Waqf (Islamic perpetual trust) and English charitable trust have some noted similarities in their nature, character and socio-economic implications. Despite emerging and evolving in two different environments, the mechanisms, objectives and functions of Waqf and trust are identical to a great extent. In historical terms, the two institutions have effectively delivered charitable services into a vast number of areas including social welfare, advancement of religion, education, research, development and general well-being. However, in spite of playing an applaudable role in its history, during the last two centuries the experience of Waqf has been diametrically opposed to the experience of trust. During this period, while the trust witnessed consistent progress and prosperity, Waqf suffered persistent downfall and decline.