IslamicFinance.de

The International Zakat Organisation ('IZO'), an important new charitable body of the Organisation of The Islamic Conference ('OIC'), announced its selection of The BMB Group to lead a new global charitable initiative which promises to be the largest in the Islamic world.

The proposed Global Zakat & Charity Fund would be over USD 3 bn in size and will manage charitable funds to address needy causes in the world.

The Fund will invest in community development projects with an emphasis on sustainability. The four major areas to be targeted are: (1) income generation through the provision of private equity investments to small and medium enterprises, (2) development of social enterprise through the establishment of hospitals, educational institutions and housing developments (3) development of agricultural and other vital infrastructure and (4) the provision of relief and emergency funding.

Mat Hassan Esa is the CEO of International Zakat Organisation.
Dr Humayon Dar is the CEO of BMB Islamic.
BMB appoints David Gibson-Moore as Managing Partner.