Arab Reading Challenge 2018 attracts 10.5 million participants

Source: Dubai Media Office. Participants of the Arab Reading
Challenge at the closing ceremony for the event. Amjoun is in
centre, with HH Sheikh Mohammed.

The Al-Ikhlas School from Kuwait has received the Outstanding School award and a cash prize of AED1 million to develop its educational capacities at the third edition of the Arab Reading Challenge in Dubai, UAE, while Aisha al-Tuwairqi from KSA won the Outstanding Supervisor title and a cash prize of AED300,000 in recognition of her efforts as an inspirational teacher.

HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai said, “A river starts with many drops, and the participants of the Arab Reading Challenge are the first drops in the river of knowledge that we look forward to discovering in every corner of the Arab world and beyond. We rely on the reading champions to help us build a knowledge-based future for the region.

“The finalists of the competition have become role models for millions of Arab students in their keen interest in acquiring knowledge and their determination to succeed. Every book read by the contestants serves as a gateway to communicate with the people of the world.” 


HH Sheikh Mohammed added: “Books are the source of ideas and values for the next generations. A generation that reads is a promising one, and a nation that reads is one that invests in the future. Reading creates global citizens who care deeply about making the world a better place.

“The participation of 10.5 million students is indeed a great accomplishment for all those who have supported our initiative. The Arab Reading Challenge is just a start. I call on everyone who has the means to do so to launch similar literacy and knowledge projects in the Arab world.”

Five schools – Al-Ikhlas School, Mujamma al-Salam School from KSA, Abdulhamid Dar Abid Sidi Ali High School from Algeria, Al-Wehda High School from Morocco and Al-Awda Girls’ School from Palestine – competed for the Outstanding School title.

All 7,871 students of Al-Ikhlas School participated in this year’s Arab Reading Challenge. The school has adopted an innovative approach to instilling a culture of reading among its students as well as in the community, including people with special needs, earning it the title of Outstanding School. In addition to launching six literacy initiatives in Kuwait and two abroad, it organised the Sana al-Ikhlas literacy drive, 12 workshops, seven reading trips, 10 literacy events and motivational campaigns, and more than 140 studies and debates.

HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, presented Morocco student Maryam Amjoun, the cash prize of AED500,000 as champion of the third edition of the Arab Reading Challenge in Dubai, UAE.

Maryam Amjoun from Morocco, champion of the Arab Reading Challenge 2018, impressed the audience with her confident interaction with the jury and her profound knowledge, manifested in her eloquent expression. She highlighted the crucial role of reading in shaping knowledgeable individuals that are ready to contribute to society, participate in development and generate knowledge. In recognition of her exceptional abilities, Amjoun received the highest numbers of votes from the audience, matched by the jury’s assessment.

Other finalists included Qassam Sbeih from Palestine, who received a standing ovation for his statement that reading to him is life and has given him the determination to achieve his ambitions. Meanwhile, Mohammad Khaled Hussein from Jordan expressed his wish to continue acquiring knowledge and shared his aspiration to become a scientist and win the Nobel Prize in Physics.

The changing face of travel

Bahardeen (left) and Rafat (right). 

A fireside chat between Fazal Bahardeen, CEO of CrescentRating and HalalTrip and Rafat Ali, CEO and Founder, Skift at the Halal-In-Travel Asia Summit touched on how travel agents have evolved.

Rafat noted that retail travel agents are "pretty much gone" in the US, with companies retreating into sectors where travel is complex, such as for cruises, or luxury travel.  "Nobody buys an airline ticket through them any more, they buy experiences," he said. 

"The mindset of 'I need choices, guide me to pick the right choices, let me figure out my own way', is cutting across a large swathe of (generations). Baby boomers are the fastest-growing part of people who do book AirBnBs, and the largest part of people who rent out their houses. It is changing quite a bit," he said.

He observed that Millennials are independent and prefer to bypass travel agents, but that the attitude is spilling over into other demographics. "The Millennial mindset is a mindset that is growing across diff generations. Don't get hung up on a single demographic - even Millennials aren't a single demographic. 

KSA has projected that it can accept 15 million umrah pilgrims by 2020.

He noted that when it comes to Hajj and umrah, a big proportion of people may be travelling for the first time. "None of the marketing for any travel brand ever talks about the first-time traveller," Rafat pointed out.

"The human touch is important," he said.

Asked if Skift will focus on Muslim travel, Rafat said no. The publication does cover CrescentRating reports, but he draws the line at "creating separate lanes". He explained that the editorial stance is global and that his personal philosophy is that Muslims should exist within the larger society. 

"We should travel as normal human beings carrying our normal identities but we don't ask (for special treatment) – I can figure out my own way," he said.

"Let's integrate into the larger world and hence have a larger platform for what we can discuss in Muslim world."

Rafat also said that Muslims can adopt multiple 'skins'. "In a Muslim country we can turn on our ma sha Allah, in sha Allah, whatever. In a non-Muslim country a large part of us can do what they do for a large part," he said.

Hashtags: #halalintravel, #itbasia2018

Nasdaq Dubai Murabaha Platform for Islamic financing pass US$100 billion mark

• Nasdaq Dubai Murabaha platform is a partnership between Emirates Islamic and Nasdaq Dubai

• Growth supports Dubai’s expansion as global capital of Islamic economy

• Success of platform set up with Emirates Islamic is based on speed and efficiency

Transactions on the Nasdaq Dubai Murabaha Platform for Islamic financing have exceeded a total of US$100 billion. Established jointly by Nasdaq Dubai and Emirates Islamic, the platform meets needs ranging from funding for corporate growth and expansion to personal finance for retail customers. Transactions so far in 2018 have reached US$28.8 billion, up 23% from the same period in 2017.

Hesham Abdulla Al Qassim, Chairman of Emirates Islamic, Vice Chairman and MD of Emirates NBD said: “We are delighted to be able to announce the US$100 billion murabahah milestone during Islamic Economy Week, during which Dubai is celebrating many achievements in shari’ah-compliant finance and hosting discussions on how to further develop the sector. The platform is set to attract further regional and international entities to make use of its services on behalf of a growing range of businesses and individuals. “

The growth of the Nasdaq Dubai Murabaha platform supports the expansion of Dubai as the global capital of the Islamic economy under the initiative of HH Sheikh Mohammed Bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai.

Hamed Ali, Chief Executive of Nasdaq Dubai said: “Customers of shari’ah-compliant and conventional financial institutions benefit from the Nasdaq Dubai Murabaha Platform’s speed and efficiency, as well as its transparency and the fixed cost of transactions. We will further expand the user base of banks to support the development of Dubai as the capital of the Islamic economy.”

Salah Mohammed Amin, CEO, Emirates Islamic said: “By combining international capital markets expertise with the standards of shari’ah, our Murabaha platform gives financial institutions and their customers the confidence that all aspects of their Islamic financing needs are met. We are working with Nasdaq Dubai to expand the Murabaha platform and further enhance its efficiency.”

