The United Nations High Brief Points Commissioner for Refugees (UNHCR) launched the Refugee Zakat Fund in 2019. Providing direct cash assistance to refugees and internally displaced persons, UNHCR became a manager of Muslims’ alms. While concerted efforts have gone into positioning the UNHCR as a trusted, compliant, and effective distributor of Islamic alms, not everyone recognizes the UNHCR as a legitimate collector and distributor of zakat. Still, the UN organization has entered the competition for Muslim donations. In this brief, the authors present opportunities and challenges associated with UNHCR’s Refugee Zakat Fund and identify some issues to watch ahead.