To Enhance Islamic Social Finance AAOIFI And UNHCR Sign An MOU For Joint Initiatives And Collaboration

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To Enhance Islamic Social Finance AAOIFI And UNHCR Sign An MOU For Joint Initiatives And Collaboration

In a bid to enhance collaboration as well as governance in the area of Islamic social finance, the UN Refugee Agency, UNHCR and also the Accounting as well as Auditing Company for Islamic Financial Institutions (AAOIFI) authorized today a three-year memorandum of understanding (MoU). This effort marks the beginning of a long-lasting collaboration in between both events, with the goal of more establishing Islamic finance devices for the benefit of the world's most at risk refugees and also internally displaced persons (IDPs).

AAOIFI, leading the global standardization and harmonization of global Islamic finance practices and financial coverage, is teaming up with UNHCR to exchange areas of know-how, create Zakat governance requirements for global humanitarian organizations and also create various other areas of Islamic Philanthropy for UNHCR. This will certainly consist of Waqf, Sadaqah, Sukuk and purification funds, with producing pertinent avenues for Islamic banks to engage with UNHCR. Building awareness through the joint organization as well as organizing of seminars and also forums on locations of mutual rate of interest is likewise part of the collaboration.

"Collaboration and also partnerships with banks as well as Islamic money framework organisations such as AAOIFI is at the core of UNHCR's Refugee Zakat Fund engagement strategy. No effect can be attained otherwise in action to the global variation crisis impacting over 70 million individuals today", stated Mr. Khaled Khalifa, UNHCR's Senior Advisor on Islamic Finance and Regional Representative to the Gulf Cooperation Council Countries.

"We significantly welcome the finalizing of this spots MoU with AAOIFI, taking advantage of their substantial expertise in Islamic finance, especially due to COVID-19 outbreak that is impacting refugees that stay in largely populated camps or bad metropolitan areas. This pandemic is an emergency on top of an emergency situation", included Mr. Khalifa.

Talking about its first MoU with a United Nations company, AAOIFI's Secretary General, Mr. Omar Mustafa Ansari stated: "We delight in to get started with UNHCR on this deliberate journey, which can tailor Islamic social finance devices for the advantage of the world's refugees. We eagerly anticipate building a critical collaboration to involve Islamic banks and also other industry gamers in the international humanitarian reaction to sustain refugees".

In 2019, and also after a two-year pilot, UNHCR released its Refugee Zakat Fund, a relied on, certified as well as effective supplier using the power of Zakat to change the lives of the most vulnerable refugees as well as IDPs, including in tough to reach areas. In 2014 alone, the Fund assisted greater than 1 million beneficiaries in Jordan, Lebanon, Iraq, Egypt, Mauritania, Yemen, Bangladesh and Malaysia. This year, the Fund continues to profit from partnerships to double this impact, especially amidst a global COVID-19 emergency situation.