Streamlining the OIC

Source: IRCICA. Fruitful discussions on reforming the OIC.

The Organization of Islamic Cooperation (OIC) Research Center for Islamic History, Art and Culture (IRCICA) has reported on the 1st Brainstorming Session on the Comprehensive Reform of the OIC, held in Jeddah, KSA in October 2018.

In his opening remarks, HE Dr Yousef Al-Othaimeen, Secretary General of the OIC, emphasised the need to reconsider critical issues such as the position of subsidiary, specialised and affiliated institutions; implementation of consensus in decision-making; chairmanship of the Islamic Summit; arrears in country contributions; policy coordination between member states, General Secretariat and relevant organs; as well as the role of permanent committees and regional offices.

Professor Dr Sadık Ünay, Consultant to IRCICA Director General, spoke during two brainstorming sessions. He stressed the need to keep the organisational responsibilities related with ministerial meetings under the remit of the General Secretariat. He indicated that most ministerial conferences are organised by the General Secretariat except the conference of Culture Ministers, creating a double standard and causing confusion among the subsidiary and specialised institutions.

Millennial and Gen Z Muslim travellers are driving a US$180 billion online travel market

Source: CrescentRating website. Cover for the
Mastercard-CrescentRating Digital Muslim
Travel Report 2018.

The increasing reliance by Muslim Millennials and Generation (Gen) Z* on the Internet, social media and smartphones for discovering new travel destinations and then booking trips is driving a significant revenues for the travel industry.

In 2017, CrescentRating found that Muslim Millennials rely very heavily on social media and online reviews for travel; travel two to five times annually, and look for halal food and prayer tools online - behaviours condensed into the pillars accessibility, affordability and authenticity.

"This year continue the discussion and fully understand their journey not just from the Millennial point of view, but also zoom out and really understand the profiles of Millennial travellers in general," Raudha Zaini, Marketing Manager, HalalTrip and CrescentRating said.

Unveiled at the Halal-In-Travel Asia Summit, the Mastercard-CrescentRating Digital Muslim Travel Report 2018 (DMTR2018) has revealed what shapes the growth of online purchases by the next generation of Muslim travellers. The research projects that online travel expenditure by Muslim travellers will exceed US$180 billion by 2026.

The DMTR2018 is the first comprehensive report looking at the online travel patterns and attitudes of Muslim travellers across different demographic groups. It extends the research on the digital Muslim traveller population, expanding beyond the Muslim Millennial traveller (MMT) segment which was studied last year in the Muslim Millennial Travel Report 2017, and also analyses travellers along the continuum of strictly practising, "less practising" and practising travellers.

Fazal Bahardeen, CEO of CrescentRating and HalalTrip, said “The DMTR2018 reveals important online behaviour and preferences of Muslim travellers. It will equip tourism destinations, tour operators, airlines and other tourism and hospitality stakeholders with insights of online platforms and social networking services to evaluate the potential within the Muslim market.

“With the rapid proliferation of enabling online technologies and payment methods and the rise of Muslim digital natives, as a major segment within the Muslim travel market, the outlook for the digital space is very positive. Destinations need to ensure that their messages reach Muslim travellers through online channels. This report gives the industry a practical and ready segmentation criterion to empathise with different demographics. Digital is real and transcends generations.”

Key takeaways from the DMTR2018 included:

- Digital is real and transcends generations

Different generations are using digital, though they behave differently, Zaini said.

- Content is key.

"You have to focus on all segments, and not just Muslim Millennial travellers," Zaini noted. 

- A mix of online platforms are used per product or service journey

"The impact on business is that you need to be agile enough to appropriately display your content, be it desktop or mobile, and be smart enough to understand what users are looking for," she said.

Devesh Kuwadekar, VP, Market Development, Mastercard, noted that 2018 marks the fourth year of Mastercard's partnership with CrescentRating. He said, “The halal travel market continues to be one of the fastest growing travel segments globally, with Muslim visitor arrivals representing about 10% of the entire travel industry globally in 2017. Muslim travellers are spending more time online researching and comparing information before they finally choose and pay for their ideal travel experience.

"Mastercard works with likeminded partners to create tailored offerings for customers across a wide range of passion points. As consumers explore more countries and regions, Mastercard is also seeing an increase in the use of cashless and digital payments through prepaid and debit options as a safer, more convenient and reliable form of electronic payments for greater peace of mind when travelling.”

"We are collaborating with banks and others to create a safer experience across all touch points," he added.

Online travel purchases will be worth US$180 billion in 2026.

Muslim Millennials go online to plan their trips, accounting for 40% of all Muslim traveller transactions, but Gen X and Gen Z as well as Baby Boomers (listed as Others) are also digital users.

The Mastercard-CrescentRating Global Muslim Travel Index (GMTI) 2018, released in April this year, confirmed that the Muslim travel market will continue its fast-paced growth to reach US$220 billion in 2020 and US$300 billion by 2026. In 2017, there was an estimated 131 million Muslim visitor arrivals globally. CrescentRating research indicates that more than 60% of Muslim travellers were either Millennials or Gen Z.

The GMTI 2018 found that 30 Muslim outbound markets** represent 90% of the overall Muslim visitor arrivals and should be the focus of the travel industry. This study looked at the “digitally enabled” environment of these markets to understand the potential of digital transactions. These destinations have been divided into distinctive clusters based on the market size and digital access.

Cluster A Large outbound markets with a high level of digital enablement	KSA Malaysia UAE	These are regions with large Muslim populations and high per-capita GDP, allowing a high percentage of travellers to travel internationally. The majority of the residents in these countries are digital-savvy and have the latest digital infrastructures.
Cluster B High level of digital enablement but smaller outbound markets	OIC countries Kuwait Qatar Lebanon Tunisia Azerbaijan Kazakhstan Non-OIC countries UK Germany France Singapore Russia	These are countries with residents who are digital-savvy and have the latest digital landscapes but their populations are smaller in comparison to those in Cluster A.
Cluster C Good level of digital enablement but smaller outbound markets	Oman Albania Morocco China	They have good digital infrastructures but the population of Muslim travellers travelling internationally is still small.
Cluster D Emerging growth markets with fast-growing levels of digital enablement	Turkey Indonesia Egypt Iran	These are majority Muslim countries with a growing outbound travel market. Even though they may not have widespread digital infrastructures yet, businesses can look at these markets for medium-to-long term prospects.

Bahardeen noted that while the markets are diverse, the travellers share values of a common faith and identify as Muslims. That said, they come from different locations, speak multiple languages and dialects, and have differences in cultural lifestyle, plus varying degrees of halal consciousness.

"It is not a homogeneous market. You really have to get an understanding of each of those markets," he said, adding that someone from a more secular country who goes to a strict Muslim country may become stricter during a trip, and vice versa, so there cannot be hard and fast rules on hospitality. 

