Waqf is an essential component of the Islamic economic instrument that is firmly considered to be capable of resolving socio-economic issues, primarily in the effort to eradicate poverty caused by a lack of income and work. Based on the analysis of the semi-structured interview, this study seeks to investigate the role of the Waqf Board of Sri Lanka and the challenges and issues arising in managing waqf assets. The review of the literature contributed to constructing its theoretical structure. The findings reveal several shortcomings in the administration of waqf assets, including insufficient skilled human resources, lack of utilization of waqf assets, unawareness of the community on waqf, misuse of the waqf assets, and shortage of transparency and accountability. Hence, the study proposes that the proper management of the waqf assets would be sufficient to meet most if not all the needs of the community to a significant extent. The findings will be beneficial to waqf managers and will help enhance waqf institution administration and management. The findings will be beneficial to waqf managers and will help enhance waqf management.