For some time I did private research on crowdfunding and fintech for the social good. Only recently I found the long existing platform givology.org - it allows to donate specifically for education to individual pupils in poorer countries and getting in touch with them! Personally this one of the causes important to me, because it ensures that the funds are being spent on education, and therewith building a future.
My questions to you are the following:
1. Would you donate for education via an internet platform, then you can conveniently check a profile from Somaliland just here:
2. If you are *not* interested to donate now, could you share what exactly, if anything, would make you donate? This would be exetremely helpful and I will share the information with givology.org to find a way to do just that.
3. If you any other ideas please feel free to share them. You can also directly suggest to volunteer: http://www.givology.org/get-involved/
In case you wish to receive further updates on Givology please register your email here: https://www.givology.org/register/
The General Council for Islamic Banks and Financial Institutions (CIBAFI) has announced the schedule of its Technical Workshops on Product Development for Islamic Financial Institutions (IFIs). The workshops will start on August 30 and will be organized in Bahrain, Saudi Arabia and Sudan. The three-day Technical Workshops aim to provide participants with hands on technical knowledge and skills pertaining to product development, with a focus on Islamic financial services. CIBAFI, as the voice of the industry, aims to provide platforms such as these to develop human capital and bring industry professionals together.
Islamic finance is making further inroads in agricultural sectors globally. The trend is increasingly adopted in Central and Westerns Asian countries, in Southeast Asia and in Sub-Saharan Africa. Firstly, the impact of Islamic finance can be higher than that of other financial products due to its asset-based structure. It can be applied in many fields, starting from the purchase of farming machines and equipment, seeds and pesticides, warehouses, as well as in the dairy, livestock and fishery sectors. Ijara contracts can be used for leasing or renting farm machines and other equipment. Other structures such as musharaka or mudaraba can be used for long-term developments such as rural housing, reforestation or irrigation. Secondly, Islamic finance can help broaden financial inclusion by establishing cooperatives or partnership-based financing structures. In Pakistan the state bank has now issued guidelines on Islamic agricultural finance. In Indonesia, the government has launched a new national master plan and has explicitly included agriculture as a field for Islamic finance.
Ivorian Prime Minister Daniel Kablan Duncan has appointed US law firm Cleary Gottlieb Steen & Hamilton to advise his government. The Abidjan branch of Deloitte, led by Marc Wabi and appointed by the Islamic Development Bank (IDB), will serve as auditor. Deloitte's job will be to certify the value of the Abidjan International Trade Centre's buildings.
Emirates Islamic, the sharia-compliant arm of Dubai's largest bank Emirates NBD (ENBD), has laid off more than 100 people to adjust to a cooler economy. Growth in much of the United Arab Emirates (UAE) has slowed this year because of low oil prices. Earlier this year, Emirates Islamic cut around 200 jobs. Most of the latest jobs to go were in the department servicing small and medium-sized enterprises (SMEs). Chief Executive Shayne Nelson said the bank continued to focus on cost control. The bank had already made cuts in April when it made around 100 people redundant from its subsidiary Emirates Money to save costs. National Bank of Ras Al Khaimah said in January it would cut up to 250 jobs, while Abu Dhabi-based First Gulf Bank and the UAE operations of HSBC have reduced their headcounts since late 2015.
Sharjah Islamic Bank will begin investor meetings on Aug. 29 for a potential benchmark U.S. dollar-denominated sukuk issue. The meetings will be held in Asia and Europe and the issue would be subject to market conditions. Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, HSBC, KFH Capital, Maybank, Noor Bank, QNB Capital and Standard Chartered will arrange the meetings.
According to Fitch Ratings the inclusion of sukuk in major bond indexes would be a significant boost for the product, but initiatives to harmonise standards and improve transparency remain key to its long-term development. Reuters reported that JP Morgan would include eight sovereign and corporate sukuk in various bond indexes from 31 October. This may encourage issuers to supply index-eligible sukuk and support secondary market liquidity. However, Fitch Ratings believes the sukuk market's growth rate will be determined by two factors. Firstly, product-specific initiatives around regulation of sukuk issuance, which have been noteable in some jurisdictions, but have not always been harmonised across jurisdictions. Secondly, the broader attempts to deepen the investor base and improve transparency in the relevant capital markets. Sukuk issuance from key markets in 1H16 rose 11% from a year earlier to USD21.74bn, representing 30% of total issuance. Overall, Fitch expects this year's sukuk issuance to at least match 2015 issuance of around USD32bn.
