A grand total of two of the world's top 500 universities are located in the entirety of the Muslim world. (Both are are in Turkey and ranked in the 400-500 range, alongside the universities of Akron and Idaho.) There are the seven in tiny Israel alone, three of which are in the top 150 (alongside Notre Dame, FSU, Georgia, and Iowa State).
Istanbul University (est. 1933), according to Wikipedia: "claims that the date of establishment is 1453, which seems to have no relevant historical background." Hacettepe University (est. 1967) is the other. Neither was made with "oil money" (stolen from American and European entities).
(Africa has a total of 4, and they are all in South Africa. Sorry, Egypt.)