingly-complex-abcs-of-endowment-funds.html, accessed on 24 February 2020.
G. L. Cascione, Philanthropists in Higher Education: Institutional, Biographical, and Religious Motivations for Giving (New York: Routledge Falmer, 2003).
Guru Dhillon, Noor Mohammed, & Ng Yih Miin, ‘Equity & Trust’s Law Applications in Malaysia, UK and US - In Tandem or Apart?’ Current Law Journal, vol. 1/lxxiv (2011).
Al-Hammām, K. D., Sharḥ Fatḥ al-Qadīr ‘ala al-Hidāyah Sharḥ Bidāyah al-Mubtadi‘, vol. 6 (Bayrūt: Dār al-Kutub al-‘Ilmiyyah, 2003).
Heather Grady, ‘Philanthropy as an Emerging Contributor to Development Cooperation,’ (Paper presented, Conference International Development Cooperation: Trends and Emerging Opportunities: Perspectives of the New Actors, Istanbul, June 2014).
Hossein Kazemi & Kathryn Wilkens, ‘A Simple Approach to the Management of Endowments,’ All About Alpha, 2017, http://www.allaboutalpha.com/blog/2017/08/07/a-simple-approach-to-the-management-of-endowments/, accessed on 19 October 2018.
Ibn ‘Ābidīn, Muḥammad Amīn, Radd al-Muḥtār ‘ala al-Durr al-Mukhtār Sharḥ Tanwīr al-Abṣār, vol. 6 (Bayrūt: Dār al-Ma‘rifah, 2000).
Ibn Kathīr, Abū Fidā’ Ismā‘il Ibn ‘Umar, al-Qurshī al-Damashqī, Tafsīr al-Qur’ān al-‘Aẓīm, vol. 2 (Riyāḍ: Dār Taybah li al-Nashr wa al-Tawzī‘, 2009).
Ibn Mājah, Abū ‘Abd Allāh Muḥammad Ibn Yazid al-Qazwinī, Sunan Ibn Mājah, vol. 2 (Bayrūt: Dār Iḥyā’ al-Kutub al-‘Arabiyah, 1975).
Ibn Qudāmah, Abī Muḥammad ‘Abd Allāh Ibn Aḥmad Ibn Muḥammad al-Maqdisī, al-Mughnī, vol. 8 (Qāhirah: Hajr, 1992).
J. W. Brodman, Charity & Religion in Medieval Europe (United States of America: The Catholic University of America Press, 2009).
James J. Fishman, ‘What Went Wrong: Prudent Management of Endowment Funds and Imprudent Endowment Investing Policies,’ The Journal of College and University Law, vol. 40/2 (2014): 199-246.
Jeffrey R. Brown, Stephen G. Dimmock, Jun-Koo Kang, & Scott J. Weisbenner, ‘How University Endowments Respond to Financial Market Shocks: Evidence and Implications,’ American Economic Review, vol. 104/3 (2014): 931–62.
Al-Kasānī, Abū Bakr Ibn Mas‘ūd al-Ḥanāfī, Baḍā’i‘ al-Ṣana’i‘ fī Tartīb al-Sharā’i‘, vol. 8 (Bayrūt: Dār al-Kutub al-‘Ilmiyyah, 2003).
Malcolm Getz, ‘Endowment,’ The Bottom Line, vol. 4/2 (2007): 37-41.
Mehdi Madanchi, Shadi Shahverdiani, & Fatemah Hamidifar, ‘Endowment and Charity Financing Model to Develop Science and Technology,’ International Journal of Finance and Managerial Accounting, vol. 1/4 (2016): 55-70.
Michael Lwin & Ian Phau, ‘Characteristics of Charitable Donors in Australia,’ in Recent Advances in Retailing and Services Science Conference, ed. H. Timmermans (Istanbul, Turkey: Recent Advances in Retailing and Services Science, 2010), 1-22.
