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As a potential financial instrument, waqf has now played an important role in solving the social problems of the Ummah. Although the management of Waqf has long been applied in Indonesia, but it has not had an impact in contributing to the empowerment of the Ummah. This study aims to identify and explore the Muhammadiyah waqf land empowerment model in Magelang and its role for the development of Muhammadiyah Charitable Enterprises (AUM). The method used in this research is descriptive qualitative where research data are obtained through observation and interviews with the Waqf Board of Waqf and Minister of Muhammadiyah Regional Leadership (MWK PDM) Magelang Regency. This study shows that MWK PDM Magelang Regency has managed 306 waqf land until the end of 2018, 95% of which have been used and 5% are still in the form of vacant land. The Islamic investment model for empowering empty waqf land is used by MWK PDM Magelang in the form of leasing and rice field cooperation as well as building business units through cooperation with Islamic financial institutions. The results of this study explain that MWK PDM Magelang has succeeded in making waqf land more productive and has an important role in the development of AUM. This is in line with the main objectives of Muhammadiyah waqf which has been regulated by PP Muhammadiyah through the development and management of Muhammadiyah endowments.