From its social function, waqf can be a way to a welfare equality, and poverty alleviation in the country if managed properly. From its religious function, waqf will stream its merits as long as the belongings or the properties are used by the people. Islamic scholars told that waqf is strongly advised.
Other than waqf, there are other virtuous acts that we can do to worship while managing finance; zakah, infaq, and shadaqah. The difference between zakah and waqf is, zakah is a liability upon specific belongings in a specific time, for a particular group. Zakah purifies your wealth, is one of the five pillars of Islam, and is expected to be paid by all practicing Muslims who have the financial means. In addition to their zakah obligations, Muslims are encouraged to make voluntary contributions.
Infaq has a wider meaning of zakah. According to sharia terms, infaq means to spend wealth for a certain purpose as guided by Islam. Infaq shall include expiation, donation to the family or some foundation, and so on. Infaq is strongly encouraged, but not an obligation.
In addition to waqf, zakah, and infaq, we can also do shadaqah. It is a voluntary act that involves giving or donating to a person or charity. Shadaqah is not imposed by material things, hence it is subject to no specific rules or condition. We can give shadaqah to anyone, especially those in need.
You can find out more about the benefit and wisdom of performing waqf, and worship as well as managing your finance through waqf.