Investment practices of endowment funds in higher education: lessons for the developing world
1. Introduction Public funding of higher education has been a very important issue in economically developing countries. As one of the ways to institute social mobility, education and especially higher education is a central public policy agenda. However, in the last two decades or so, public deb...
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Centre for Islamic Economics (CIE) Kulliyyah of Economics and Management Sciences (KENMS), International Islamic University Malaysia (IIUM)
2016
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| Online Access: | http://irep.iium.edu.my/67445/ http://irep.iium.edu.my/67445/1/67445_Investment%20Practices%20of%20Endowment%20Funds.pdf |
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iium-674452019-04-19T07:33:54Z http://irep.iium.edu.my/67445/ Investment practices of endowment funds in higher education: lessons for the developing world Mustaffa Kamil, Nazrol Kamil Haneef, Mohamed Aslam HG4501 Stocks, investment, speculation 1. Introduction Public funding of higher education has been a very important issue in economically developing countries. As one of the ways to institute social mobility, education and especially higher education is a central public policy agenda. However, in the last two decades or so, public debt levels as well as increasing demands for public funding have required alternative sources of funds. The private sector has played a role and there is a significant presence of private higher education institutions in most, if not all countries with many successful examples that one could cite. However, seen as a ‘public good’ and as an effective means of social mobility and development, ‘profit motivated private higher education’ raises many challenges such as its costs and access. While mainstream economics posit a public-private conflict model, a three sector model that has a positivecomplimentary role for the not-for-profit or voluntary sector offers not only an economically viable alternative, but an ethically superior one. In the context of higher education, the role of foundations and endowment funds in particular has become the focus of attention for researchers. Historically, foundations and endowments were always related to universities. This tradition has actually continued throughout the decades, albeit in a lesser degree. Foundations and endowments have always been a significant source of funding for scholarships, professorships, academic programs, scientific researches, and other operational activities in universities. In many cases, a significant portion of universities’ operating budget is financed through endowment funds. For instance, as the largest university endowment fund in the US and Canada, Harvard University covered its operating expenses by 36% from its endowment fund (Harvard Financial Report, 2013). Centre for Islamic Economics (CIE) Kulliyyah of Economics and Management Sciences (KENMS), International Islamic University Malaysia (IIUM) 2016 Conference or Workshop Item NonPeerReviewed application/pdf en http://irep.iium.edu.my/67445/1/67445_Investment%20Practices%20of%20Endowment%20Funds.pdf Mustaffa Kamil, Nazrol Kamil and Haneef, Mohamed Aslam (2016) Investment practices of endowment funds in higher education: lessons for the developing world. In: International Symposium on Waqf and Higher Education (ISWHE 2016), 28th-30th May 2016, Istanbul, Turkey. |
| repository_type |
Digital Repository |
| institution_category |
Local University |
| institution |
International Islamic University Malaysia |
| building |
IIUM Repository |
| collection |
Online Access |
| language |
English |
| topic |
HG4501 Stocks, investment, speculation |
| spellingShingle |
HG4501 Stocks, investment, speculation Mustaffa Kamil, Nazrol Kamil Haneef, Mohamed Aslam Investment practices of endowment funds in higher education: lessons for the developing world |
| description |
1. Introduction
Public funding of higher education has been a very important issue in economically developing
countries. As one of the ways to institute social mobility, education and especially higher education
is a central public policy agenda. However, in the last two decades or so, public debt levels as well
as increasing demands for public funding have required alternative sources of funds. The private
sector has played a role and there is a significant presence of private higher education institutions
in most, if not all countries with many successful examples that one could cite. However, seen as
a ‘public good’ and as an effective means of social mobility and development, ‘profit motivated
private higher education’ raises many challenges such as its costs and access. While mainstream
economics posit a public-private conflict model, a three sector model that has a positivecomplimentary
role for the not-for-profit or voluntary sector offers not only an economically viable
alternative, but an ethically superior one.
In the context of higher education, the role of foundations and endowment funds in particular has
become the focus of attention for researchers. Historically, foundations and endowments were
always related to universities. This tradition has actually continued throughout the decades, albeit
in a lesser degree. Foundations and endowments have always been a significant source of funding
for scholarships, professorships, academic programs, scientific researches, and other operational
activities in universities. In many cases, a significant portion of universities’ operating budget is
financed through endowment funds. For instance, as the largest university endowment fund in the
US and Canada, Harvard University covered its operating expenses by 36% from its endowment
fund (Harvard Financial Report, 2013). |
| format |
Conference or Workshop Item |
| author |
Mustaffa Kamil, Nazrol Kamil Haneef, Mohamed Aslam |
| author_facet |
Mustaffa Kamil, Nazrol Kamil Haneef, Mohamed Aslam |
| author_sort |
Mustaffa Kamil, Nazrol Kamil |
| title |
Investment practices of endowment funds in higher education:
lessons for the developing world |
| title_short |
Investment practices of endowment funds in higher education:
lessons for the developing world |
| title_full |
Investment practices of endowment funds in higher education:
lessons for the developing world |
| title_fullStr |
Investment practices of endowment funds in higher education:
lessons for the developing world |
| title_full_unstemmed |
Investment practices of endowment funds in higher education:
lessons for the developing world |
| title_sort |
investment practices of endowment funds in higher education:
lessons for the developing world |
| publisher |
Centre for Islamic Economics (CIE) Kulliyyah of Economics and Management Sciences (KENMS), International Islamic University Malaysia (IIUM) |
| publishDate |
2016 |
| url |
http://irep.iium.edu.my/67445/ http://irep.iium.edu.my/67445/1/67445_Investment%20Practices%20of%20Endowment%20Funds.pdf |
| first_indexed |
2023-09-18T21:35:44Z |
| last_indexed |
2023-09-18T21:35:44Z |
| _version_ |
1777412808376320000 |