AAOIFI And UNHCR sign an MoU for joint initiatives and collaboration to enhance Islamic social finance

Dubai, United Arab Emirates, June 14, 2020 - In a bid to strengthen collaboration and governance in the area of Islamic social finance, the UN Refugee Agency, UNHCR and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed today a three-year memorandum of understanding (MoU). This initiative marks the beginning of a long-term partnership between both parties, with the aim of further developing Islamic finance tools for the benefit of the world’s most vulnerable refugees and internally displaced persons (IDPs).

AAOIFI, leading the global standardization and harmonization of international Islamic finance practices and financial reporting, is collaborating with UNHCR to exchange areas of expertise, create Zakat governance standards for international humanitarian organizations and develop other areas of Islamic Philanthropy for UNHCR. This will include Waqf, Sadaqah, Sukuk and purification funds, through creating relevant avenues for Islamic banks to engage with UNHCR. Building awareness through the joint organization and hosting of seminars and forums on areas of mutual interest is also part of the collaboration.