IMPACT INVESTING FOR THE SUSTAINABLE DEVELOPMENT GOALS (SDGS):

A NEW CHAPTER FOR ISLAMIC FINANCE

Module 4:
Islamic Financial Instruments and Mechanisms for Impact Investing
DISCLAIMER

This is a non-binding document. The findings, interpretations and conclusions expressed in this study are those of the
authors and should not be attributed to the United Nations Development Programme, to its affiliated organizations or to
members of its Board of Executive Directors or the countries they represent. The views also do not necessarily represent
the official stance of the Islamic Development Bank or its Executive Directors and the countries they represent.

Moreover, the views expressed do not necessarily represent the decision or the stated policy of the United Nations
Development Programme, nor does citing of trade names or commercial processes constitute endorsement. The
designations employed and the presentation of material on the maps in this publication do not imply the expression of
any opinion whatsoever on the part of the Secretariat of the United Nations or UNDP concerning the legal status of any
country, territory, city or area or its authorities, or concerning the delimitation of its frontiers or boundaries

Module 4: Islamic Financial Instruments and Mechanisms for Impact Investing

Module Outline

I Shared aspirations between Islamic Finance & Impact investing

II Mapping SDGs into Maqasid al Shariah

III Performance of Islamic financial services industry

IV Potential role of Islamic finance instruments in impact investing

2/46
Module 4: Islamic Financial Instruments and Mechanisms for Impact Investing
Part I:
Shared aspirations
between Islamic Finance
& Impact investing
Key Features of Islamic Finance

Banking and finance needs

Fiqh al-Muamalaat contracts

Shariah sources
– Musharaka - Partnership
– Quran
– Mudaraba - Partnership
– Sunnah
– Murabaha - Purchase-resale
– Ijma’ (jurist consensus) Shariah filter
– Ijara - Lease
– Qiyas (analogy)
– Istisna’ - Manufacturing contract
– Ijtihad (reasoning)
– Salam - Forward sale

Islamic banking and finance solutions

Key Features

• Prohibition on: • Prohibition of certain investments: • Asset-backed • Credit and debt • Profit & risk
– Interest − Sectors (e.g.: alcohol, armaments, transactions with products are sharing
gambling, pork, tobacco) investments in discouraged instruments are
– Speculation − Instruments (e.g. no forward real, durable encouraged
– Gambling transactions, limited option use, no assets
derivatives, short-selling)

Source: Adapted from ‘Islamic Finance: Relevance and Growth in the Modern Financial Age’, Presentation by Iqbal Khan at LSE (2007)

Module 4: Islamic Financial Instruments and Mechanisms for Impact Investing

Islamic Finance: Value proposition

– Synthesis of Islamic law – Widens ownership

and contemporary base of society
finance – Offers “success with
– Community banking: Client authenticity”
Fulfils
serving communities, not affinity aspirations
markets
– Builds
systematic
checks on
– Ethical financial
investment Parallel providers
Responsible
– CSR
trends
finance – Restrains
initiatives consumer
indebtedness

Inclusive – Stability from linking

Alternative financial services to the
proposition paradigm
– Open to all-faith clients productive, real economy
– Available to Islamic and – Moral compass for
conventional issuers capitalism

Islamic finance is more than financial contracts

Source: Adapted from ‘Islamic Finance: Relevance and Growth in the Modern Financial Age’, Presentation by Iqbal Khan at LSE (2007)

Module 4: Islamic Financial Instruments and Mechanisms for Impact Investing

Conventional Finance: Too much of the wrong sort of debt?

