Waqf plays a very important role in Muslim societies. It has been the main source for various public services provided to communities. It has been marginalized as a mere charity, although it has historically been successful in producing sustainable income and reducing poverty levels in Muslim countries. Traditionally, the creation of Waqf is inculcated in Muslims’ culture, and included all walks of life. It has also contributed to the service of man in various areas of development. Nonetheless, in modern times, Waqf has seen a declining role, which raises a number of questions as to what factors actually led to an earlier growth of Waqf, and what was the factor associated with its later decline. This review propagates a historical narrative of Waqf, highlighting the reasons for its decline and the need for reform. The paper concludes that if Muslims have good governments that can manage the funds are transparent, reformulates the laws governing Waqf, and design an integrated network of sciences to monitor issues and problems; they can realistically revive the practice of Waqf. The proper management and disbursement of Waqf can become a great source of revenue for the Ummah.