The 6th Global Islamic Microfinance Forum (GIMF) will convene in Nairobi, Kenya on November 8-9, 2016. Muhammad Zubair Mughal, the CEO of Al-Huda, said the GIMF will explore how new and effective strategies can alleviate poverty. He said the most alarming situation is that major chunk of poverty exist in Muslim countries, as it is considered the number one agenda of "financial inclusion." In these countries a proper platform is needed, valuing their cultural and social values, which is possible only through Islamic Microfinance. Amjad Saqib, Executive Director of Akhuwat declared that Akhuwat has so far distributed almost Rs. 25 billion among 1,323,586 families. He presented the "Qarz-e-Hassan" model as a true model of Islamic Welfare oriented Microfinance system. The Forum will be followed by two days post event workshop, How to Develop, Operate and Sustain Islamic Microfinance Institutions planned for November 10-11, 2016.
Amana Takaful Life Limited (ATLL) rang the opening bell to commence trading and celebrate the listing of its shares on the Colombo Stock Exchange (CSE). Speaking at the event, ATLL Director Dato' Mohd Fadzli Yusof stated that the listing brings ATLL to the mainstream of the financial landscape in Sri Lanka. Chairman of CSE Vajira Kulatilaka congratulated ATLL for achieving a successful listing. He also added that while listing on the CSE adds immense value and prestige, it also comes with obligations to investors and other stakeholders. Amana Takaful Life Limited and its parent, Amana Takaful PLC are fully fledged Takaful companies, offering life and general insurance solutions. ATLL distributes its products through an island-wide network of 26 branches, covering 22 districts.
Having cleared all of its historical debts, Nakheel confirmed talks are on with banks to tap 'cheap' funds for its ongoing and future projects. But there is no intention to seek such funds through another sukuk or via a share offer. Nakheel is now completely off debts, having paid off Dh4.4 billion to trade creditors via a sukuk. It had in 2014 paid off Dh7.9 billion to its banking lenders, four years before they were due. Nakheel Chairman Ali Rashid Lootah said he is hopeful of netting a new funding agreement before the year end. The funds can come in handy with Nakheel’s existing roster of projects. This includes a mega-mall, with an estimated development cost of Dh4 billion plus.
After a string of sukuk issued for purposes of liquidity, Senegal’s recent sukuk bought a welcome return to an Islamic finance transaction for the purposes of social good. Senegal closed its sukuk in late July, marking its second sovereign sukuk issuance. The West African nation will use the proceeds of the CFA 150 billion transaction to finance a drinking water supply program and an implementation program of road network and street lighting. The International Finance Facility for Immunisation (IFFIm) sells bonds on the capital markets to raise funds to save children’s lives. IFFIm has so far issued two sukuk with a December 2014 transaction for $500 million and a September 2015 transaction for $200 million. The International Finance Corporation (IFC) issued a five-year Sukuk in 2015 which was used to support IFC’s developmental financing activities in the Middle East and North Africa. Mahmoud Mohieldin of the World Bank Group said the group planned the issuance of an inaugural humanitarian sukuk program.
The federal government has asked for the scaling up of Islamic Development Bank’s (IDB’s) concessional resource and increased overall financing to Nigeria and other African member countries of the bank. Speaking at the inauguration of the IDB Country Gateway Office (CGO) in Abuja, the Minister of Finance, Mrs. Kemi Adeosun, said there are immense opportunities in Nigeria. The minister pointed out that Nigeria requires far more resources to face the challenges and diversify its economy. She also urged the the IDB Group to help in the recently constituted Buhari Plan for the Revitalisation of the Northeast Region of Nigeria.
