The purpose of this paper is to analyze the role of Islamic banks as providers of Islamic wealth management product in relation with the enhancement of waqf funds.The authors use qualitative research that refers to the meanings, concepts, definitions, characteristics, metaphors, symbols and descriptions of the matter understudy by employs content and descriptive analysis in order to get finding of the study. The data collection is generated from Islamic sources: Qur’an, Sunnah and some Islamic literatures, and other sources such as books, journals, report documents, magazines and articles from internet. These sources will be put in to coding and analyzed to answer the research problem of study. The role of Islamic wealth management is not only focusing on worldly investment helping the clients’ need, but also hereafter investment. One of the instruments of wealth distribution that can be used for hereafter investment is waqf that helps the clients’ wealth to obtain blessing (barâkah) of Allah. By waqf, Islamic wealth management instrument can accomodate all models of waqf funds from cash waqf, insurance waqf, corporate waqf, etc. There are three options to of putting their wealth in waqf funds, they are: (i) family waqf, (ii) public waqf, and (iii) combination of waqf. All benefits of these waqf can contribute the the development of ummah. This paper is one of the very few conceptual studies concerning the practice of Islamic banking in implementing the product of wealth management for social purposes which is enhancement of waqf funds for the benefit of ummah.