Establishing an innovative Awqaf financial institution for socio-economic development in Saudi Arabia
We supported an authority in Saudi Arabia in refining the model of a new financial institution blending principles of Shariah, investment banking, and social sector development to finance socio-economic development infrastructure in Mecca and Medina. The institution was designed to bridge a financing gap that existing financial institutions were unable to address by combining public, private, and social funding sources.
Challenge:
Important financing gap for socio-economic development infrastructure in Mecca and Medina
Current financial institutions unable to blend public, private, and social funding in large projects
Approach:
Supported the authority to refine the model of an Awqaf Bank financing socio-economic development infrastructure
Aligned principles of Shariah, investment banking, and social sector development into a coherent model for the new financial institution
Outcome:
Completed the detailed operating model to be approved for implementation by the Ministry