100% = GBP1,600

14% Business non-real estate

14% Commercial real estate

65% Residential Mortgages

7% Consumer Credit
Categories of Bank Lending in the United Kingdom (2012)

Is financial intermediation really allocating capital efficiently in the economy, in line with the text book definition?
Source: Between Debt & Devil, Adair Turner (2016)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Credit & Asset Price Cycle

Increased
credit
extended

Increased
borrower demand
for credit Increased
asset prices

Increased lender
supply of credit Expectation of
future asset
price increases

Favorable Low credit losses:

assessment of - High bank profits
credit risk - Confidence reinforced
- Increased capital base

Source: Between Debt & Devil, Adair Turner (2016)

Module 4: Islamic Financial Instruments and Mechanisms for Impact Investing

Islamic Finance: Emphasis on real economy linkage

Investment linked to real

economic activities

Promotion of risk sharing

Financial sector growth

harmonious with “broad”
real sector growth

Restrict excessive
financing to purchase of
existing assets

Contains inflation, credit

fueled growth & volatility

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Part II:
Mapping SDGs into
Maqasid al Shariah
Love for Money & Money alone...

When the dinar and the dirham were first minted in

the form of metal coins, Iblis the accursed held them
happily. He then placed them over his eyes and said to
them, ‘You are the fruit of my heart and the delight of
my eyes; through you, I will derive people to become
tyrants. I will cause them to become disbelievers and
lead them to Hell. I accept from the son of Adam if he
would only become attached to you, and worship
you, and that’s even if he would become indifferent to
the remainder of pleasures of this world.
Ibn Abbas*

* Source: Heaven’s Bankers, Haris Irfan (2014)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Maximizing Shareholder Value

• Should the goal of an investment be only to maximize shareholder value?

• What about other stakeholders in the society?
• Should we care about associated negative externalities?
• A holistic approach demands shareholder value incorporating positive social impact

• Seizing the new

Maximize investment opportunities
the return to increase the RoI
on • Financial economy got
investment bigger than real economy

Shareholders/
Investors Trickledown did not
happen – Rich have
become more rich
• The wealth effect will be Society at large is
Trickledown trickled down and improve losing as the focus is
effect the overall financial on RoI
conditions of public

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Impact Investing?

Impact investing refers to investments "made into companies, organizations, and funds with the
intention to generate a measurable, beneficial social or environmental impact alongside a
financial return."

The Impact Investment Spectrum

Module 4: Islamic Financial Instruments and Mechanisms for Impact

What is Maqasid Al Sharia?
The Maqasid (plural of maqsad) refers to the aims, higher intents, objectives, purposes, goals and
principles of Shari’ah. These have been classified into two broad categories.
1. Promotion of the common good and benefit (maslaha)
2. Avoidance and protection from harm (mafsada)

The traditional classification has been to divide the maqasid according to three “levels of necessity”…

1. Absolute necessities
2. Needs (hajiyyat)
(daruriyyat)
These are the objectives which
are must and basic for the
establishment of welfare in this
world in the sense that if they are
ignored then the coherence and
order cannot be established and
fasad (chaos & disorder) will
prevail in this world
3. Luxuries (tahsiniyyat)
All such provisions of Shari'ah
which aim at facilitating life,
removing hardship are said to
fulfill the hajiyyah (requirements)
e.g. permission of hunting and
use of halal goods for food,
lodging, and conveyance
Shari'ah beautifies life and puts
comforts into it. There are several
provisions of Shari'ah which are
meant to ensure better
utilization, beautification and
simplification of daruriyyah and
hajiyyah. e.g. permission to use
beautiful, comfortable thing, to
eat delicious food

Module 4: Islamic Financial Instruments and Mechanisms for Impact

What is Maqasid Al Sharia?

Absolute necessities (daruriyyat) refers to five aspects…

1. DEEN – Protection of Faith/Religion e.g. issues on apostasy and shirk

2. NAFS – Protection of Life e.g. defending your life when threatened

3. AQAL – Protection of Intellect e.g. avoiding intoxication, substance abuse

4. NASAB – Protection of Lineage/Progeny e.g. institution of marriage

5. MAAL – Protection of Property/Wealth e.g. stealing, armed robbery

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Islamic Finance Principles – Goal Orientation

