AAOIFI and UNHCR Come Together to Enhance Islamic Social Finance

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the United Nations High Commissioner for Refugees (UNHCR) have signed a three-year memorandum of understanding (MoU) in an attempt to strengthen collaboration and governance in the area of Islamic social finance. With this initiative, both parties aim to further develop Islamic finance tools for the benefit of vulnerable refugees and internally displaced persons.

Under this MoU, both parties plan to share areas of expertise, develop Zakat governance standards for global humanitarian organizations and establish other areas of Islamic philanthropy for the UNHCR. This will include Waqf, Sadaqah, Sukuk and purification funds, through the...