It is observed that financing revenue generating awqaf projects to serve socio-economic development purposes requires considerations and provides opportunities that are different from those of typical development finance. Notably, the positive impact of these projects fully depends on their ability to generate revenue utilizable for social purposes, requiring minimization of the debt burden on such projects. Furthermore, the nature of awqaf projects provides an excellent avenue to attract legacy-conscious donors, looking for long-term impact. In light of these observations, the pertinent question that arises is: what is the impact of using Islamic blended financing to support revenue generating awqaf projects? The literature has been silent on this issue. The present study examines the extent to which this type of financing increases the positive impact of developing awqaf projects and how blending the various Islamic commercial contracts (mainly exchange and sharing contracts with contributory contracts) decreases the net financing burden and makes awqaf financing more concessional. The study is based on a qualitative review of two case studies from the Islamic Development Bank’s Awqaf Properties Investment Fund (APIF). This review leads to various policy recommendations that can be adopted by relevant stakeholders to enhance the impact of developing awqaf properties.