Educational Waqf (Islamic Endowment) in Malaysia

Waqf is an inalienable and irrevocable religious endowment, the withholding of property from disposal through sale and purchase transaction, inheritance, donation by gift and will or bequest; while maintaining its physical sources intact, the returns are for the purpose of welfare or charity as intended by the Waqif (endower), with the aim to please and get closer to Allah. An educational Waqf or endowment is dedication of property to an institution for the purpose of providing free knowledge and education. The form, amount and value of property endowed are managed by an institution frequently referred to as a public charitable body, private foundation or trustee. Among the institutions usually endowed for educational endowments are academic institutions such as a college, university or school. Social and religious institutions which may be endowed are museums, libraries, banks, hospitals, mosques and prayer halls. A Waqf is implemented when it has been clearly determined that its utilization with the principal kept intact is for a benefit in perpetuity or for a fixed period of time. This enables the charity or endowment to have an effect for a longer period of time. Thus, this article gives an insight into understanding and appreciating the concept of educational Waqf particularly for higher education in Malaysia.