The issue of investing on Zakah property has remain controversial due to new issues arising and different approach among the school of thoughts. The relationship between Zakah, Waqf and Sadaqah has also been an issue due to its diversity and different aspects underpinning the subject. The possible contemporary ways of utilizing Zakah including investing on the property generated from Zakah is still crucial. Being a controversial issue, the various opinions of both classical and contemporary scholars on the Islamic legal aspect of investing Zakah on property and issues arising will be given proper attention, so as to identify which of them is relevant to contemporary situation of the Ummah and at the same time not in conflict with the objectives of Shariah. The application of wadiah and its concept signifies a major role in our modern Islamic transaction in islamic jurisprudence. This study will evaluate and discuss related issues in fiqh contemplation.