University Hostel Waqf: Developing A New Sustainability Model

Abstract

Waqf is an Islamic financial instrument that has the potential to solve various financial issues related to education in Malaysia. Waqf education institutions are well-known for their importance in the development of knowledge among Muslim communities. Globalisation, COVID-19 pandemic, and economic pressures on governments, including Malaysia's, have led to universities becoming self-sufficient in terms of funding for development, operation, and research. However, private higher education (PHEI) has resulted in difficulties in providing enough conducive and better accommodation. The cost of higher education has inevitably increased due to current changes in the global economy, despite various forms of government grants and loans. In general, both parents and students alike face the burden of ever-increasing fees to enrol in higher education learning institutions. At the same time, the education institutions themselves also face increasing costs to operate and provide quality education. Hence, this paper aims to identify the needs of hostel development in PHEI due to the impact of high cost living and pandemic covid19. A profound literature review on the topics is explored in developing a conceptual framework for this research field. Further, it explores specific features of sustainability university hostel waqf as well as limitations of present research; but it helps to stimulate further study. The development of the hostel waqf framework in private higher education institutions (PHEIs) will give an idea to the community in helping the students, especially during the COVID-19 endemic period, especially for those whose income is affected.