New York, USA – A “Global Islamic Refugee Fund (GARF)” was launched with the initial capital of $100 million, on the sidelines of the UN General Assembly’s 77th session in New York.
GARF is supported by UN High Commissioner for Refugees (UNHCR) and the Islamic Solidarity Fund for Development of the Islamic Development Bank.
GARF is a financing tool for the refugee category, in compliance with the provisions and principles of Islamic Sharia, SPA reported.
The fund consists of an endowment account and a non-endowment account, to receive and invest donations per the principles of Islamic finance.
The funds are scheduled to be deposited in a trust account to finance programs as per the needs of refugees 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 UNHCR contributed $50 million to the non-endowment account.
The fund also seeks to mobilize additional capital with a minimum target of $400 million through further donations.
Supervisor General of King Salman Humanitarian Aid and Relief Center (KSrelief), Dr. Abdullah Al Rabeeah, represented Saudi Arabia during GARF’s launch.
Dr. Al Rabeeah said the partnership between the UNHCR and the Islamic Development Bank could help millions of migrants and refugees globally through continuous support.
He added, “Amid increasing numbers of crises around the world, the OIC region contains the largest number of refugees in the world.”
“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 further said.
He noted the GARF is likely to help in achieving this goal as it brings new ways to increase methods of funding, given the world is facing economic crisis and the issue of less donors.
However, he said, GARF’s success depends on the participation of accredited partners and project-based financing with a transparent monitoring process.