IslamicFinance.de

A meeting of the 58th session of the Permanent Council of the Islamic Solidarity Fund of the Organization of Islamic Cooperation reviewed the current financial situation of the Fund and the projects it is executing for member states and Muslim communities in non-OIC member states. OIC Secretary General Iyad Ameen Madani called for the mobilization of support for the ISF to overcome the limitation of resources in the face of growing needs, adding that many humanitarian issues were awaiting the attention of the Fund. He called for the establishment of a work group to identify projects for the ISF and unify efforts. The ISF has so far built 2,418 projects at a cost of $207 million in 130 countries throughout the world.

According to a recent report, the African Charitable Society for Mother and Child Care has signed an agreement which allows access to USD 100,000 from the Islamic Solidarity Fund. The Palestinian fund serves the purpose of elevating the living standard of Muslim people around the world. The money will be used for the establishment of 225 microfinance projects which will support widows and poor women in the outskirts of the capital city of Khartoum. No information is available on whether the financial help is a loan or a grant.