Mohd Isa Rohayati, Youhanna Najdi, & John C. Williamson, ‘Philanthropic Fundraising of Higher Education Institutions: A Review of the Malaysian and Australian Perspectives,’ Sustainability, vol. 8/ 541 (2016): 1-20.
Molly F. Sherlock, Jane G. Gravelle, Margot L. Crandall-Hollick, & Jeffrey M. Stupak, ‘College and University Endowments: Overview and Tax Policy Options,’ Congressional Research Service, 2015.
National Association of College and University Business Officers, Commonfund Study of Endowments (Washington, D.C.: NACUBO, 2017).
Al-Nasā’ī, Sunan al-Nasā’ī: Bi Sharḥ al-Ḥafīẓ Jalāl al-Dīn al-Ṣuyūṭī, vol. 5 (Bayrūt: Dār al-Kitāb al-‘Alamiyah, n.d.).
Nasrul Hisyam Nor Muhamad, Mohd Arafat Jaafar, Muhibbuddin Abdullah, Nurul Atikah Nizaludin, Mohd Muslim Salleh, & Mohd Muammar Mohd Zin, ‘Konsep Maqasid Syariah dalam Pengurusan Wakaf,’ International Journal of Islamic and Civilizational Studies, vol. 2/3 (2015): 1-9.
Al-Nawawī, Abī Zakariyyā Maḥy al-Dīn Ibn Sharf, al-Majmū‘ Sharḥ al-Muhadhdhab li al-Shirāzī, vol. 16 (Jeddah: Maktabah al-Irshād, 1980).
Al-Nawawī, Abī Zakariyyā Maḥy al-Dīn Ibn Sharf, Sharḥ Ṣaḥīḥ Muslim bi Sharḥ al-Imām Muḥy al-Dīn al-Nawawī, vol. 11 (Bayrūt: Dār al-Ma‘rifah, 2005).
Nazīḥ Ḥammād, Mu‘jam al-Muṣṭalaḥāt al-Iqtiṣādiyyah fī Lughah al-Fuqahā’ (Riyāḍ: Dār al-‘Alamiyyah li al-Kitāb al-Islāmī, 1995).
Niẓām, al-Fatawā al-Hindiyah, vol. 2 (Bayrūt: Dār al-Kutub al-‘Ilmiyyah, 2000).
Panduan Pengurusan Wakaf Institusi Pendidikan (Putrajaya: Jabatan Wakaf, Zakat dan Haji (JAWHAR), 2018).
Al-Qurṭūbī, Abī Wālid Muḥammad Ibn Aḥmad Ibn Muḥammad Ibn Aḥmad Ibn Rushd, al-Jāmi‘ li Aḥkām al-Qur’ān, vol. 5 (Bayrūt: Al-Risālah Publishers, 2006).
Al-Rahaybanī, M. S., Maṭālib Uli al-Nuhā fī Sharḥ Ghayah al-Muntahā, vol. 6 (n.p.: n.p., 2000).
René Bekkers, ‘Traditional and Health-Related Philanthropy: The Role of Resources and Personality,’ Social Psychology Quarterly, vol. 69/4 (2006): 349-366.
Robert Louie Stanton McElhaney, ‘The Effects of Higher Education Endowment Management Practices on Endowment Performance’ (Ph.D. Thesis, The University of Southern Mississippi, 2010).
Ronald G. Ehrenberg, ‘Demystifying Endowments,’ 2009, See http://digitalcommons.ilr.cornell.edu/workingpapers/132/%0ARequired, accessed on 9 March 2020.
Al-Sarakhsī, Abū Bakr Muḥammad Shams al-Dīn, al-Mabsūṭ, vol. 12 (Bayrūt: Dār al-Ma‘rifah, 1989).
Al-Sarakhsī, Abū Bakr Muḥammad Shams al-Dīn, al-Mabsūṭ, vol. 12 (Bayrūt: Dār al-Kitāb al-‘Alamiyah, 2001).
