This study aims to determine the model of productive waqf asset management in Islamic boarding schools, and to determine the possible implementation of waqf sukuk in the economic development of pesantren from the point of view of practitioners and academics. This research uses Analytic Network Process ANP method by using literature study, focus group discussion, interview, and questionnaire filling which will then be processed in the Super Decision application. The results of this study are from three pesantren which are the object of research that the model of productive waqf management through pesantren business units managed under pesantren foundations, based on the results of normalization of 47.50% for "begin project" is much higher than "wait and see" and "Halt project" based on practitioners' views. While the normalization results of 53.09% for "wait and see" are much higher than the "begin project" and "halt project" based on the view of academics, as well as the normalization results of all respondents prefer "wait and see" with the results of the normalization practitioners will wait and review the pesantren waqf sukuk model so that it can be implemented in the future. With these results, the researcher suggests that further studies conduct more in-depth research and involve more pesantren to find out the differences in the models of productive waqf management, and in the application of waqf sukuk in pesantren economic development further research is needed and involves the authorities to obtain more accurate results. Keywords: Sukuk, Waqf, Pesantren