"We have to look at different ways of catering to them," he said.

Explore:

Read the Mastercard-CrescentRating Digital Muslim Travel Report 2018 report 

Hashtags: #halalintravel, #itbasia2018

*According to CrescentRating, baby boomers are classed as those born between 1946 and 1964; Generation or Gen Xers were born between 1965 and 1980; Millennials from 1981 to 1996, while Gen Zers were born from 1997 onwards.

**Outbound refers to people from one country going to travel overseas. Inbound refers to the opposite, people from other countries travelling to a particular country.

QuikHalal promises to make halal auditing easier

Malaysia Commercialisation Year (MCY) Award winners have been announced for 2018. The Malaysia Commercialisation Year Award, which the Malaysia Ministry of Energy, Science, Technology, Environment & Climate Change (MESTECC) introduced in 2016, is aimed at recognising, appreciating and motivating local R&D talents to penetrate local and international markets.

This year, MESTECC assessed 212 products in terms of technological and commercial readiness and arrived at 27 finalists who had to pitch their products to a panel of judges. There are 10 winners for the MCY Award 2018, a main winner and a consolation winner for each of five categories.

The QuikHalal app from Universiti Teknologi Malaysia (UTM) was the consolation winner for the Research Entrepreneur Award. This award recognises an entrepreneurial researcher who has made outstanding contributions to business innovation or has created innovative businesses in Malaysia through technology licensing, startup creation or by providing expertise to support business innovation.

Source: MESTECC. The QuikHalal logo.

QuikHalal is a halal auditing application that reduces the complexity, time and cost of halal auditing processes. The app can capture photos from mobile devices and automatically generate halal compliance reports. The estimated commercialisation value of this product for 2018 is RM100,900.

As of 2018, the app has 25 local users. UTM plans to further develop the app to support countries with Islamic-friendly hospitality industries like Thailand, Korea, Japan and Indonesia.

As a consolation winner, UTM receives RM50,000, half in cash and the rest in facilitation services such as: 

• Design including physical design and packaging

• Accreditation, certification, a technology audit and market research

• Incubation including mentoring

• Advisory services related to product development, financial management and intellectual property; and

• Participation in local and foreign exhibitions.

MCY was first initiated in 2016. As of August 2018, 303 products have been successfully commercialised, accounting for sales turnover of RM290.88 million. The main target of MCY is to boost research, development and innovation (R, D & I) results from local research institutions as wealth generator through commercialisation process. MCY is also a platform to raise awareness of stakeholders and the people about the potential of innovation and commercialisation in raising the nation's revenue.

As part of the MCY Special KPIs, research institutes, universities and related technology development agencies have collectively pledged to commercialise up to 360 products/technologies from various categories by the year 2020.

They are supported by the Second Wave of MCY 2.0 (2017-2019), which focuses on:

- Strengthening the commercialisation ecosystem;

- Expanding cooperation with strategic partners from industry, states and international government; and

- Expanding markets for local research, development, commercialisation and innovation (R, D, C & I) regionally and internationally.

Microsoft adds headphones to its Surface family

And now, there are Surface Headphones to complete the Microsoft Surface experience.

"Whether you’re in an open work space, a café or on the go, Surface Headphones help tune out or tune in wherever you are. They slip comfortably over your ears to surround you with spectacular sound quality and 13 levels of ambient noise control," Microsoft's Chief Product Officer Panos Panay said in a blog post.

While Surface Headphones are optimised for Surface devices, they will pair with any Bluetooth-enabled device. Two beam-forming microphones on each ear cup, eight microphones in total, offer excellent call experiences. Intuitive on-ear dials provide easy adjustment of volume and noise cancellation.

Details:

Surface Headphones are currently only available in the US and the UK.

Explore:

Watch the video introducing the Surface Headphones

Dubai Islamic Economy Development Centre launches Islamic Economy Week

The Crown Prince of Dubai, Chairman of The Executive Council of Dubai and General Supervisor of the Dubai the Capital of the Islamic Economy initiative HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has issued directives to hold Islamic Economy Week from 27 October to 1 November, 2018.

HH Sheikh Hamdan bin Mohammed said: "Guided by the vision of VP and PM of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum to transform Dubai into a global capital of the Islamic economy, we have made steady progress in implementing the strategy launched a few years ago to make this a reality.

"I look forward to productive discussions on effective ways of boosting Islamic economy growth and unlocking opportunities to advance sustainable global economic development. We are keen to encourage new creative approaches that can open fresh horizons that unleash the potential of the Islamic economy."

Sheikh Hamdan further said that the Islamic Economy Week promises to generate new ideas to harness the potential of the Islamic economy and its ethical systems to make it a greater force for sustainable growth.

HE Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of the Dubai Islamic Economy Development Centre (DIEDC) said that the launch of Islamic Economy Week is in line with DIEDC’s strategy towards strengthening the status of Dubai as the global capital of the Islamic economy.  Islamic Economy Week is designed to spread the principles and ethics of Islamic economy, while highlighting its pivotal role in overcoming the emerging economic challenges.

He added that the initiative will spotlight the importance of the Islamic economy as a robust and less volatile alternative to conventional economies as was evidenced during the global financial crisis of 2008, which had revealed an urgent need for a more transparent economic system to ensure equitable wealth production and distribution. He also said that Islamic Economy Week supports the vision of Dubai and the UAE for comprehensive and long-term development, which are in line with the principles and ethics of the Islamic economy.

DIEDC directions

The 3rd DIEDC Board of Directors separately met for 2018 to discuss the most recent developments pertaining to the DIEDC 2017-2021 Strategy. In addition, members of the board reviewed Islamic Economy Week’s schedule of activities and approved its events, including the Global Islamic Economy Summit 2018 (GIES 2018) and Islamic Economy Award (IEA). Further, the board reviewed Dubai Airport Free Zone Authority’s Islamic economy strategy that will ultimately boost its role in positioning Dubai as a hub for halal trade.

HE Al Mansouri said: "The initiative to position Dubai as a global capital of Islamic economy has been gaining steady momentum since its launch in 2013, and even more so after the DIEDC strategy was updated in 2017."

He added: "DIEDC has succeeded in implementing its annual plan for 2018, which aims to accelerate the implementation of a number of initiatives listed in the 2017-2021 strategy. Our efforts are in line with the wise leadership’s objectives to achieve the goals of the National Agenda of the UAE Vision 2021 and reach the nation’s centennial as one of the top countries globally. DIEDC recognises the importance of building on the achievements made to date that have contributed to the UAE’s ranking as one of the 10 most advanced countries in some of the leading Islamic economy sectors."

