Bangladesh is muddling through the delinquent of poverty since its freedom. Recent success stories of the nation in lessening poverty have been the outcome of the efforts of more than a few public and private initiatives. As a Muslim majority country, Bangladesh is yet to slot in Islamic vehicles of poverty reduction in the national development strategies. Waqf an Islamic charitable endowment has played significant roles in the socio-economic spheres of Muslim people all over the world since the dawn of Islam. During colonial era, Waqf as social institution became quiescent in Muslim majority countries and could not function appropriately. Now Muslim intellectuals and policy makers have recognized that resurgence of waqf as a strong social institution can act as a catalyst in mobilization of funds in poor Muslim majority countries for financing socio-economic projects including much needed poverty alleviation. As the third largest Muslim majority country in the world, Bangladesh can explore waqf as an operative tool in social development. Though having a large number of waqf in Bangladesh over the few centuries, they could not play effective roles following the maladministration and lack of proper structuring and innovation. With proper structuring and administration, waqf can be a boon for Bangladesh, a poor country blessed with 160 million people with 23% poor people. This study will basically focus on the history and administration of Waqf Property and present scenario of them in Bangladesh. It will also discuss in-depth the major challenges and obstacles to the administration of Waqf Property in Bangladesh. The author at last will provide some recommendations which will help the government, government agencies, lawyers and scholars to meet the challenges. In this study, there are some specific suggestions and recommendations that deserve serious consideration for the proper administration of Waqf property in Bangladesh