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This chapter explores the historical development of shari’ah governance infrastructures in the Malaysian landscape, pre- and post-Islamic Financial Services Act 2013 (IFSA) and its implications on the industry. This chapter analyzed two approaches developed in the shari’ah governance, namely, the inclusivity and uniformity approach. Inclusivity approach showed that the shari’ah compliance responsibility is shared inclusively by the shari’ah committee together with the institution’s top management. While the uniformity approach showed that the end-to-end shari’ah compliance is achieved through issuance of shari’ah standards that can be easily related by the practitioners into their banking operations and business. The coherence implementation of these approaches has enabled another important stakeholder, the judiciary to have more clarity and certainty in dealing with matters pertaining to Islamic banking and finance. Consumers’ trust and confidence in the financial sector is thereby secured and sustained, hence providing financial stability within the industry, which meets with the expectation and mandate given to IFSA.

Purpose – Differing opinions about the status of cash waqf are not new among jurists. Several studies have been conducted relating to this issue. This chapter discusses cash waqf from the perspective of certain scholars in Indonesia, the Majelis Ulama Indonesia (MUI, Indonesian Scholars Council) and the scholars of Aceh, and the fatwa (opinion) on cash waqf.

Methodology/approach – Data for this study were collected from interviews and academic literature to reach general and specific conclusions. The study was conducted in Aceh, Indonesia.

Findings – Different views exist on the validity of cash waqf between the MUI and the scholars of Aceh. The MUI has declared that the practice of cash waqf is allowable and valid, while some scholars of Aceh reject it except when the cash is exchanged (istibdal) for permanent assets.

Originality/value – MPU scholars and pondok scholars are not in agreement as to the legality of cash waqf. Pondok scholars reject the practice of cash waqf except if the money is substituted (istibdal) into a fixed asset. This is so even when many other scholars of Aceh ruled that cash waqf is still valid even if it is not converted into a fixed asset.

This chapter explores emerging concerns and issues of University and Business Co-operation (UBC) at Indonesian universities. Over decades, the Indonesian government has been implemented policies and strategies to stimulate collaboration between universities and business by offering them a variety of funding schemes. It has been aimed to foster innovation and to reach the government ambition, to make Indonesia as a country in the innovation-driven economy by 2020. Our study was based on a desk evaluation and the secondary data. We collected and examined documents of the governmental policies, universities’ strategies, relevant UBC articles, etc. in order to get an overview of UBC in Indonesia. Our findings suggests that the participation rate of universities and academics in UBC, especially with those funded by the government, remains low. The government expected more participation by offering more funds; however, it was not successfully achieved. We conclude that to increase the participation of universities and academics in UBC, they need to resolve the different institutional logics with their business counterparts.

Purpose – The purpose of this chapter is to study the concept of infaq in Islam, investigate its practice in Malaysia, analyse its role in public universities (PUs), investigate the issues and constraints of infaq for financing of higher education in Malaysia and suggest recommendations for improvement.

Methodology/approach – This study used a qualitative methodology and was conducted to obtain information on the practice of infaq in financing tertiary-level education in Malaysia, to learn about the recommended practice of infaq in Islam, to analyse its implementation and to explore the constraints faced in the financing of higher education in Malaysia.

Findings – This study indicated that the practice of infaq helps to ease the burden of rising fees and the cost of living for university students.

Research limitations/implications – The study only focused on the role of infaq in financing higher education in Malaysia. The sample for this study involved four PUs in the Klang Valley.

Originality/value – This study provides new contributions to the field of education infaq in Malaysia.