Poverty alleviation has become a buzzword in Bangladesh over the last three decades. Bangladesh has so far implemented five Five-Year Plans and one Two-Year Plan and a Three-Year PRSP Rolling Plan to accelerate economic growth and poverty reduction. Although the intensity of poverty has lessened to some extent, its depth and severity still persist. Instruments such as Micro credit and Safety Net Program have been contributing to poverty alleviation, but it has proved around the globe that these two instruments are not successful in reducing Income Inequality. This call for a new strategy which can reduce poverty and income inequality. In this context, Waqf can be one of the vital alternatives alongside Zakah because early history indicates free education, scholarship, orphanage, free treatment, and inns for nomads as provided by Waqf based institutions. In fact, Zakah and Waqf played the key role in reducing poverty in Islam. At present Waqf based institutions are not growing at a considerable level. But if we really want to do something for the needy and the poor, we have to revive this much needed institution. Therefore, starting a worldwide Waqf movement is indispensable. This paper tries to assess the role of Waqf in reducing poverty in the context of Bangladesh and finally attempts to present an insight as to how it can be revised.