Higher Education Finance and Islamic Endowments

Reviewed by: Faizal Ahmad Manjoo, Markfield Institute of Higher Education, UK

Published by: Oxon: Routledge, 2023, 220pp. ISBN: 978-1032565279.

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There is no doubt that the role of tertiary education is pivotal in the progress of any economy, as it provides the necessary human capital to address various areas of economic development. This in turn contributes towards the overall GDP of the country. It also creates career opportunities for individuals. However, the main problem that many universities and higher education institutions currently face is ensuring their financial sustainability. Some successful universities in the West have achieved their financial sustainability via the adoption of endowments. Historically, the pioneering universities in the Muslim world, such as al-Azhar and al-Qarawiyyin, were established on the premise of awqāf, which is a similar concept to endowment and permanent trust.