Wakaf is one of the main religious service which contains productive economic values but in reality thevalues haven’t fully been implemented. The most important factor of this is the lack of socializationand the minimum role of the government (Badan Wakaf Indonesia). The enactment of the new wakafbill (UU No. 41/2004) which followed by Peraturan Pemerintah Nomor 42 Tahun 2006 has not effectiveyet. How to maximize waqf advantages for society empowerment? This is the focus of study. The resultof study shows that wakaf is very important to be the source of capital for empowering umat’seconomy. The way to understand (fiqh}) wakaf must be reformulated. The maximization of produc-tive wakaf needs proper public understanding and good management. That is why that the nadhirmust fulfill moral, managerial, and entrepreneur qualifications. The writer conclude that only troughrevitalizing the role of BWI and the public awareness, the new paradigm of waqf can be realized inIndonesia. Keywords: Productive waqf; Empowerment; Economomic management; Welfare