Saudi companies willing to become public holding firms have slowed down the process, following a drop in prices of new companies listed in local share markets dealings. The forbearance of Saudi companies affected the region’s market. Saudi share market concluded the first week sessions with a slight drop and it closed at 6,212 points amid USD613.3 million (SAR2.3 billion) monetary liquidity, which is considered the least in five years. Saudi Arabian Monetary Agency (SAMA) continued its positive movements to enhance performance of local insurance companies.
The Islamic Development Bank (IDB) Group formally opened its Nigeria Country Gateway Office in Abuja. The new office has the mission to focus its services on health, agriculture, infrastructure, small and medium-scale enterprise and regional integration. IDB President Ahmad Ali said the group’s presence in Nigeria would strengthen socio-economic, technical and commercial cooperation between the bank and member countries in Africa. He added that this was important with the completion of the last portion of Trans Saharan Road linking Algiers in North Africa and Lagos. The Minister of Finance, Kemi Adeosun urged the IDB to support Nigeria’s effort to reconstruct the North East part of Nigeria devastated by years of militancy by insurgent group, Boko Haram.
#UAE based National Bonds has started providing financial planning tips and tools via its website. The new financial planning section offers valuable information in both Arabic and English to help customers achieve their financial objectives. Topics cover planning for retirement and children’s education, debt management, investment solutions, takaful and estate planning. In addition, the website offers practical financial planning tips on goal setting, cash management and budgeting, financial health, and the rule of 72. The portal also includes online calculators for accurately computing expenses, commitments and budgets. Mohammed Qasim Al-Ali, CEO of National Bonds, said the new online tool will save time and effort for those looking for simple and straightforward financial planning.
Bosna Bank International announced its first-half net profit jumped to 3.2 million marka ($1.8 million/1.6 million euro) from 1.4 million marka in the same period last year. The lender's net interest income increased 31.5% to 10.9 million marka through June, while net fee and commission income rose 12.9% to 5.1 million marka. The bank's total assets stood at 768.7 million marka at the end of June.
In #SouthAfrica First National Bank (FNB) has been offering an Islamic home loan since the beginning of the year. The product is aimed at Muslims who want to finance their homes in a manner consistent with the requirements of their faith. But, like all Islamic financial products and services, it is open to everyone. FNB Islamic Banking’s home loan is not strictly a loan. It is modelled on what is known as a diminishing musharaka type of financial transaction. Amman Muhammad, the chief executive of FNB Islamic Banking, says the main advantage of the Islamic home loan is that it offers a competitive fixed-price deal in volatile economic conditions. Also offering Islamic residential property financing is the local arm of the international Al Baraka Bank.
The Islamic Development Bank (IDB) has promised to continue its support for Jaiz Bank Nigeria given that that Jaiz bank now has a national licence. IDB president Ahmad Mohamed Ali assured officials that IDB as an institution will continue to assist the Jaiz Bank. Chairman of the Jaiz Bank, Alhaji Umar Mutallab said with Jaiz bank’s newly acquired national licence from the Central Bank of Nigeria, the bank will soon start rolling out services nationwide. IDB is a shareholder in the Jaiz bank.
Al Baraka Bank has finished due diligence for the proposed merger of Burj Bank. Abid Qamar, chief spokesman at the State Bank of Pakistan (SBP), said Al Baraka was given permission for due diligence of Burj Bank and they have completed the process. Summit Bank and Bank of Khyber were also interested in Burj Bank, but they did not carry out any due diligence process. The deal is expected to be completed within next three months, but the complete integration of both entities would take six to eight months. The potential deal would be a part of the significant efforts, currently being made by the SBP, to fix the problem of the small banks that fell below the minimum capital adequacy ratio requirement and minimum paid-up capital requirement.
The board of directors of Shahjalal Islami Bank has approved for issuance of Mudaraba Subordinated Bond worth Tk 4.0 billion. The new issuance is part of a process of inclusion in Tier-II Capital for a period of 7 years through private placement. The bond issue is subject to approval of the regulatory authorities – Bangladesh Bank, Bangladesh Securities and Exchange Commission. The bank’s paid-up capital is Tk 7,346.88 million and authorised capital is Tk 10,000 million, while total number of securities is 734,688,133.