Higher Education Financing Through Islamic Endowment Funds (Waqf): Literature Review And Lessons For University Management

This study examines the potential of Islamic endowment funds (waqf) as an alternative model for higher education financing, particularly in Muslim-majority contexts. Using a structured literature review, it analyzes peer-reviewed articles indexed in Scopus from 2000 to 2025. As universities face increasing financial pressure and declining public funding, waqf presents a promising yet underutilized solution for sustainable and independent financing. The reviewed literature is grouped into three major themes: fundraising, utilization, and management of educational waqf funds. Findings reveal that most waqf fundraising efforts originate internally, especially through alumni contributions in the form of cash waqf. The utilization of waqf funds is generally balanced across development projects, operational costs, and academic support. In terms of fund and asset management, productive waqf and good governance are the most frequently explored, reflecting growing attention to accountability and long-term viability. Despite its rich historical role in Islamic education, waqf remains marginal in modern university financing strategies, especially in countries like Indonesia. The study is limited to secondary sources and lacks empirical field validation, suggesting a need for future applied research. This paper offers practical insights for higher education management and outlines research directions in waqf-based university financing. It seeks to bridge the gap between traditional philanthropic models and modern institutional needs, positioning waqf as a catalyst for financial resilience and wider access to education.