This study explores the perceptions of trustees and beneficiaries regarding the effectiveness of waqf management in the Kingdom of Saudi Arabia. It aims to understand how those directly involved in the sector evaluate current administrative practices, governance procedures, and institutional performance within the framework of Vision 2030. Waqf, as one of the oldest instruments of Islamic philanthropy, plays a vital role in promoting social welfare and sustainable development. However, its potential in Saudi Arabia has not been fully realized due to managerial, structural, and regulatory challenges that affect the performance of waqf institutions. The study adopts a qualitative approach, using semi-structured interviews with twenty-three participants, including trustees, beneficiaries, and experts in waqf administration. The interviews were carefully transcribed and analyzed using thematic analysis to identify recurring themes and patterns. The findings reveal that while participants recognize the growing attention of the Saudi government toward revitalizing the waqf sector, they express concerns about the lack of standardized governance practices, limited professional training among trustees, and weak monitoring mechanisms. Many participants emphasized the need for greater transparency, accountability, and the integration of modern management tools to enhance operational efficiency. The study further highlights the importance of collaboration between the public and private sectors to increase the economic impact of waqf assets. Beneficiaries, in particular, stressed the need for more effective distribution mechanisms to ensure that waqf resources reach their intended recipients. Moreover, the findings show that trust and community engagement remain central to the success of waqf institutions. Building trust through participatory management and open communication can strengthen institutional credibility and encourage further community contributions.