• Dignified treatment of individuals

A financial • Preservation of self-esteem and contentment in
system that life
• Links finance to economic activity by addressing
provides Distributional concerns
protection of • Does not burden the future generations with the
waste of the present generation
wealth, • Preserves the wealth and reduces financial crises
progeny, and by avoiding excessive debt
• Promotes mutual cooperation
life • Preserve society’s wealth from waste and loss

16
Module 4: Islamic Financial Instruments and Mechanisms for Impact
Objectives of Sharī‘ah and SDGs

Maqāṣid al-Sharī‘ah is a Whatever ensures the
systematic approach that safeguarding of the five
attempts to address human elements: faith (dīn), lives
welfare and wellbeing in a (nafs), intellect (‘aql),
comprehensive and a posterity (nasl),and wealth
systemic manner. (māl) serves public interest
and is desirable
17 SDGs are important for the
world community and for the
Muslims as well because:
• they are good in
themselves,
• not in direct conflict with
Islamic percepts, and
• have been agreed by world
community in general.

17
Module 4: Islamic Financial Instruments and Mechanisms for Impact
Module 4: Islamic Financial Instruments and Mechanisms for Impact
Mapping SDGs into Maqasid al Shariah (1/4)

Life Faith Intellect Progeny Wealth

Life Faith Intellect Progeny Wealth

Life Intellect Progeny

Intellect Faith Life Wealth Progeny

(Adapted from Syed Ali: 2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Mapping SDGs into Maqasid al Shariah (2/4)

Life Faith Progeny

Life Faith Progeny

Life Wealth Progeny

Wealth Life Progeny Faith Intellect

(Adapted from Syed Ali: 2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Mapping SDGs into Maqasid al Shariah (3/4)
Wealth Life Progeny Faith Intellect

Wealth Life Progeny

Life Wealth

Life Wealth Faith Progeny

(Adapted from Syed Ali: 2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Mapping SDGs into Maqasid al Shariah (4/4)
Life Progeny Wealth Faith

Life Progeny Wealth Faith

Life Progeny Wealth Faith

Life Wealth Progeny Faith Intellect

Wealth Life Faith

(Adapted from Syed Ali: 2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Part III:
Performance of Islamic
Financial Services
Industry
Global Islamic Finance Industry Landscape

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Finance Industry Landscape

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Banking Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Banking Overview

Source: Islamic Finance Stability Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Banking Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Banking Overview

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Banking Overview

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Takaful Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Takaful Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Sukuk Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Sukuk Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Funds Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Global Islamic Funds Overview

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Islamic Finance Sector – Way Forward

• Need to position in the digital transformation in light of emerging technologies which will have
strategic impact on the evolution of global financial landscape.

• Continuing trend of consolidation with the industry, with major mergers and acquisitions taking
place in the GCC and Malaysia

• Africa is a potential growth market and will be interesting to follow developments in the
coming years

• SDG/ESG linked Sukuk should gain more traction

• Need to sharpen the differential advantage and reinforce the core strengths of Islamic finance
which promotes risk sharing, linkages to real economy and financial resilience

Source: Islamic Finance Development Report (2018)

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Part IV:
Potential role of Islamic
finance instruments in
impact investing
Awqaf Properties Investment Fund (APIF): IsDB’s signature impact fund…

• The Awqaf Investment Properties Fund (APIF) Was established in 2001 and is managed by IsDB (the Mudarib). As
of YE2018, APIF has a paid up capital of US$ 79.9 million in addition to a line of financing from IsDB of US$ 100
million. It has 15 shareholders, including IsDB and several Awqaf organizations as well as Islamic banks

• Its main purpose is to revive the Islamic sunnah of Waqf through the development/ improvement of Awqaf
properties with the aim of increasing and sustaining their returns which are used to contribute to the
economic development of the Ummah

• Beneficiaries of APIF financing are Waqf organisations in IsDB’s MCs & non-MCs. In MCs, the projects benefit
from IsDB tax shield

• As of year end 2018, APIF’s portfolio includes 55 completed or active projects having an aggregate value of US$
1.04 billion in about 35 countries. In these projects, IsDB’s contribution is US$ 161 million from APIF, US$ 233
million from APIF Line and US$ 89 million from other funds whereas beneficiaries contributed US$ 556 million,
largely as value of land for the project

