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Adam Abdullah

Abstract

This paper aims to re-examine the importance of waqf and Western university endowments regarding the issues and challenges related to their role in achieving sustainable growth for selected academic institutions. Specifically, the revenues generated by university endowments are intended to fund operating and/or capital needs to ensure sustainable growth in teaching, research, and resources consistent with an institution's mission. By conducting a literature search, including documentation and content analysis, using secondary data, this study aims to analyze issues and challenges regarding the governance, performance, and sustainable economic growth of university endowments. The challenges are highlighted when academic institutions experience a reduction in government financial support that threatens to constrain academic growth and development. While historically more successful, university waqf endowments have recently lagged behind their Western counterparts,. Issues of governance models are highlighted regarding the need for independent professional management of waqf endowments and their oversight, as well as an asset allocation model of sustainable income from Shariah-compliant investments in both public and private markets. Finally, the study stressed on the importance of the practical and social implications which involve the application of the best practice standards in governance and asset management for university waqf endowments to achieve sustainable growth for academic institutions.

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3

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26

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