In November 2017, the International Federation of Red Cross and Red Crescent (IFRC), together with AID:Tech and International Centre for Education in Islamic Finance (INCEIF) submitted a join application that promotes the traceability and transparency of Islamic social financing by leveraging Blockchain technology to the Islamic Development Bank’s Fintech Islamic Finance Challenge, supported by IslamicBanker.com and IE Business School.
On 20th December 2017, our joint submission was selected as one of the final five to attend a 4-day Fintech boot camp at the IE in Madrid. And on the 9th February, ‘Duty and Dignity in Financing’ by IFRC, AID:Tech and INCEIF was selected as the winning application.
“We’re proud to receive this award, and we’re excited about the opportunities that it creates,” said Dr Jemilah Mahmood, IFRC’s Under Secretary General for Partnerships. “We believe that Islamic social financing, with its shared foundations of social and economic justice, could play a huge role in helping organizations like the Red Cross and Red Crescent to respond to the growing humanitarian challenges we face.”
Delighted to announce that a #Blockchain app designed by @aidtechnology, @Federation and @INCEIF was the winner at the @isdb_group @FinTechIsDB in @IEbusinessMadrid recently https://t.co/CajoNw3Sw0 pic.twitter.com/T146xjKJwM
— AID:Tech (@aidtechnology) February 12, 2018
The jury includes:
- Shakeeb Saqlain, the CEO of IslamicBanker.com.
- Luis Maldonado, professor at IE Business School and Senior Digital Financial Sector Specialist at the International Finance Corporation-IFC (World Bank Group).
- Ricardo Mesquita who runs the immersive learning initiative at IE.
- Nyra Mahmood, the Managing Director of Simply Sharia Human Capital (SSHC).
- Mr. Diab Karrar Ahmed, IDB representative of Awqaf Investment Division.
- Dr. Sami Al-Suwailem, Head of Financial Product Development Centre at the Islamic Research and Training Institute (IRTI), the Islamic Development Bank.
- Dr. Abdullah Turkistani, Dean of Islamic Economic Institute at king Abdulaziz University.
Press Release by the IFRC