The conservation of historic buildings depends on their physical maintenance as much as it depends upon their protection against external threats resulting from economic forces, the political climate, and human interference. Although physical conservation is what keeps the buildings standing, protecting buildings from these external threats can be considered more important because, without such protection, the buildings might not survive for any maintenance to be performed. To achieve the envisaged protection, proper management techniques are required. This article draws management inspirations from the unique and long-enduring tradition of the Islamic waqf, as practiced in the historic Stone Town of Zanzibar, now a World Heritage Site. The structure of waqf management is examined, along with aspects of finance and building maintenance. It was found that the ability of a management system to evolve according to prevailing conditions can be an effective shield against the external threats mentioned here.