Islamic Finance

U.N. Saudi office to conduct study on Islamic endowments to meet SDGs, address COVID-19

The United Nations Resident Coordinator Office in Saudi Arabia has signed an agreement with the Islamic Corporation for the Development of the Private Sector (ICD) to conduct a study on the potential of Islamic endowments in relation to the achievement of Saudi Arabia’s National Transformation Programme and the U.N.’s Sustainable Development Goals in the Kingdom.

“UNRCO and ICD have identified awqaf as a potential accelerator and a crucial source of sustainable financing for KSA’s Vision 2030, NTP, the UN 2030 Agenda and (SDGs),” the two bodies said in a statement on Thursday (May 7).

The Islamic Corporation for the Development of the Private Sector is part of the Islamic Development Bank Group.

The study will provide a conceptual framework by which awqaf can align with Saudi Arabia’s NTP and the SDGs, estimate the potential contribution of awqaf to the NTPs and the SDGs and provide actionable recommendations to move forward with pilot projects, said the two organisations.

The study will also address the potential for awqaf to respond to the COVID-19 pandemic.

“The socio-economic impact of COVID 19 will hit the most vulnerable people first and awqaf have the potential to make a difference not only in Saudi Arabia but eventually in a number of Islamic countries,” said UNRC’s Nathalie Fustier.

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