The commercial sector has been dominating the development of the Islamic finance since its emergence. As a matter of fact, Islamic finance has a social sector that is potential to further drive the commercial sector and reciprocally has tremendeous benefits in term of societal welfare to the social sector. This reciprocal relationship could become a potential catalyst for sustainable economic development and also one of Islamic financial deepening efforts. For doing so, project based sukuk with the spirit of real sector development through social sector can be innovated. Particularly, an awqaf linked sukuk with awqaf assets as part of underlying assets is proposed to finance governmental projects and infrastructure development. This paper explores the potential issuance of the awqaf linked sukuk structured through strategic alliance across government institutions and corporates through Public Private Partnership (PPP) to contribute to sustainable economic development and social welfare. It is hoped that the realization of awqaf linked sukuk could become an impetus to the global sukuk issuance within Islamic finance landscape