TABLE OF CONTENTS. CONTENT PAGES1. INTRODUCTION 32. COMPARISON OF WAQF WITH OTHER CONCEPTS53. THE ROLES OF WAQF64. Shortcomings of WAQF in MALAYSIA.75. RECOMMENDATIONS 86. CONCLUSION 97. REFERENCES 10THE ROLE OF BAITULMAL FOR DEVELOPMENT IN THE NEW ERATRODUCTIONBaitulmal is generally known as a charitable institution and a center for collecting the entire amount of zakat and waqf contribution from many sources. Baitulmal in Malaysia usually acts as assistance, charitable contribution and donations to the public. Based on the original role of baitulmal, it covers a broader role than the current concept of baitulmal. In the Malaysian context, Baitulmal is limited by legal constraint and few of us know about its existence and function. Usually, baitulmal give some visibility about their scope and function to other people so that they know when they can actually refer to that institution. In the Arabic term, baitulmal is “bayt al-mal” which means house of money or house of wealth. In the early days of Islam, it can be seen that baitulmal was the only treasury center of the state. And in the history of Islam, the baitulmal institution, especially zakat, plays an important role in the development of the economy of the Muslim people. But now after a long time, the function of baitulmal has improved and widely used by Muslim people. Baitulmal is responsible for distributing the money and making donations to those who need it and part of it is also distributed to other places such as mosque, old age home and also to any orphanage. At the same time, baitulmal wants to optimize the user of all assets going in the right direction and the person responsible...... middle of paper ...... the contribution of the waqf. This type of charity continues even after the death of the donor, that is, as long as people continue to benefit from the waqf, the person doing the waqf will receive a reward from HIM. The concept of the Islamic state and the creation of the treasury may not be separated. The word baitulmal itself is not mentioned clearly and specifically in the Quran, but the source of the flow of funds in Baitulmal is specified one by one in the Quran. In the end, we will either see the aim of Baitulmal achieve its objective or not, which aims to improve the economic development of the country, meet the basic needs of society and reduce poverty in Malaysia. The property of Baitulmal is a trust of God and the property of all Muslims. in this case, the caliph or Muslim ruler is the administrator who must take care of the property of Muslims..