Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Global Islamic Refugee Fund Launched with Initial Capital of $100 Million

×

Warning message

  • The subscription service is currently unavailable. Please try again later.
  • The subscription service is currently unavailable. Please try again later.
  • The subscription service is currently unavailable. Please try again later.

Global Islamic Refugee Fund Launched with Initial Capital of $100 Million

Sunday, 25 September, 2022 - 10:30
The Global Islamic Refugee Fund (GARF) is launched on the sidelines of the 77th UN General Assembly’s in New York. (SPA)

Advisor at the Saudi Royal Court and Supervisor General of King Salman Humanitarian Aid and Relief Center (KSrelief), Dr. Abdullah Al Rabeeah took part on Saturday in the launch of the Global Islamic Refugee Fund (GARF) on the sidelines of the 77th UN General Assembly’s in New York, reported the Saudi Press Agency.


The fund was launched with the support of the UN High Commissioner for Refugees (UNHCR) and the Islamic Solidarity Fund for Development of the Islamic Development Bank with an initial capital of $100 million,


Delivering a speech at the inauguration ceremony, Dr. Al Rabeeah hailed the partnership between the UNHCR and the Islamic Development Bank to help millions of people around the world, who have been forcibly displaced from their homes, through which they have provided effective and continuous support to refugees, displaced persons, and host communities.


“Amid increasing numbers of crises around the world, the OIC region contains the largest number of refugees in the world, and we all realize and bear the responsibility that we have to provide everything that refugees and displaced people need to live a safe, healthy and decent life,” he added.


He stressed that GARF will help achieve this humanitarian goal, and, given the significant economic challenges the world is facing, and the limited donor base, there is no better time than now to introduce innovative ways to increase funding modalities.


However, he said the success of this fund depends on the participation of accredited partners and project-based financing with a clear and transparent monitoring process.


GARF complies with the principles of Islamic Sharia. The fund consists of an endowment account and a non-endowment account, to receive and invest donations according to Islamic finance. Proceeds are deposited in a trust account to finance programs responding to the needs of refugees, displaced persons, and their host communities in the member countries of the Islamic Development Bank.


The Islamic Solidarity Fund for Development contributed $50 million to the endowment account, and the UNHCR contributed $50 million to the non-endowment account, as initial capital for launching this initiative. The fund also seeks to mobilize additional capital with a minimum target of $400 million by opening the door for donations.


Editor Picks

Multimedia