Al Mansouri stressed that DIEDC will continue to cooperate with top institutions and stakeholders in devising mechanisms to accelerate the growth of Islamic economic sectors, especially Islamic finance that is expected to be valued at around US$3.8 trillion by 2022. The innovations will benefit from the flexibility of the Islamic economy, not only in terms of the technology keeping up with its ethics and principles, but also in terms of its ability to invest in smart solutions to serve a greater purpose, such as boosting socioeconomic stability and quality of life.

"We look forward to the outcomes of the 4th edition of the Global Islamic Economy Summit. We are at an important phase in the economic transformations that have begun to change the mechanisms of industrial and commercial activities and are significantly impacting global partnerships and cooperation.

"At the local level, Dubai and the UAE continue focusing on economic diversification and accelerating productive sectors that ensure the continuity of growth and sustainability of wealth. This is based on the plan to achieve the optimum economic development by 2071 to enable the country to celebrate its centennial as one of the most economically advanced countries in the world.

"We hope to accomplish this priority with the support of local and international talent and human resources, the adoption of advanced sciences and technologies, as well as the reliance on innovation, environmental sustainability and entrepreneurship. These policies and visions present us with a greater responsibility to enable Dubai and the UAE to attract those interested in the principles and ethics of Islamic economy and create new visions that accelerate the growth of Islamic economic sectors globally. We are confident that our efforts will take us closer to accomplishing the nation’s sustainable development goals, while achieving prosperity and stability for all societies," Al Mansouri said.

HE Essa Kazim, Secretary General of DIEDC, said: "Launching Islamic Economy Week and its innovative events and activities is a continuation of DIEDC’s approach to enhancing the awareness of the Islamic economy locally, regionally and globally. Most initiatives that have been designed with our strategic partners are making steady progress. During 2018, we have witnessed activities and events that have established Dubai as a global reference for innovation in the Islamic economy, especially with the launch of the 2nd edition of the FinTech Hive at DIFC and the International Innovative Platform for Islamic Economy Products (IIPIEP), as well as the Islamic Economy Fiqh* Forum that presented important recommendations to develop and globalise Islamic economic standards."

HE underlined the significant surge in the interest of international financial institutions in the Islamic economy, in a manner consistent with the growing culture of responsible investment around the world. As immediate outcomes, he noted, the principles of the Islamic economy are being largely recognised by new markets, while opening up new opportunities for youth in innovative sectors and guiding their choices towards a system that has proven its resilience in protecting wealth and providing sustained stability.

Kazim added: "DIEDC’s initiatives for financial institutions and investors seek to provide more growth opportunities in areas that had previously faced major challenges due to conventional financial ruling standards. The centre is working hard to unify these standards globally and is committed to closely collaborating with partners towards building an infrastructure for the Islamic economy, and an environment capable of addressing economic challenges around the world. Standardisation will also help investors achieve high growth at sustainable rates, as well as strengthen Dubai’s position as the global capital of the Islamic economy and a key attractive destination for investors from all over the world."

HE Abdulla Mohammed Al Awar, CEO of DIEDC, said: "Since early 2018, DIEDC has achieved several accomplishments that have contributed to the expansion of its international and regional presence. Increasingly, more and more institutions around the world are looking to benefit from the centre's experience as a global model. This is evidenced in the cooperation agreements that are being signed such as the MoU inked with The State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) for the exchange of experiences and best practices in Islamic economy."

He added: "The centre's efforts over the past years, as well as the commitment of our strategic partners to the development of an institutional framework that stimulates the growth of the Islamic economy and facilitates the development of halal industry standards have resulted in the increased contribution of the Islamic economy to Dubai's GDP from 7.6% in 2014 to 8.3% in 2016. These results are a qualitative addition, not only to the development of the Islamic economy in Dubai but also to the successful journey of the UAE towards sustainable development as part of its post-oil economy vision. We are keen on supporting the nation’s drive to boost productive sectors and develop strategies that encourage responsible investment, entrepreneurship and innovation."

Al Awar indicated that during the remaining months of 2018, DIEDC will continue to implement its operational plans to strengthen Dubai’s position as the global capital of the Islamic economy. In cooperation with its strategic partners, DIEDC will also seek to accelerate the completion of activities listed in its 2017-2021 strategy and continue to explore the implementation of creative initiatives that contribute to the growth of Islamic sectors in the UAE and abroad.

Islamic Economy Week agenda

Islamic Economy Week was conceptualised five years after the launch of the Dubai: The Capital of Islamic Economy initiative.  It will run from 27 October to 1 November. Event activities will utilise a 360-degree approach to cover a spectrum of aspects that highlight Dubai as the global reference for innovation in the Islamic economy sector.

The event hosts the 4th Global Islamic Economy Summit on 30 and 31 October at Madinat Jumeirah, during which the 6th Islamic Economy Award (IEA) ceremony will be held. It will also feature the first Islamic Creative Economy Competition (ICEC) and the Global Islamic Business Award.

The summit is held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the summit is organised by DIEDC and the Dubai Chamber of Commerce and Industry in collaboration with Thomson Reuters as a strategic partner.

The flagship event will bring together influential policymakers and experts to address the greatest challenges and opportunities in Islamic economy. It will focus on the importance of trade opportunities, social development and ethical business investment.

The 6th IEA ceremony, organised by DIEDC in partnership with Thomson Reuters under the directives of HH Sheikh Hamdan, will take place on the sidelines of GIES 2018.

The first-of-its-kind Global Islamic Business Award will honour companies that serve not only its shareholders, but also its employees, customers, and the community at large, in accordance with Islamic values. Led by the Department of Economic Development in Dubai, the award is distributed based on the criteria of the Islamic Business Excellence Model developed by the Global Islamic Business Excellence Center. The model translates Islamic values into corporate governance practices and management enablers to create sustainable benefits for all stakeholders.

HE Sami Al Qamzi, Director General of the Department of Economic Development in Dubai and Vice Chairman of DIEDC, said: “The Global Islamic Business Award facilitates the integration of Islamic business excellence standards into economic activities across all sectors, while boosting competitiveness amongst organisations in shaping them to become exceptional sharia-compliant organisations.”

He noted that the award further enhances corporate social responsibility as a core priority for companies, and empowers societies by increasing societal happiness through contributing to sustainable development. In doing so, it embodies Islamic values. The award also aligns with the Dubai leadership’s drive to raise awareness of corporate social responsibility (CSR) through encouraging entities to do more than merely organise charity activities as part of their CSR mandates.