Sergey Sazonov, Ekaterina Kharlamova, Irina Chekhovskaya, & Elena Polyanskaya, ‘Funds on the Basis of Mathematical Models Mechanism of Determination of Effectiveness of Spending Assets of Endowment Funds on the Basis of Mathematical Models,’ International Journal of Educational Management, vol. 31/1 (2017): 21-29.
Al-Sharbīnī, Shams al-Dīn Muḥammad Ibn Muḥammad al-Khāṭib, Mughnī al-Muḥtāj ilā Ma‘rifātī Ma‘ānī Alfāẓ al-Minhāj, vol. 2 (Bayrūt: Dār al-Ma‘rifah, 1997).
Siti Mashitoh Mahamood, Asmak Ab Rahman, & Aziz Che Seman, ‘Pembentukan Institusi Pengajian Tinggi Berteraskan Wakaf di Malaysia: Cadangan Model Pelaksanaannya,’ Jurnal Syariah, vol. 26/1 (2018): 1-22.
Siti Mashitoh Mahamood, Asmak Ab. Rahman, & Azizi Che Seman, ‘Cabaran Pelaksanaan Wakaf Universiti Awam di Malaysia: Analisis Menurut Perundangan di Malaysia,’ Kanun, vol. 30/2 (2018): 383-409.
Stephen G. Dimmock, ‘Background Risk and University Endowment Funds,’ The Review of Economics and Statistics, vol. 94/3 (2012): 789-799.
Al-Ṭabarī, Abū Ja‘far Muḥammad Ibn Jarīr, Jamī‘ al-Bayān ‘an Ta’wīl al-Qur’ān, vol. 3 (n.p.: Maktabah Muṣṭafā al-Bābī al-Ḥalābī, 1968).
Tawfique al-Mubarak, ‘The Maqasid of Zakah and Awqaf and Their Roles in Inclusive Finance,’ Islam and Civilisational Renewal, vol. 7/2 (2016): 217-230.
The New International Webster’s Comprehensive Dictionary of The English Language, Deluxe Enc (Naples, Florida: Trident Press International, 1996).
The University Transformation Programme (UniTP) Purple Book: Enhanching University Income Generation, Endowment & Waqf (Putrajaya: Kementerian Pendidikan Tinggi Malaysia, 2016).
Thomas Gilbert & Christopher Hrdlicka, ‘Why Are University Endowments Large and Risky?’ The Review of Financial Studies (2015): 1-44.
Al-Tirmidhī, Abū ‘Īsā Muḥammad Ibn ‘Īsā Ibn Sawrah Ibn Mūsā, al-Jāmi‘ al-Ṣaḥīḥ wa Huwa Sunan al-Tirmidhī, vol. 3 (Bayrūt: Dār al-Kitāb al-‘Alamiyah, n.d.).
Yu-Kang Lee & Chun-Tuan Chang, ‘Who Gives What to Charity? Characteristics Affecting Donation Behavior,’ Social Behavior and Personality, vol. 35/9 (2007): 1173-1180.
Zaki Halim Mubarok, ‘Peranan Wakaf dalam Membangun Identitas Muslim Singapura,’ Jurnal Al-Awqaf, vol. 7/1 (2014): 1-22.
Al-Zuḥaylī, Wahbah, al-Fiqh al-Islāmī wa Adillatuh, vol. 8 (Dimashq: Dār al-Fikr, 2010).
Statutes
Civil Law Act 1956 (Act 67), 2006.
Trustee Act 1949 (Act 208), 2016.
Universities and University Colleges Act 1971 (Act 30), 2012.
Wakaf (State of Selangor) Enactment 2015.
Interviews
Mohamad Afizal Mehat (Senior Assistant Director, Department of Higher Education (Malaysia), Public HEI Governance Division), data gained through e-mail, 9 February 2020.
Downloads
Published
2021-04-30
How to Cite
Hasbullah, N. A., & Ab Rahman, A. (2021). ENDOWMENT AND WAQF FUNDS IN MALAYSIAN HIGHER EDUCATION: A CONCEPTUAL STUDY. Jurnal Syariah, 29(1), 127–154. https://doi.org/10.22452/js.vol29no1.6
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