To mobilize new sources of capital to achieve the goals stated in the SDGs, blended finance is one of the most important and new approaches to utilizing public funds. In addition, the blended finance model can also be used to attract private investment. In Islam, blended finance is a way of using public capital or Islamic social funds to increase private sector investment in developing countries to realize the SDGs. Blended finance allows for-profit or non-profit organizations to co-invest with one another while achieving their own goals (social impact, financial return, or a combination of both). This study proposes waqf as a source of funds to be included in the blended finance model and creates investment opportunities in developing countries, especially Indonesia, as a country with the largest Muslim population in the world, which in particular can have a significant development impact on SMEs and those in need. This study contributes to practical discussion on how to maximize the potential of waqf fund and it’s institution through blended finance model for SDGs.