This paper aims to develop the new Waqf Bank (WB) organizational structure model in Malaysia. This paper has employed qualitative methods and exploratory research design on the study overall. This research has a conceptual lens (its research framework) that overlays the semi-structured interviews (data collection method). Semi-structured interviews were conducted with waqf institutions employees, Islamic bank employees, and Muslim scholars to develop the WB structure. This study result reveals the newly developed WB organization structure model applied in Malaysia. When the structure is applied adequately in Malaysia, it allows substantial monetary improvement in the current economic system. This study has profound implications for the Malaysian government and policymakers who look for a solution in empowering Muslim economic development. Therefore, poor Muslims' impact will enhance life quality through the WB financing scheme. The research regarding WB covers a wide range of academic disciplines and a new research area in the academic world. This research area gives significant new findings and developed numerous new theories regarding WB; thus, gives new contribution of knowledge to the academic world.