This study evaluates the impact of a waqf-based microfinance program on clients’ well-being during the COVID-19 pandemic in Indonesia. The research compares the well-being of clients and nonclients of Bank Wakaf Mikro (BWM) Al Kausar using survey data collected from 282 respondents. The findings show that both clients and nonclients experienced improvements in well-being during the pandemic. However, the increase was significantly greater among clients participating in the waqf-based microfinance program. These results suggest that waqf-based financial support can play an important role in improving community welfare and strengthening economic resilience during times of crisis.