The International Shariah Research Academy (ISRA) was established in 2008 by the Central Bank of Malaysia as an Islamic finance and Shariah research institution. ISRA is recognized globally as a leading Global Premier Research Academy in the Islamic Finance industry, and has more than a decade of experience verifying and providing essential research on Islamic Finance to some of the top institutions around the world.
In February 2021, ISRA endorsed UNHCR’s Zakat collection and distribution mechanisms as Zakat-compliant. The endorsement confirms that UNHCR’s Refugee Zakat Fund meets the following criteria:
- Adherence to rules and principles on Zakat collection and distribution.
- Competency of UNHCR personnel to undertake the above responsibility.
- Adequacy of UNHCR governance structure related to Zakat collection and distribution activities.
- Transparency and disclosure by UNHCR on its Zakat collection and distribution activities.
ISRA also included additional recommendations to further improve the process of Zakat-compliance by UNHCR.