Islamic Economy Week will see the launch of events that disseminate the culture of Islamic economy and empower attendees with skills relevant to their sector. The event lineup includes:

- First Emirates International Accreditation Center’s pilot global assembly meet of halal certification bodies

- First joint DIEDC and Securities and Commodities Authority roundtables series at Nasdaq Dubai

- Session on international halal standards and schemes benchmarking for halal auditors by Halal Academy

- Mosques of the World exhibition at Jumeirah Grand Mosque

- Tawaaf exhibition at Alserkal Cultural Foundation by Dubai Culture

- Session addressing funding challenges in the next phase of Belt and Road Initiative at Hamdan Bin Mohammed Smart University

- A Music of the Spheres Islamic geometry workshop by Dubai Culture at Re: Urban Studio

- An Islamic Fintech – Innovations in Sustainable Finance workshop by Heriot Watt University

- A session on halal logistics in theory and practice by Karavan Management Consulting at Dubai Airport Freezone (DAFZA)

-A session on the State of the Global Islamic Economy in 2018 at Dubai International Financial Centre

- Halal Expo by Orange Fairs at Crown Plaza Dubai on Sheikh Zayed Road

- Islamic Economy: A new dimension in business excellence by the Department of Economic Development

- Digital Financial Inclusion: Morality, Risks and Regulation at the Etihad Museum

- A pitching skills workshop and a culture of innovation workshop by the Sharjah Entrepreneurship Center and Sajory respectively

- Sharia Governance in the UAE by the Sharia Departments Forum at Etihad Museum

- A Design a Memorable Brand for the Islamic Economy workshop with Peter Gould by Dubai Design & Fashion Council at Dubai Design District

- Social Entrepreneurship Priorities Across Islamic Economies session by GoodforceLabs

- Islamic Fin-Tech Entrepreneurship, a networking event by FinTech Hive at DIFC

- Role of Culture in Driving Global Innovation by Dubai Future Academy

Al Awar pointed out that the innovative activities planned for Islamic Economy Week will enhance the role of Islamic economy, increase its momentum, and highlight how to benefit from the opportunities it offers.

He said, “The centre is keen to celebrate the increased uptake of the Islamic economy culture and the strengthening of Dubai’s position as a global capital of Islamic economy. The Week has attracted many strategic partners that seek more sustainability for economies and will encourage others to move towards a better alternative. Islamic economy, which represents the most sustainable economic system, has become an urgent need to ensure socioeconomic stability. This makes our commitment at the centre even stronger in our continued efforts to expand the socioeconomic impact of its culture through innovative activities.”

The ICEC, designed by Dubai Culture in cooperation with DIEDC, will highlight creative ideas that redefine the relationship between culture, trade and technology. The competition will seek to encourage artists, innovators and entrepreneurs in expressing their artistic and creative vision. The winners of both the IEA and ICEC will be announced during GIES 2018.Saeed Al Nabouda, Acting Director General of Dubai Culture, said: “The competition aims to support startups in the Islamic economy space as a top priority, and to provide them with an appropriate platform to market their products and services. In doing so, it enhances awareness for Islamic economy and enables these startups to sustain their business. Through the award, we are confident we will step up our contribution to positioning Dubai as the global capital of Islamic economy, and a pioneering supporter of innovative solutions.”

*Fiqh (فقه‎) refers to the theory of Islamic law.

Muis honours exemplary individuals at the Muis50 Awards

The Muis50 Awards and a President’s Challenge cheque presentation ceremony for 2018 were held in Singapore on October 6. All awards were presented by the President of the Republic of Singapore, Mdm Halimah Yacob.


The awards recognised 20 people – the highest in the award’s history – who have been making impactful contributions to the socioreligious life of the community.

Ustazah Sukarti Asmoin received the Jasa Cemerlang (Outstanding) Award while seven community leaders received the Jasa Bakti (Service) Award. The Jasa Cemerlang (Outstanding) Award is conferred on an individual honoured for his lifelong achievements and contribution to the community, while the Jasa Bakti (Service) Award is given to individuals for their exemplary long service to the community.

The Jasa Bakti Award winners this year are:

- Hj Abu Bakar Omar, a mosque leader currently overseeing Masjid Maarof;

- Faridah Eryani Pairin, Appeal Board* member and a Principal Legal Counsel in the Housing Development Board (HDB), a panel member in the Wakaf Dispute Resolution Committee and a panel advisor to the Youth Court;

- Ustazah Harinah Abdul Latiff, Vice-Principal at Madrasah Aljunied Al-Islamiah, who also serves on the Appeal and Asatizah Recognition Boards;

- Hj Mohamed Patail, who has been volunteering at Masjid Sultan since the 1990s;

- Hj Noordin Abdul Sukor, who is leading Masjid Al-Firdaus;

- Dr Shaik Ahmad Buhari, Senior Consultant at the Department of Surgery in the National University Hospital and an Assistant Professor at the Yong Loo Ling School of Medicine in the National University of Singapore; and

- Ustazah Sumah Fadalee, a religious teacher who is also contributing to Darussalam mosque.

Seven individuals received the commemorative Muis50 Distinguished Award and five outstanding youths received the first-ever Muis50 Inspiring Youth Award. The Muis50 Distinguished Award recognises individuals who have contributed to Muis and the wider community in the last 50 years. Their contributions vary from being involved in aspects of religious life such as management of Hajj, mosque and waqf, as well as providing guidance to the community on socioreligious issues.

Muis50 Distinguished Award winners are:

- Hj Shafawi Ahmad, a community leader who is a member of the Board of Governors for Madrasah Al-Irsyad Zuhri. He is also a founding member of Yayasan Mendaki;

- Ustaz Pasuni Maulan, a religious teacher, Muis Council Member and Vice-Chairman of the Asatizah Recognition Board. He is also Chairman for Masjid Tentera-Di-Raja;

- Hj Sallim Abdul Kadir is a Director of Human Capital for global wireless software solutions provider and system integrator CONSISTEL and a Muis Council member. He is also a Board Director of Warees Investment;

- Appeal Board member Hj Abdul Rahim Abdul Jalil, a former District Judge, who is also Co- Chairman for the Malay Oral History Committee of the Singapore National Archives Board;

- Ustaz Ali Mohamed, Co-Chairman of the Religious Rehabilitation Group, Muis Council Member and a Fatwa Committee Member;

- Ustaz Mohamad Hasbi Hassan, President of the Singapore Islamic Scholars and Religious Teachers Association (PERGAS) and a Muis Council Member, Fatwa Committee Member; as well as Co-Chairman of the Religious Rehabilitation Group;

- Almarhum Syed Abdullah Haroon Aljunied, a religious scholar, received the award posthumously.

The Muis50 Inspiring Youth Award shines the spotlight on youth who have made impactful contributions in the socioreligious field. They have inspired their fellow youth and also the wider community to be model Muslims through their volunteerism, embodying the Rahmatan Lil Alamin (Blessings to All) ethos of the Singaporean Muslim.