• Investors/shareholders have been paid a regular dividend of at least 2.5% p.a. since inception besides having
IsDB’s guarantee to buy shares to buy 50% shares at prevailing NAV

• Total land pledged by sponsors/beneficiaries of APIF projects stands at 416,340 square meters. Once the lands
are fully-developed and transformed into income-generating properties, the total built-up area will of 839,377
square meters

Module 4: Islamic Financial Instruments and Mechanisms for Impact

APIF: Select Investors
Total Subscription by 15 Participants – US$ 79.9 million

Ministry of Islamic Affairs, Awqaf Islamic Development Bank OIC-Solidarity Fund

& Dawah, KSA
US$ 29.5 M US$ 15.51 M
US$ 7.50 M

Kuwait Finance House, Kuwait

Kuwait Awqaf Public Foundation US$ 5.0 M
US$ 5.0 M

Faisal Islamic Bank, Egypt Iran Endowments Reclamation &

Development Institute
US$ 4.0 M
US$ 2.90 M

Module 4: Islamic Financial Instruments and Mechanisms for Impact

APIF: Select Investors

Jordan Islamic Bank, Jordan

Arab Islamic Bank, Palestine Ministry of Awqaf & Islamic
US$ 1.00 M Affairs, Jordan
US$ 1.00 M
US$ 1.00 M

Tadamon Islamic Bank, Sudan AlBaraka Islamic Bank, Bahrain

Bahrain Islamic Bank, Bahrain
US$ 1.00 M US$ 1.0 M
US$ 1.0

Amanah Raya Berhad, Malaysia Social Islami Bank, Bangladesh

US$ 1.00 M US$ 3.50 M

Module 4: Islamic Financial Instruments and Mechanisms for Impact

Project Cycle for APIF Financed Projects
Project Cycle for Waqf Projects

Identification and Legal Clearance Concept Clearance Preparation &

Official Request Appraisal

Approval of IDB
Management

Signing of Financing
Agreements

Completion & Implementation & Declaration of

Post Evaluation
Closure Disbursement Effectiveness

42
Module 4: Islamic Financial Instruments and Mechanisms for Impact
Types of Projects financed
Typesbyof
APIF
Projects financed by APIF
• Residential buildings (service, furnished and residential apartments).

• Commercial buildings (office blocks, commercial centers, shopping malls)

• Mixed-use development

• Projects may be:

✓ new construction
✓ extension /rehabilitation of existing buildings
✓ purchase of existing buildings and converting them into waqf properties.

43
Module 4: Islamic Financial Instruments and Mechanisms for Impact
General Terms of APIF Financing
General Terms of Financing
• Modes of financing: Leasing, Istisna’a, Murabaha, Diminishing Participation, BOT

• Financing Amount: US$5.0 to US$ 15 million

• Terms of financing: Up to 15 years including gestation period

• Collateral Security: sovereign, mortgage, bank guarantee, etc.

• Pricing
➢ Fixed: Between 5-7% per annum
➢ Variable: Floating rate linked to LIBOR with a floor & a ceiling

28
Module 4: Islamic Financial Instruments and Mechanisms for Impact
Essential Documents for Processing Waqf Projects

• Official request for financing and Letter of Recommendation

• Waqf Deed (or Articles of Association of the Charitable NGO /Trust)
• Detailed Information on the Waqf (or Trust/NGO) including profiles of the
Nazer/Mutawalli (trustees) and its administration, activities, operations and investment
• Audited Annual Accounts of the Waqf (or Trust/NGO) for the past 3-5 years
• Copy of the Land Deed showing ownership by the Waqf (or Trust/ NGO) and the land is
free from encumbrances. Land should be located in prime location

45
Module 4: Islamic Financial Instruments and Mechanisms for Impact
Essential Information for Due Diligence

• Local Laws and Regulations on Waqf, Trust, NGOs

• Land and Property Law and Regulations

• Tax Law and Regulations

• FDI and Repatriation of Funds

• Property Law and Regulations

• Detailed feasibility study covering all aspects of the project, i.e. economic,
market, financial, legal and technical

