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The United Nations Resident Coordinator’s Office (UNRCO) and Islamic Corporation for the Development of the Private Sector (ICD) Announce Formation of Advisory Committee for their Awqaf Research Project

The United Nations Resident Coordinator’s Office (UNRCO) and Islamic Corporation for the Development of the Private Sector (ICD) Announce Formation of Advisory Committee for their Awqaf Research Project

The United Nations Resident Coordinator’s Office (UNRCO) in the Kingdom of Saudi Arabia and the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-IDB.org), announced the launch of their joint initiative’s newly formed advisory committee.

On April 23, 2020, UNRCO and ICD have signed a Letter of Understanding (LoU) to conduct a study on the potential of Awqaf in contributing to the achievement of Saudi Arabia’s National Transformation Programme (NTP) and the United Nations Sustainable Development Goals (SDGs) in KSA.

Today UNRCO and ICD kicked off their first Advisory Committee meeting. The Advisory Committee will play a major role in supporting the direction of the research study as it includes distinguished sustainable Islamic financing leaders whose focus will be to shape and guide the paper while working closely with the chairpersons.

The Committee will be co-chaired by Ms. Nathalie Fustier, United Nations Resident Coordinator, and Dr. Mohammed Alyami, Director Development Effectiveness at ICD.

The chairpersons will oversee the overall process of the research, ensure proper direction to the Advisory Committee and the research consultants, and ensure access to resources.

The Advisory Committee members are:

  • H.H. Princess Nouf Al Saud, CEO King Khalid Foundation
  • H.H. Princess Haifa Al-Mogrin, G20 Development Working Group Chair
  • Mr. Abdulrahman Alaqeel, Deputy Governor, General Authority for Awqaf
  • Dr. Sami Al-Suwailem, Acting Director General, IRTI
  • Dr. Abdelilah Belatik, Secretary General, CIBAFI
  • Dr. Abdullah Turkistani, Dean of Islamic Economics Institute, King Abdulaziz University
  • Mr. Majid Al Asfoor, General Manager for Strategy & Alignment, Ministry of Economy & Planning

The UNRC, Ms. Nathalie Fustier commented: “It is our pleasure to welcome the Advisory Committee and we look forward to engaging with the members over the coming months. The Advisory Committee will be crucial to ensure that the research is solid and produces actionable recommendations.”

Dr. Mohammed Alyami, Director of Development Effectiveness stated: ”ICD is keen to work closely with UNRCO and the Advisory Committee members to conduct a referential research which will

increase the Awqaf potential in the Kingdom of Saudi Arabia; while also assisting in reinforcing the economies of ICD member countries to develop certain vital sectors of economy and support any humanitarian and social action deemed necessary”.

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

About the Islamic Corporation for the Development of the Private Sector:
Established in 1999, ICD (www.ICD-IDB.org) is a multilateral development organization and a member of the Islamic Development Bank (IsDB) Group. The mandate of ICD is to support economic development and promote the development of the private sector in its 55-member countries through providing financing facilities (i.e PPP financing)and/or investments (i,e Private Equities investments) in viable projects sponsored by eligible enterprises in accordance with the principles of Shari’ah. ICD also provides technical assistance and advisory services to member countries and their public and private enterprises with a view to improving the environment for private investment, facilitating the identification and promotion of investment opportunities, privatization of public enterprises and the development of the Islamic capital markets. ICD applies Fintech to make finance more efficient and inclusive. Financial services institutions in the member countries will benefit the most from fintech innovations using AI, robotics, blockchain, data analytics and cloud service. ICD set up a platform which was built and centered on ICD relationship with 119 Financial Institutions. Through them, the IsDB Group in general and ICD in particular would leverage access to the country and avail financing opportunities. The platform allows like-minded financial entities to collaborate on business opportunities, exchanging market intelligence and laying a foundation for actual financial transactions within the OIC member countries and across borders. For more information about ICD, visit www.ICD-IDB.org.

About UNRCO:
In Saudi Arabia, the United Nations is represented by 22 agencies, funds and specialised programmes. The country team (known by its acronym UNCT) is made up of representatives of these organisations. As head of the country team, the UN Resident Coordinator (RC) guides and supports the work of the UNCT, ensuring effective coordination and cooperation across the mandates of each organisation.

As the main support structure for the activities of the Resident Coordinator and the country team, the Office of the Resident Coordinator (RCO) strengthens the joint activities of the United Nations system in the Kingdom of Saudi Arabia. Its purpose is to maximise, in a coordinated manner, the work of the United Nations so that the system can provide a collective, coherent and integrated response to national priorities and needs, within the framework of the Sustainable Development Goals and other international commitments.

Islamic Corporation for the Development of the Private Sector (ICD)
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