Muis50 Inspiring Youth Award winners include:

- Abbas Ali Mohamed Irshad, founder and current President of Roses of Peace, a non-profit organisation which aims to inspire religious harmony in Singapore; Ambassador for the Singapore Kindness Movement, an appointed member of the Facebook Community Leadership Global Advisory Board and a Nominated Member of Parliament;

-  Mohksin Mohd Rashid, an advocate for youth involvement who is also co-founder and CEO of Majulah Community, a not-for-profit organisation that nurtures ground-up community service projects. He is also Vice-chairman of the Mosque Management Board in Masjid Alkaff Kampung Melayu;



- Ustaz Muhammad Zahid Mohd Zin, CEO of the Muslim Youth Forum, a platform which facilitates dialogues on positive socioreligious values and practices for youths;

- Ustaz Muhammad Tarmizi Abdul Wahid, CEO of Safinah Institute, an Islamic learning centre; and

-  Nur Khairiana Mohamad Malek, founder of FiTree, a non-profit group consisting of tertiary students and graduates which aims to raise the awareness of the Muslim community that being environmentally-friendly is an Islamic value.

Ustazah Sukarti, winner of the Jasa Ceremerlang Award, currently serves as the VP of the Singapore Islamic Scholars & Religious Teachers Association (PERGAS) Council and is Dean of the Islamic Studies Department at Madrasah Al-Maarif Al-Islamiah. She also serves on the Asatizah Recognition Board.

She said: “My passion has always been education and I would like to contribute for as long as I can. Receiving an award never crossed my mind, my only hope is to continue to share knowledge with the community. I would like others to also share what they have learnt to cultivate a culture of learning.”

The inaugural Muis50 Inspiring Youth Award honours five young and inspiring Muslim individuals who have made sterling contributions to the community. Mohksin Abdullah, co-founder and CEO of Majulah Community which spearheads ground-up community service projects both locally and abroad, received the inaugural youth award. He empowers youth to lead projects through training programmes.

All Muis50 Distinguished Award recipients have pledged to pay forward the monetary award of S$3,000 each to five charitable organisations. Muis has matched and topped up these pledges, to bring the total amount to S$50,000 equally disbursed to five charitable organisations - Ain Society’s Serenity Centre, Casa Raudhah Women’s Shelter, Club HEAL, Rainbow Centre and the Association for Persons with Special Needs (APSN).

Muis has organised the Muis Awards since 1990. Candidates for the Muis Awards are nominated by members from the mosque fraternity and the Muslim volunteer organisations. Muis also identifies nominees who may be considered for the awards, based on their past contribution and service to the socioreligious sector. A total of 120 individuals have been conferred with the Muis Awards over the past 28 years.

A cheque worth S$100,000, raised by the community for the President’s Challenge, was also presented the same evening to President Halimah.

*Members of the Appeal Board are appointed by the President of Singapore to hear appeals by those who are aggrieved with the decisions of Singapore's Syariah Court and Registry of Muslim Marriages (ROMM). Faridah is the first women to serve the board. This has enabled a ruling from the Appeal Board to be enriched with a woman’s perspective in Islamic jurisprudence.

BNM releases guidance on value-based intermediation for Islamic finance

The central bank of Malaysia, Bank Negara Malaysia (BNM), has issued guidance documents to encourage the nation’s Islamic financial institutions to adopt a value-based system. The aim is to generate positive social impact, while helping to propel the industry into a new growth pathway.

The documents discuss the implementation of a value-based intermediation (VBI) system, creating a financing and investment framework, and a VBI scorecard. These documents build on the Strategy Paper on VBI which it released in July 2017.

Bank Negara Governor Datuk Nor Shamsiah Mohd Yunus said the industry in Malaysia has been taking concrete steps to drive strategies to increase the positive impact of finance on society with the support of the central bank.

"The commitment to adopt VBI is a significant step by the industry to clearly identify Islamic finance with sustainable practices, as it should," she said in a keynote address at the Global Islamic Finance Forum 2018 (GIFF2018) in Kuala Lumpur.

Islamic banking assets take up 30% of all banking assets in Malaysia, but the growth rate has since slowed, signalling the need for a fresh direction. Themed Beyond Profit, GIFF2018 encourages the banking industry to progress from shari'ah-compliant banking towards a more holistic practice of shari'ah-based financing that generates a positive impact on the economy, community and environment.

"The Islamic finance industry today faces a strategic choice - to either continue on a path that largely ignores the stark social and environmental realities that confront humanity, or to thoughtfully chart a new path that fully embraces the idea and philosophy of finance beyond profits.

"The latter will be an unfamiliar path in many respects, but one that is far closer to the fundamental premise of Shariah on which Islamic finance is based upon,” Nor Shamsiah said.

She said it will require a rethinking of the concepts of value and risk, and human capital needs. Rethinking value will have a significant impact on how Islamic banks make decisions, and to the banking portfolios. For example, expert advisory services to help borrowers mitigate the environmental impact of projects would then be a larger part of a banking portfolio.

On the rethinking of risk, Nor Shamsiah said non-traditional forms of risks such as social, political and environmental risks are business threats, and there are material benefits to managing these risks." As natural stewards of sustainable finance models, Islamic financial institutions are well placed to develop richer perspectives of social and environmental risks," she said.

As for human capital, she said there has to be concerted focus to build the skillsets to implement sustainable financing including at the management levels. This includes engineering and technical skills in the design, construction and assessment of technology; science skills; and monitoring skills.

Dato’ Adissadikin Ali, President of the Association of Islamic Banking and Financial Institutions Malaysia (AIBIM), the organiser of GIFF2018, said nine of the 27 Islamic financial institutions in Malaysia have adopted the VBI system.

"It is on a voluntary basis, and the form and manner will differ between the institutions," he said.

Explore:

Read the Suroor Asia blog post on VBI discussions at GIFF2018.

Read BNM's October 2018 documents on VBI

Download BNM's Value-based Intermediation: Strengthening the Roles and Impact of Islamic Finance strategy paper, dated March 2018

INCEIF partners WWF-Malaysia to bring sustainable financing to next level

INCEIF has signed a memorandum of understanding (MoU) with environmental conservation organisation WWF-Malaysia to jointly develop and promote sustainable financing. Both organisations plan to formulate environmental and social sustainability policies, standards and strategies relevant to Malaysia.

Source: INCEIF.

The Paris Agreement and the United Nation Sustainable Development Goals (UNSDGs) are driving convergence in multiple aspects of responsible finance, including sustainable, responsible and impact investing (SRI); environmental, social and governance (ESG); and Islamic finance. Environmental and societal concerns are coming to the forefront of the global discussion, making the INCEIF and WWF-Malaysia partnership apt and timely. 

It is hoped that with WWF-Malaysia’s unique positioning on sustainable finance, informed by its knowhow in science, conservation and environment, combined with INCEIF’s expertise in Islamic social finance instruments, will lead to financial mechanisms which protect and encourage critical ecosystems that form the basis for a sustainable economy and prosperous society.

Professor Dato’ Dr Azmi Omar, INCEIF's President & CEO said: “At INCEIF, we have come to realise that our winning strategy towards promoting the development of Islamic finance is by establishing effective collaborative partnerships. INCEIF is proud to add WWF-Malaysia as one of our partners in the joint effort to build a better society. The collaboration aims to promote the better way financing and investments are made, bringing them in line with international commitments like the UN 2030 Sustainable Development Agenda and its 17 goals.”

