THE IMPACT OF WAQF CULTURE ON FINANCIAL FUND DEVELOPMENT IN HIGHER EDUCATION INSTITUTIONS (HEIs)

The culture of waqf is a crucial instrument in advancing waqf initiatives. Waqf plays a role as an alternative source of funding necessary for the development of an institution. Additionally, the approach of waqf aligns in function with Zakat. It has the potential to educate Muslims who have financial surplus to contribute through waqf, ensuring lasting benefits. Higher education is a significant need for young people to pursue further studies. However, it requires support through waqf contributions, particularly for those classified as part of the B40 group. The cultural approach is important to ensure that the practice of waqf, especially within the community, continues to be strengthened. The impact of this cultural practice has proven effective, as seen in several higher education institutions in the Middle East. This study examines the impact of cultural practices through the waqf instrument on higher education institutions using a qualitative approach. Data is obtained through literature review and analysis of relevant documents. This study will provide findings related to the implications of cultural practices in developing financial fund on higher education institutions through the waqf method.