This article discusses the establishment of a wakaf fund in Malaysia within Syariah and current legal perspectives. The various contemporary modes of creating wakaf and its financial development are highlighted including wakaf shares, cash wakaf, Wakaf Takaful Plan (Pelan Takaful Wakaf), wakaf of sukuk or Islamic bond, wakaf REIT and others. The author also suggests the establishment of a National Wakaf Fund (Dana Wakaf Kebangsaan) which can benefit the nation, particularly the wakaf beneficiaries.