: The Dynamics of Waqf (Endowment) in Islamic Legal Thoughts, Law and Regulation in Indonesia and in Muslim Countries. Throughout the history of Islamic civilization, waqf has become a sizeable and significant contribution to the development of Muslim society. In Indonesia, the rules governing the matter of endowment refers to the Islamic values that are tailored to local cultures and traditions. This adjustment resulted in a slight difference between the four classical schools of Islamic law and Indonesian-style Islamic law contained in the Compilation of Islamic Law (KHI). This article tries to explore the difference as available in the provisions of Act No. 41 of 2004 on Waqf as well as in the Government Regulation No. 42 of 2006 on the implementation of Law No. 41 of 2004