Geneva, 09 February 2018— An online blockchain application that promotes the traceability and transparency of Islamic social financing has won first prize in a competition organized by the Islamic Development Bank Group and the IE Business School in Madrid.
The application was developed by the global innovation team of the International Federation of Red Cross and Red Crescent Societies and AidTech. It offers individuals and organizations 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 organizations and the Islamic social financing world.
“We’re proud to receive this award, and we’re excited about the opportunities that it creates,” said Dr Jemilah Mahmood, IFRC’s Under Secretary General for Partnerships. “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.”
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.