Original story by IFRC media newsroom

An online blockchain application that promotes the traceability and transparency of Islamic social financing has won first prize in a competition organised by the Islamic Development Bank Group and the IE Business School in Madrid.

The application was developed by the global innovation and futures team of the International Federation of Red Cross and Red Crescent Societies and AidTech. It offers individuals and organisations the ability to track their contributions in highly complex humanitarian settings, providing an unparalleled level of transparency, and laying a platform for increased trust between humanitarian agencies and the Islamic social financing world.

We’re proud to receive this award, and we’re excited about the opportunities that it creates. We believe that Islamic social financing, with its shared foundations of social and economic justice, could play a huge role in helping organizations like the Red Cross and Red Crescent to respond to the growing humanitarian challenges we face. Dr. Jemilah Mahmood

Under Secretary General for Partnerships, IFRC

Each year, an estimated US$1 trillion is raised through Islamic social financing. There is increasing awareness that through more effective management and distribution, Islamic social finance can play a major role in bridging the gap between growing humanitarian needs and budgets.

The FinTech Islamic Finance Challenge is a global competition launched in November 2017 that received over 100 project submissions.

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