In Indonesia, one of industries affected by the COVID-19 pandemic is the halal industry, which is dominated by Micro, Small and Medium Enterprises (MSMEs). The position of MSMEs in the national economy is important and strategic because MSMEs are the largest contributor to Indonesian GDP. One of the efforts to overcome the crisis is to use instruments in Islamic social finance. According to Indonesia Waqf Board (BWI), Indonesia has potential for cash waqf, however the realization was much smaller. To resolve the issue, cash waqf linked sukuk (CWLS) is believed to be a potential financing source of Indonesia development. The study explores the possibility of utilizing CWLS return to support Indonesian MSMEs in the halal industry and provide recommendation for improving current CWLS. This is a qualitative study that employs interview and literature review. It is found that there are three main obstacles in CWLS implementation: low literacy of waqf, the lack of promotion from nazir, and the low level of public trust in cash waqf. The researcher proposes three models of CWLS return utilization for Halal industry in Indonesia namely charity model, qard al-hasan model and mudharabah model.