• Land/Assets Valuation Report from Real Estate Experts

46
Module 4: Islamic Financial Instruments and Mechanisms for Impact
APIF Projects: Geographic Spread Terms of Financing
General

Project Dispersion (by approvals) Approvals MCs vs NMCs

North America Oceania
6% 2%
NMCs
25%

Africa
35%

MENA
36%

MCs
75%
Asia
Europe 11%
10%

28
Module 4: Islamic Financial Instruments and Mechanisms for Impact
APIF Projects: Geographic Spread Terms of Financing
General
Total Value of projects by Country (US$ Million)
USA 126.87
UAE 93.91
Guinea 76.3
Malaysia 76
Saudi Arabia 75.39
Iran 68.53
Sudan 64.55
Indonesia 48
Kuwait 37.139
Uganda 33.87
Bangladesh 32.1
Benin 27.4
Switzerland 27
Niger 26
Lebanon 21.75
Sri Lanka 19.5
Fiji 18
Uganda 15.82
Bosnia & Harzegovina 15
Kenya 13.4
Macedonia 13.33
Mauritania 12.3
Djibouti 11.57
Qatar 11
Congo 10.6
Malawi 7
Kosovo 6.4
Albania 6
Maldives 5.64
0 20 40 60 80 100 120 140

28
Module 4: Islamic Financial Instruments and Mechanisms for Impact
APIF Projects: Type of Beneficiaries
General Terms of Financing

Health Youth
4% 4%

Relief and
charities
32%
Awqaf and
Religious
29%

Education
31%

28
Module 4: Islamic Financial Instruments and Mechanisms for Impact
APIF : High-Level Business Model Terms of Financing
General
Principal Repayment
+ Profit
Security Residual
Beneficiary
Package rental income

APIF

Financing Project
APIF Line
Building

Co-financiers Rental
Land Income

Phase I: Phase II:

Waqf Deed Phase III: Repayment
Pre-construction Construction

PMU Contractor
Waqf Board/ Property
Land Registry * Civil Works Impact
Design & * Electro-mechanical Management
Monitoring
Supervision Works Services - O&M
Consultant

~ 3 Years ~ 12 Years
28
Module 4: Islamic Financial Instruments and Mechanisms for Impact
 Waqf Office Tower in Chittagong, Bangladesh

Beneficiary: International Islamic University of

Chittagong
Project Cost: US$ 5.5 M
Mode of Financing: Leasing
Opening the doors for needy students to brighten their
future!

IDBG INPUTS OUTPUTS

Financing: US$ 4.0 M Waqf Office Tower in

Chittagong

IMPACT OUTCOMES
Contribution to • Financial assistance
increase in literacy to 250 students for
and economy of accommodation,
Bangladesh food, books, etc.
• 30 university staff
already obtained
PhD
 Extension And Renovation Of Bazerkan Commercial
Center– Beirut, Lebanon
Beneficiary: Makassed Philanthropic Islamic
Association, Lebanon
Project Cost: US$ 21.5 M
Mode of Financing: Leasing

Serving the community since 1878!

IDBG INPUTS OUTPUTS

Financing: US$ 5.0 M Extension And

Renovation Of Bazerkan
Commercial Center

IMPACT OUTCOMES
• Supporting community
Contribution to the in education, health
socio-economic and social services: 45
development of the schools, university,
underprivileged vocational college,
segment of the hospital serving 65,000
society. patients annually
• Maintenance of 3
cemeteries etc.
 AlMagzoub Commercial & Residential Complex - Sudan

