UNICEF &IDB Launch first Global Muslim Philanthropy Fund
UNICEF and the Islamic Development Bank (IDB) recently launched an innovative fund that will open new opportunities for Muslim philanthropy to reach the millions of children currently in need of humanitarian support and help achieve the Sustainable Development Goals (SDGs). The Global Muslim Philanthropy Fund for Children (GMPFC) is the first fund focused on Muslim giving to be launched by a United Nations organization together with a Multilateral Development Bank (MDB). The fund will enable multiple forms of Muslim philanthropy, including obligatory giving such as Zakat and voluntary giving such as Sadaqah donations and Waqf endowments, to contribute to emergency response and development programmes.
It is estimated that global annual Zakat contributions alone may reach up to US$600 billion, making this a significant potential source of sustainable funding to help achieve the SDGs. Funding will be allocated to UNICEF and IDB programmes in the 57 Member Countries of the Organisation of Islamic Cooperation (OIC) which have been identified as eligible to receive Muslim giving, uphold UNICEF core values and deliver the greatest strategic impact for children and young people. As a lead investor to the Fund, Abdul Aziz Abdulla Al Ghurair, chairman of the Abdulla Al Ghurair Foundation for Education, committed to contribute US $10 million to the Fund over a three-year period. This commitment will support refugee education programmes in the Middle East and North Africa region.
“Global humanitarian needs are at critical levels and rising,” said Dr. Bandar Hajjar, President of the Islamic Development Bank. “Nearly 184 million people, including 89 million children need humanitarian assistance in 2019. Children are especially vulnerable they face the highest risk of violence, exploitation, disease and bear the brunt of climatic events, be they floods or droughts. That is why we need urgent and innovative solutions such as Islamic finance. We are proud to partner with UNICEF to develop this innovative, ethical and sustainable funding solution. Together we can provide help and assistance today and ensure a brighter tomorrow for those who need it the most our children.”
(Extracted from unicef.org)