The institution of waqfhas historically played a very crucial role in the socio-religious and economic developments of the Muslims, the world over. Unfortunately, the effect of colonization has diminished its paramount role as a tool for development. Many scholars and Nation States are reviving this institution to bring back its prominence so that the Muslim ummah can once again enjoy its full benefits and successes. This research. therefore, aims to examine the current status ofwaqfin Sri Lanka, a Muslim minority country with only 7.5 % Muslims. A thorough study is undertaken of the waqfLaws as well as the administration of waqf properties. Personal interviews were conducted with relevant officers and trustees of waqf properties. Survey questionnaires were distributed to mosque trustees, as well as making an overall observation on the effectiveness of the Department of Muslim Religious and Cultural Affairs. This study proposes a review of the methods of documentation and a revision in the legal framework to increase the accountability and transparency of waqf properties and their managements, with the objective to give waqf management in Sri Lanka its true status to enhance the traditional role played by this institution for the socio-religious and economic developments of Sri Lankan Muslims.