Baitulmal is normally known as a charitable institution. In Arabic it means house of money or house of wealth. Thus, Baitulmal is a real estate house that manages financial resources and Islamic property for the socio-economic development of Muslims. Historically, it was a financial institution responsible for administering taxes in Islamic states, particularly during the early Islamic Caliphate. The sources of Baitulmal at this time are community property, government property and general property. According to a more common and dominant view, Baitulmal was the first creation during the time of Abu Bakar who succeeded the Prophet in 632. But the scholar said that Baitulmal existed since the time of Rasullullah SAW, when Saidina Umar gained land in Khaibar. Saidina Umar meets Prophet Muhammad SAW to find out what he should do with the land obtained. In the early days of Islam, Baitulmal was neither important nor important. Due to economic development at that time, it was limited and there was not much income for the state, so there was no difficulty in managing it. Baitulmal can be classified by wealth management. Wealth management is an important aspect in Islam. If we do not know the owner of the wealth, we must manage it in the best possible way. Indeed, wealth management is closely linked to the well-being of individuals and society. Successful economies in Malaysia do not only depend on the level of income and expenditure, but also depend on how wealth or properties are managed. This is why wealth management must be done in the best way. In practice, the Baitulmal is responsible for handling religious matters that fall under the jurisdiction of the government, including marriage, waka...... middle of paper .... ...the effective method of collecting the source of Baitulmal and their distribution. And the proper management of wakaf assets can lead to successful planning and implementation of wakaf development for the benefit of Muslims and can benefit the development of Baitulmal. These innovations could also bring better economic development to Muslims and Malaysia as a whole. Al-Quran has already clearly mentioned that Baitulmal is intended for humans to do good deeds for society. In Surah AlHaj 17:77 - “O you have believed, bow down and prostrate yourself, worship your Lord and do good that you may succeed.” After learning that the development of Baitulmal in Malaysia has many important aspects and things, we can also help this development go fast and see that Baitulmal is a thing that has in Islamic principle and has been formed since the time of Rasullullah and Sahabat.