UNHCR, the UN Refugee Agency, and Bait Al-Mashura Financial Consultations (Al-Bait) signed a 3-year Memorandum of Understanding (MoU) to lay a foundation for a long-term partnership between both parties, to raise awareness about the impact of Islamic Philanthropy through the utilization of Islamic social finance tools, such as Zakat, Sadaqah, Waqf, and Sukuk, for the benefit of the most vulnerable forcibly displaced persons worldwide.
In 2019, UNHCR launched its Refugee Zakat Fund, a trusted, Shariah compliant and efficient distributor harnessing the power of Zakat and Sadaqah to respond to the humanitarian needs of the most vulnerable refugees and internally displaced people. Since its piloting, the Fund has assisted more than 8 million beneficiaries in 28 countries, with a 100% Zakat distribution policy, aligning with 17 fatwas UNHCR has received from leading Islamic jurisprudential academies.
“We very much welcome the signing of this landmark MoU with Bait Al-Mashura, capitalizing on their extensive expertise in Islamic Finance in the MENA region. With an unprecedented projection number of forcibly displaced people in 2024 exceeding 130 million globally, the support we receive from Islamic institutions is vital to strengthen our ability to respond to the growing humanitarian needs of forced displacements in MENA and worldwide”, said Ahmed Mohsen, UNHCR Representative to the State of Qatar.
On his part, Dr. Osama Qais Al Dereai, CEO of Bait Al-Mashura, commented on the first MoU with UNHCR, and said: “This agreement comes within the framework of social responsibility and common goals that bring together Bait Al-Mashura, as an advisory and supportive institution for Islamic financial work, and the United Nations High Commissioner for Refugees, in light of the widening humanitarian tragedy experienced by the region that requires concerted efforts to support charitable work, activate Islamic social financing tools, and benefit from shared experiences to bridge the growing gap between emergency needs and limited funding sources, by expanding and innovating Islamic financial products that reach the boundaries of institutions, individuals and communities.”
Given its track record in Islamic finance and Shariah compliant financial practices and auditing, Al-Bait is collaborating with UNHCR in the aim to exchange information and share knowledge that benefits both organizations in Islamic Philanthropy, particularly through UNHCR’s Refugee Zakat Fund and the Global Islamic Fund for Refugees, in addition to collaboration in the development of new areas of Islamic Philanthropy and individual giving, represented by financial products that promote charitable work and raise public awareness.
FOR MORE INFORMATION PLEASE CONTACT:
Khaled Kabbara
Communications Officer- GCC Countries
+971 50 641 0868
[email protected]
Share on Facebook Share on Twitter