The Role of Islamic Institution in Achieving Equality and Human Development: Waqf or Endowment

Al-Azhar University of Egypt was established in year 975M, forms as the oldest university in the world, also got fully financial support from Waqf which hereby to provide free education to the people from all over the world from elementary school until University. In the year 1986, it’s a provision about E 147,324,300 for this University to pay for education and building activities which comprise 55 faculties with 6154 academic staff including 849 professors, 819 associate professors, 1517 lecturers, 1456 tutors, and 1510 readers. Al-Azhar University was not only well known by its contribution to the Islamic knowledge but also its contribution as the propagator of belief activities all over the world. This was similar to the declaration of George Makdisi stated that education in Islamic world was based on Waqf.