ABSTRACT
A well-designed new waqf law has already been prepared by Islamic Research & Training Institute/ Islamic Development Bank (IRTI/IDB) and the Kuwait Public Awqaf Foundation. So, this chapter does not need to discuss that. Instead, it discusses the preconditions for the establishment of excellent universities and their survival for centuries to come. While it emphasizes the importance of their incorporation, it leaves another hugely important dimension, waqf-venture capital linkages, to a future paper. In addition, it argues that awqaf constitute a necessary but insufficient condition for educational reform. Thus, even if we possess the most advanced and perfectly designed waqf law and system, we would have won only half of the battle. Unless the preconditions are satisfied, even incorporated awqaf cannot suffice for a thorough reform in education.
