This paper documents the development of the International Islamic University Malaysia’s Waqf Fund (IIUMWF) from its inception in 1999 to the present. Specifically, we examined four pertinent areas: the management of the fund, the fundraising activities (and the types of funds, waqf khas or waqf am), the programs undertaken and the accounting practices of the IIUMWF. Interestingly, we found that although the IIUMWF is recognized as a Waqf, it is not registered as such, primarily because Malaysian Law requires that funds registered as Waqf funds have to be administered by the State Religious Council. Given the negative results of prior studies examining the accounting and management practices of religious organizations in Malaysia as well as overseas, this decision may be understandable. The theoretical framework is based on the Islamic concept of accountability.