ZAKAT AND SADAQAH TAKES ON COVID-19 & POVERTY

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EMERGENCY SUPPORT IN SHORT TERM

Zakat can be an essential component of national and NGO emergency support programmes. Donors usually demand that Zakat be disbursed within one year of being issued. For crisis management, this emphasis on immediate benefits is well suited. Donors from Zakat are helping both the vulnerable and the economically disadvantaged, which is an increased need in the pandemic. Cash transfers are also provided by Zakat donors, which can be particularly important in emergencies.

RESPONSE AND RECOVERY IN MEDIUM TERM




The financing of machinery, automobiles and other sources of livelihood and trade finance are 
main   mechanisms by which recovery can be sponsored by Islamic banks and financial institutions. 
For   Islamic banks, aligning their funding activities 
with the SDGs is a significant opportunity. 
In 2018, the Al Baraka Banking Group initiated a collaboration with the UNDP to align its 
funding portfolio with   the SDGs in the Middle East, Asia, Africa and Europe for over US$600 million.


LONG TERM RECOVERY AND RESILIENCE


Through its Green Sukuk Project, UNDP has conducted workshops and 
other outreach programs with  partners in Malaysia, Pakistan and beyond. 
As the pandemic has made long-term development support 
all the more crucial, UNDP is ready to assist.

Waqf endowment may be significant contributors to long-term resilience in many contexts. For social reasons, financial or non-financial assets such as land or buildings are permanently devoted. This could be an effective way for stakeholders to contribute to the social infrastructure serving the SDGs and in the words of the Secretary-General of the United Nations, to help countries recover better in the long term.

This is a time for new approaches to help fix COVID-19 destruction and invest in sustainable growth. For each step of the response, Islamic finance has resources. UNDP is ready to assist countries and societies to unlock these essential alliances and tools to counter the pandemic.



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