The building was created in 1328–1330, funded through a waqf (charitable endowment) by Tankiz, a Baḥrite Mamlūk viceroy and emir.
[3][4] The Tankiziyya served three main purposes: a madrasa, a school for the muḥaddithūn (experts in hadith), and a home for a community of Sufis.
[9] Its entrance is set inside a tall portal, considered "one of the finest niche-headed doorways in Jerusalem".
The inscription includes Tankiz's mamluk emblem (a cup), his name and the year 729 AH (overlapping partly with 1328 and 1329 CE).
[14] Its eastern façade is inside the western esplanade of the al-Aqsa Compound, where it overlooks the Dome of Moses.
[15] The ribat, which was founded by Tankiz in the same year, can also considered to be part of the Tankiziyya complex, even though it is separate from the madrasa building.