Managing University Through Waqf Assets: Evidence From Indonesia

Waqf and education is inseparable throughout history. It is undoubtedly true that 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. On the other hand, the rising cost of higher education demands for an alternative source of funding. Waqf, indeed, could be the answer of this problem 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. A case study from a waqf-based university was conducted. The researchers selected UNISULLA, which is managed by Yayasan Badan Wakaf Sultan Agung (YBWSA) as a case. Through series of in-depth interviews, observations and document reviews, we found that the way YBWSA managed waqf assets throughout the time is very impressive. However, some important points should be addressed to maintain the sustainable nature of waqf in the future.