The objectives of this collaboration are to strategically develop and promote sustainable financing and to exchange relevant experience, technical advice and analysis on environmental and social sustainability aspirations, policies, standards, strategies and risks relevant to Malaysia. The collaboration with WWF-Malaysia is vital in ensuring the robustness of the Value-based Intermediation Assessment Framework (VBIAF). WWF-Malaysia has the expertise in science, conservation, environment and finance which enables the taskforce to help financial institutions reduce their impact on the natural world and develop financial mechanisms which protect and restore critical ecosystems that form the basis for a sustainable economy and prosperous society.

INCEIF is part of the VBIAF taskforce that was formed to spearhead the strategic development of VBIAF. The taskforce is chaired by INCEIF and co-chaired by the Islamic Banking and Takaful Department of Bank Negara Malaysia (BNM).

At present, especially in Malaysia, the mainstream financial sector does not sufficiently manage ESG risks or incentivise sustainability improvements in key commodity industries, such as the palm oil sector. The finance sector ends up fuelling resource conversion that does not take into account limits on our natural resources and the livelihoods that depend on these resources.

“Islamic finance must take the lead in promoting green finance where responsible and impact financing are being embraced in pursuit of values beyond financial motivation,” Dato’ Azmi said.

According to WWF-Malaysia, the finance sector has a key role to play in achieving the goals of the Paris Agreement and the UN SDGs, as it has the ability to influence business strategies and supply chains, to reduce their threats to the environment and provide financial mechanisms that protect and encourage sustainable ecosystems.

“The exchange of relevant experience and technical advice between WWF-Malaysia and INCEIF, will further our aspirations for Malaysia to be the leader in sustainable finance in Southeast Asia,” said Thiaga Nadeson, Head of Markets and Education, WWF-Malaysia.

To date, INCEIF has been awarded a research grant by the then Ministry of Energy, Green Technology and Water of Malaysia (now known as Ministry of Energy, Science, Technology, Environment and Climate Change) to conduct a comprehensive feasibility study on innovative financing, investment platform and business models for renewable energy and energy efficiency in Malaysia.

INCEIF is also embarking on a research consultancy for the Malaysian Technology Development Corporation (MTDC), a wholly owned institution by Khazanah Nasional, to examine the transformation of technology-based small-medium enterprises (SMEs) from laboratory idea to commercialisation. The findings from the study can be used for policy development by MTDC towards establishing sustainable technopreneurs at the SME level.

The challenges around value-based intermediation in Islamic finance

Top management of Islamic finance institutions should set the tone on value-based intermediation (VBI), said panelists at the Value-Based Intermediation: The Islamic Perspective session during the  Global Islamic Finance Forum 2018 (GIFF2018).

According to Bank Negara Malaysia (BNM), VBI refers to intermediation that "aims to deliver the intended outcomes of shari'ah through practices, conduct and offerings that generate positive and sustainable impact to the economy, community and environment, consistent with the shareholders’ sustainable returns and long-term interests".

BNM Governor Datuk Nor Shamsiah Mohd Yunus shared in her keynote that an International Finance Corporation survey of global banks had showed that around 86% of respondents which integrated social and environmental risks in their business have yielded positive business results.

The VBI system is also aimed at helping the Islamic banks to explore new opportunities for sustained growth as its rapid growth rate in Malaysia has declined from double-digit growth in 2011 to 8% in 2016.

The sustainability agenda needs to be incorporated into the shari'ah governance framework in Islamic financial institutions, said Professor Datuk Dr Azmi Omar, President and CEO, INCEIF.

Speaking after a panel titled Roadmap to Sustainability at GIFF2018, Professor Azmi said the move would push the sustainability agenda up to the board level of these institutions, and compel them to adopt an agenda that goes beyond profit.

"The key thing is that you need the support of the board. In some banks, the board may not fully embrace it. They are looking at the dollar and cents. So you need to get the board support, and you also need the nudge from the regulators," he said.

Dato' Mohd Redza Shah Abd Wahid, CEO of Bank Muamalat Malaysia said that if the CEO or the board do not embrace VBI, it will not happen. "If you don't know, ask. Don't do it alone. This is a journey of Islamic finance, you need to change finance for finance to change,” he said at a panel.

Azmi added that Islamic financial institutions are encouraged to regard a sustainability agenda as an opportunity for innovation, rather than an initiative that will affect their bottom line. For instance, he said they are encouraged to work with companies that do not fully meet the sustainable criteria by assisting them in their progress, rather than automatically rejecting their financing requests.

Dr Adnan Chilwan, Group CEO of Dubai Islamic Bank said banks or financial institutions should also consider the customer's standpoint when implementing VBI strategies.

"The first step for customers is for them to think about the proposal and plan a business that is going to create value for society. It will fall under the bank's VBI scorecard," he said.

He also said that some jurisdictions would support VBI-based proposals, while others might need time to study it. He shared that most of the Islamic finance markets under the Gulf Cooperation Council (GCC) were embracing the VBI concept, which is also being accepted by conventional financial institutions.

Dato' Redza said executing VBI strategies was not a challenge, particularly if a regulator is sponsoring the concept along with setting out the guidelines, such as BNM. BNM issued three documents with the help of INCEIF to facilitate VBI adoption the same day - an implementation guide, an impact assessment framework, and a scorecard. The latter two are consultative documents, for which feedback is solicited. Implementation is on a voluntary basis.

"If you don't have that (support), you have to battle the board, stakeholders and the most important people - your staff," Dato' Redza pointed out.

Redza also said institutions should inculcate a culture of thinking of the community amongst bank employees. He said that one way to engage employees is to communicate the methods of balancing a staff's key performance indicators (KPI) against the positive impact on society at large.

Dr Chilwan also said VBI was a natural extension of what Islamic finance has been doing all this while. “VBI is also about how you can merge it with pure commercial indicators, how you can create value for society and in the process, make profit,” he said.

He added that VBI approaches must consider how Islamic finance institutions can create an environment that could support entrepreneurs, small and medium sized businesses through various initiatives, and ensuring financial inclusion.

"Why (do) you need VBI - you need to do it because we want to create a population that is financially independent. And that independence does not come from financing alone, but through training and empowerment," he said.

Dr Chilwan added that VBI was essentially a "marriage" of environmental and social governance (ESG), corporate social responsibility (CSR) and socially responsible investments (SRI).

Sheikh Nizam Yaquby, a member of the ISRA Council of Scholars (COS) said the VBI concept was not new as Islamic finance is built on shari'ah concepts that emphasise ethical practices and environmental awareness.

But practical implementation could be difficult, he warned. He said, "When you put virtues and values to numbers, amounts and contracts, you will have a great deal of issues to tackle."

