The practice of waqf by resilient organisations

The world has enough resources to feed everyone, but the resources are not equitably distributed. The level of inequality has increased tremendously in the past 50 years (Shaikh et al., 2017). Today, research in the Islamic context has initiated a profound discussion of the social instruments that the economic and financial sector can make available to the well-being of society (Almarri and Meewella, 2015). Even more so, in view of the current Covid 19 pandemic. Islamic finance offers Islamic economies various social tools, what could be the gearing actions on the social level bearing in mind role of zakat, waqf, Qard Hassan, and sukuk (EJIF, 2020). Prior research on the potential of waqf has demonstrated that the system can substantially aid in poverty reduction by offering options for income generation through advantageous economic activities (Ali, 2014; Haneef et al., 2013; Hassan, 2010; Shirazi, 2014; Zarka, 2007). Waqf refers to the transfer of property from private ownership to the dedication of its benefits for charitable purposes (Mohsin, 2012). Waqf can effectively leverage the potential of altruistic charity contributions for enhanced economic impact in specific societal sectors (Shaikh et al., 2017). Waqf means the appropriation of the property from ownership to the dedication of its usufruct to charitable purposes (Mohsin, 2012). Waqf can harness the potential of selfless charitable giving in an effective way for better economic impact in the targeted social segments of society (Shaikh et al.,2017). Due to the current covid-19 pandemic, waqf has to play its role. Global economic instability has exerted strain on the education sector. Government budgets can no longer be the exclusive source of funding for educational institutions. Educational institutions urgently require greater independence and the implementation of a charity framework. The Islamic endowment system known as waqf serves as a significant source of revenue. A number of Muslim and non-Muslim nations adopted this method several decades prior. In Malaysia, waqf is utilised to fund education across several types of institutions, including Sekolah Agama Rakyat (SAR), Sekolah Agama Negeri (SAN), Madrasah, Pondok, and public universities such as the International Islamic University and the Islamic Science University of Malaysia, among others. This implementation in Malaysia highlights the successful integration of the Islamic endowment system (waqf) within the financial framework of educational institutions. A vital component of the Government's current program is to significantly augment the financial resources provided by public universities through what is termed "third stream" income. This is the most significant projected influx of capital currently being planned. Third-stream revenue includes several sources, such as commercial operations, grants, endowments, and waqf. Endowments and waqf are essentially synonymous, with waqf specifically referring to an Islamic form of endowment motivated by religious principles. This funding method is beneficial for many esteemed universities worldwide. Revenue generation from both commercial and philanthropic sources substantially enhances their financial sustainability (IDEAS, 2017).