IsDB Group member Islamic Research and Training Institute (IRTI) is working on the Ish’had platform, an e-platform which uses blockchain technology to document and protect Waqf properties.
This comes as the IsDB confirmed it will be supporting development projects in Medina. Dr Bandar Hajjar, the president of IsDB Group, said that the Awqaf Property Investment Fund has agreed to fund the Al-Bayan Charitable Foundation for Education in Medina with an estimated US$8.8 million.
The IsDB has also established a special Waqf fund similar to the Global Fund, with a capital of SAR1 billion (US$266.05 million) to invest in economically and financially feasible Waqf projects, including in Medina. Dr Bandar invited the Waqf institutions and private sectors to be involved in this project, and the IsDB has opened subscriptions to the fund with an estimated contribution of SAR100 million (US$26.6 million).
The bank will also be establishing a Global Waqf Centre of Excellence in Medina with a capital of US$50 million, with the aim of linking and coordinating all those interested in Waqf. IRTI will launch the first initiative of the Waqf center by granting an approved certificate of Waqf specialist in partnership with a prestigious international university that specializes in charitable actions.
The IsDB is also cooperating with the Ministry of Human Resources and Social Development to establish a fund focusing on the development of the tertiary sector, social investment and economic empowerment in Saudi Arabia.