Redza also said Islamic banks who were new to VBI should be aware that VBI was not limited to scorecards or credit processes. This is because there are existing instruments that can be used to meet VBI goals. He said banks could incorporate zakat and wakaf approaches into the practice of VBI.

Dr Ioannis Ioannou, Associate Professor of Strategy and Entrepreneurship in the London Business School, said regulation of this sector can bring about the creation of common best practices. "As a society, we want to bring all of them to at least the best minimum standards, and then, give the space to the best ones to innovate," he said.

Nine of the 27 Malaysian Islamic financial institutions have pledged to adopt VBI. Two innovative products – rent-to-own housing loans and cheaper financing for green hybrid vehicles – have already been introduced.

The two-day GIFF2018 was organised by the Association of Islamic Banking and Financial Institutions Malaysia.

Explore:

Read more about BNM's guidance documents in a Suroor Asia blog post.

Read BNM's October 2018 documents on VBI

Download BNM's Value-based Intermediation: Strengthening the Roles and Impact of Islamic Finance strategy paper, dated March 2018

AI to play a significant role in sustainability

Over 50% of the world's asset management companies are adopting artificial intelligence (AI) to measure a stock's performance and company's sustainability. Omar Selim, CEO of Arabesque Asset Management, says the trend is likely to strengthen at a Global Islamic Finance Forum 2018 session titled Technological Disruption Impacting Sustainable Finance.

Within the financial sector, AI offers practical and accurate analysis for investors compared to existing annual or quarterly tools available in the market, he said. He added that Malaysia is one of five countries in Southeast Asia which have taken the lead in adopting AI for the market.

Omar said big data was the future as information becomes more complex, with a growing number of companies looking for data to support religious, ethical and social value-based investments. 

Arabesque Asset Management's S-Ray diagnostic tool analyses the sustainability performance of some 7,000 of the world’s largest listed firms using self-learning quantitative models and data scores.

The tool analyses over 50,000 data sources in 15 languages, looking for data points based on the core principles of the United Nations Global Compact (UNGC) and the Environmental, Social and Governance (ESG) score on financial materials of listed companies.

In the Islamic finance sector BIMB Investment Management has been working with Arabesque to analyse data for a better understanding of companies and their performance. Last year, the Malaysian bank and Arabesque launched two funds using S-Ray, namely the BIMB-Arabesque i Global Dividend Fund 1 and the BIMB Arabesque Malaysia Shariah-ESG Equity Fund.

Omar acknowledged that governance may be questioned, but the algorithms and S-Ray's AI architecture have been audited by external auditors and governed by a board backed by the UN Global Compact. His team checks data points for reliability and credibility, and is inclined to analyse negative news as positive news can be manipulated.

Malaysia's Tan Sri Dr Zeti receives Royal Award for Islamic Finance

Source: Bank Negara Malaysia. Tan Sri Dr Zeti Akhtar Aziz (second from left) receiving the Royal Award for Islamic Finance from HRH Sultan Nazrin Muizzuddin Shah (centre), the Sultan of Perak and the Royal Patron for Malaysia's Islamic finance.

HRH Sultan Nazrin Muizzuddin Shah, the Sultan of Perak and the Royal Patron for Malaysia’s Islamic finance initiative has conferred the Royal Award for Islamic Finance 2018 to Tan Sri Dr Zeti Akhtar Aziz, currently part of the Council of Eminent Persons advising the Malaysian government, on the sidelines of the Global Islamic Finance Forum 2018 (GIFF 2018) in Kuala Lumpur, Malaysia.

Dr Zeti was honoured with the award for her achievements and exceptional leadership in expanding the frontiers of Islamic finance in the domestic and global financial arena. During her tenure as the Governor of Bank Negara Malaysia - the central bank of Malaysia - from 2000 to 2016, she was instrumental in:

Influencing the internationalisation of Islamic finance industry and strengthening the linkages of the domestic Islamic financial system with other financial centres in the international financial system. 

This was achieved via development of the domestic financial markets, greater liberalisation of the domestic Islamic financial system and advocating Islamic finance into the global financial arena;

Mainstreaming Islamic finance into the global financial system with growing international acceptability and recognition. 

This has been supported by the establishment of international standard setting body and liquidity management infrastructure which have gained global recognition; and

Harnessing professional and competent talent through the development of a comprehensive talent ecosystem for Islamic finance. 

This encompasses the establishment of the global university for Islamic finance (INCEIF) and a dedicated Shariah research academy for Islamic finance (ISRA).

“It is my distinct honour to be the recipient of the Royal Award for Islamic Finance 2018. It has been my privilege to be part of the journey in the global development of Islamic finance. This honour however represents a recognition to all those who have travelled with me on this remarkable journey. I am truly most humbled to receive this award on their behalf.

"The Islamic financial industry has experienced a pace of growth and development that has been unprecedented over this recent three decades. It has also been dynamic and evolving to meet the rapidly changing requirements of the modern economy. As we continue this journey, we now need to venture into new frontiers towards bringing greater value to the economy, to society and to the environment,” said Tan Sri Dr Zeti.

Jury Chairman Tun Musa Hitam said, “The jury went through a very stringent and rigorous selection process on the merits and achievements of each nominee before arriving at a final decision. Widely recognised for her role in the global advancement of Islamic finance, Tan Sri Dr Zeti’s contribution, dedication and leadership in the development of Islamic finance industry serves as an inspiration for the next generation.”

Established in 2010, the Royal Award is a biennial award jointly organised by Bank Negara Malaysia and the Securities Commission Malaysia under the Malaysia International Islamic Financial Centre  (MIFC) initiative to recognise and honour individuals who have excelled in advancing Islamic finance globally through their outstanding contributions and achievements. Securities Commission Malaysia is the sole regulatory agency for the regulation and development of capital markets.

Past Royal Award recipients include Professor Datuk Dr Rifaat Ahmed Abdel Karim, CEO of the Capital Market Authority of Sudan (2016); Dato’ Dr. Abdul Halim Ismail, founding member of Malaysia’s first Islamic bank (2014); Iqbal Khan, CEO of Fajr Capital (2012); and Shaikh Saleh Abdullah Kamel, founder of the Dallah al Baraka Group (2010). The Royal Award also recognised the late Dr. Ahmad El-Naggar with a posthumous honourable mention in 2010. El-Naggar is often named the Father of Modern Islamic Banking.

Since its introduction more than 30 years ago, Islamic finance in Malaysia has developed into a sophisticated Islamic finance marketplace. The marketplace is characterised by a regulatory, supervisory, shari'ah and legal framework, a deep primary market and active secondary sukuk market, and diverse players with global capabilities. Malaysia's Islamic finance marketplace is open to global industry players and market participants and is served by the MIFC community, comprising the financial institutions, professional firms, regulators and government agencies.

Explore:

Download the MYIF app from MIFC at the Apple App Store and Google Play.