This paper documents the development of the International Islamic University Malaysia’s waqf Fund (IIUMWF) from its inception in 1999 to the present as well as examining its accounting practice. Specifically, we examined four pertinent areas: the management of the fund, the fundraising activities (and the types of funds, waqf khass or waqf [amm), the programmes undertaken and the accounting practices of the IIUMWF. The theoretical framework is based on the Islamic concept of accountability. On this, there are two pertinent issues addressed in this study. The first is on disclosure and the second assesses the performance of the waqf. We examined the accounts of the IIUMWF and benchmarked against the framework developed by Ihsan and Shahul (2007). As for performance, we computed three ratios to assess its efficiency: ‘Programme Expenses to Total Expenses’, ‘Investment Income to Average Investment’, and ‘Fund Raising Expenses to Total Related Contributions’. We concluded our paper with various suggestions and recommendations for further improvements in the management and accounting practices of waqfs in general and the IIUM waqf Fund in particular.