Beneficiary: Almagzoub Organization - Sudan

Project Cost: US$ 9.50 M
Mode of Financing: Leasing

Changing the lives of underprivileged strata of society

IDBG INPUTS OUTPUTS

Financing: US$ 7.5 M AlMagzoub Commercial &

Residential Complex

IMPACT OUTCOMES
• Supporting 3,300 students
Contribution to the in memorizing Quran in a
socio-economic and scientific manner
human development • Sponsoring 1,000 orphans
through education & • 200 Vocational training
capacity building internees
• Rehabilitation of prisoners
• Medical Education
 Waqf Building Project in Al-Madinah Al-Munawwarah –
Kingdom of Saudi Arabia
Beneficiary: Al-Madinah Al-Munawwarah Research and Studies
Centre – Saudi Arabia
Project Cost: US$ 7.84 M
Mode of Financing: Leasing

Reviving the past through collating lost

Knowledge!

IDBG INPUTS OUTPUTS

Financing: US$ 3.7 M Waqf Tower in Al-

Madinah Al-
Munawwarah

IMPACT OUTCOMES
Preserves, produces
Contribution to the
and disseminates
knowledge base of
research documents
Muslim Ummah.
and studies to
research scholars.
 Makola Tower in Colombo - Sri Lanka

Beneficiary: Makola Muslim Orphanage, Sri

Lanka
Project Cost: US$ 19.5 M
Mode of Financing: Leasing

Impacting the lives of 1000+ orphans!

IDBG INPUTS OUTPUTS

Financing: US$ 10.0 M Waqf Twin Tower

Complex in Colombo
- Sri Lanka

IMPACT OUTCOMES
Enabling the orphans Providing food,
to be independent shelter, clothing,
contributors to the education,
society. healthcare to more
29
than 1000 orphans.
 Women Center for Memorization of Quran, Doha – Qatar

Beneficiary: Waqf Directorate, Ministry of

Awqaf, Qatar
Project Cost: US$ 11.0 M
Mode of Financing: Leasing

Empowering women!

IDBG INPUTS OUTPUTS

Financing: US$ 8.5 M Women Center for

Memorization of
Quran, Doha – Qatar

IMPACT OUTCOMES

Contribution to • Helping women

technical and memorize Quran
financial • Vocational skills
empowerment of provided to
women. women
• Physical training
 Waqf City Commercial and Residential Complex
in Conakry - Guinea

Beneficiary: IDB-Guinea Waqf (WBG)

Project Cost: US$ 76.30 M
Mode of Financing: Istisna’a
Transforming the lives of poor through
education and technology!
IDBG INPUTS OUTPUTS

Financing: US$ 16.0 M Waqf City Commercial

and Residential
Complex
in Conakry - Guinea
IMPACT
OUTCOMES
1.Strengthen educational
Contribution to the institutions.
economy through the 2.Assistance to deserving
self dependency of students, orphans & poor
the destitute class of 3.Support income
the society. generating projects based
on cooperative principles
 Commercial & Residential Building – Fujairah UAE

Beneficiary: Fujairah Welfare Association

Project Cost: US$ 28.435 million
Mode of Financing: Leasing
Supporting orphans, widows and impoverished segments
locally and internationally!

IDBG INPUTS OUTPUTS

Financing: US$ 10.0 Fujairah Commercial &

M Residential Building

IMPACT OUTCOMES
• Supporting 40,000 deserving
families
• 2339 women benefited from
Contribution to the Rehabilitation workshops
socio-economic and • 4,000 students were provided
human development support for studies
• 4.5 million meals distributed
through Food Saving Project
 Commercial & Residential Building – Ajman UAE

Beneficiary: Al Ihsan Charity Association

Project Cost: US$ 20.70 million
Mode of Financing: Leasing
Supporting orphans, widows and impoverished segments!

IDBG INPUTS OUTPUTS

Financing: US$ 11.0 Ajman Commercial &

M Residential Building

IMPACT OUTCOMES

• Medical center
• Charity shop
Contribution to the • Orphans sponsorship
socio-economic and • Student support
human development • Seasonal projects
of UAE • Distribution of school begs
• Ramadan ration /Eid festivals
• Collection/Zakat distribution
 Thank you!

Module 4: Islamic Financial Instruments and Mechanisms for Impact