Waqf assets in Indonesia have not been managed optimally and productively. A survey states that 74% of waqf managers (nadzir) cannot maximize benefit from waqf. The reason is the limitation on innovation to develop and sustain waqf assets. On the other hand, Indonesian government has suffered from high foreign debt that seeks solution for alternative financing. Sukuk issuance could be a potential linkage between unmanaged waqf assets and government high debt demand. This study discusses the possibility of issuing sukuk based on waqf asset in Indonesia which drives several aspects. This paper adopts research method of benefit, opportunity, cost, and risk both for issuer and investor standpoint that refer to various sources of literature and interviews with respondents consisting of experts, regulators, and practitioners. The results using two-floor level Analytic Network Process show that the priority of benefit aspect is a financing alternative. While for the aspect of opportunity, the main priority is developing more innovative Islamic finance products. The priority of cost aspects is unprofessional asset management of waqf. The priority on aspects of risk is a dispute of endowment assets. For short-term and long-term strategy, the main priority is on creating partnership with other institutions. Contribution of this research is to inform the regulators on the setting of legal aspect when waqf assets used for sukuk financing in particular on the issue of foreign debt.