In recent years, Islamic Wealth Management has become increasingly significant, particularly in countries with a Muslim-majority population, where there is a rising demand for ethical and Shariah-compliant financial practices. This research investigates the modern challenges and strategic options for the growth of Islamic wealth management in Bangladesh. Despite the large Muslim population in the country and a consistently expanding Islamic finance sector, the Islamic Wealth Management industry remains underdeveloped due to institutional shortcomings, inadequate awareness, a limited variety of Shariah-compliant investment products, and regulatory uncertainties. Using a mixed-method approach that integrates expert interviews, policy evaluations, and secondary data analysis, the study highlights major obstacles, including insufficient legal frameworks, a shortage of qualified professionals, and limited public confidence in Islamic financial institutions. Furthermore, the paper looks at successful global practices from countries like Malaysia and the UAE to extract policy insights for Bangladesh. It proposes a comprehensive strategy that encompasses regulatory reforms, capacity building, public awareness initiatives, and the introduction of innovative financial products such as Islamic mutual funds, Takaful (Islamic insurance), and Waqf-based investments. Enhancing the involvement of the central bank and Shariah supervisory boards is also essential for building a robust and resilient Islamic wealth management ecosystem. This research contributes valuable insights to the policy dialogue on Islamic finance and offers practical recommendations for regulators, financial institutions, and investors aiming to harmonize wealth management practices with Islamic principles within the Bangladeshi context.