10 tips to seizing the opportunity with WhatsApp this Ramadhan

Souq concept art generated by Bing Image Creator.

 

Ramadhan represents a significant opportunity for small and medium-sized businesses (SMBs) in Singapore, according to WhatsApp. With 65% of Singaporeans now messaging a business every week, messaging is the best way for people and businesses to get business done—from asking and answering questions to discussing products and finalising a purchase, the company said. 

Ten WhatsApp Business features to leverage include: 

- A full business profile

A complete WhatsApp Business profile with your description, category, address, and contact information instantly establishes credibility.

- Updated Ramadhan hours  

 Operating hours can change to accommodate iftar or prayer times. Updating business hours prevents frustration when customers send messages during non-operational times. 

- Automatic greetings  

An instant response ensures a customer’s message is acknowledged immediately, making customers feel valued even before you have had a chance to reply. To set up an automatic greeting message, go to the Tools tab and select Greeting message. Turn on Send greeting message to activate the feature. 

SMBs can also choose who receives the greeting by selecting Recipients and setting it to be sent to all customers or specific contacts.

- Sort the surge

Use Labels to instantly categorise chats by status (e.g., Paid - Ready for Shipping, Raya Hamper Enquiry, Iftar Menu) and add different colours to prioritise and manage increased volumes efficiently. Note that some businesses may now see Lists instead of Labels.

- Quick replies  

Stop typing the same answer repeatedly for frequently-asked questions like those related to pricing or delivery times. Create message shortcuts with Quick replies to maintain lightning-fast response times.

- Ramadhan catalogues  

Display all iftar packages, Raya hampers and limited-time bundles directly in the chat. A clear, visual catalogue lets customers shop and choose without leaving WhatsApp, leading to faster sales. And keep your products organised with Collections, so it’s easier for your customers to browse. 

- Flash sales

Customers love Status. Use it to create urgency and excitement by sharing limited-time discounts or last-minute iftar bundles.

- Click-to-WhatsApp ads  

Don't just generate chats—drive revenue. Utilise ads that click to WhatsApp to find high-potential customers on Facebook and Instagram.

- Meta Verified  

 Build confidence and authority with new audiences with a Meta Verified subscription. It not only safeguards brands against impersonation but also unlocks advertising and engagement tools. The verified badge can be prominently displayed across call tabs, business profile and context cards. 

- Business Broadcasts  

Send messages to multiple customers simultaneously. This capability can improve message response rates and strengthen customer relationships.

Evermos introduces solutions to increase SME competitiveness in Indonesia

Source: Evermos. The current system discourages small Indonesian businesses from investing in growth.

As part of the World Economic Forum's Davos Agenda 2021, Evermos, a West Java social-commerce platform for Indonesian Muslim products, has unveiled an paper on helping Indonesian micro, small and medium sized enterprises (MSMEs) increase their competitiveness.

The Davos Agenda 2021 highlighted several of the article's case studies, including one about lyus, a hijab producer in Bandung. Basically, cheaper imported products have made SMEs reluctant to initiate medium- to long-term investments, causing low productivity and inefficient production; this in turn is making them less competitive with global players.

In the case of Iyus, he experienced significant growth from 2015-2017, producing 150,000 headscarves per day. However, this later declined by 80%, largely because of imports flooding the market, some of them illegal. On average, a container of imported goods can contain 250,000 to 450,000 headscarves.

Unfair trading practices in this sector have major implications for retailers like Iyus, who commented that foreign manufacturers observe which products are in high demand, and within six months flood the market with similar but cheaper products.

To increase his competitiveness, Iyus had to innovate. Within six months, he had started production and was turning a profit. However, he noticed that his global competitors use marketing intelligence to gain an unfair advantage and have shortened the product lifecycle of his winning product. Due to time and capital constraints, Iyus is reluctant to expand his business. The situation has created a vicious cycle among SMEs in Indonesia.

This vicious cycle at the SME level creates another parallel vicious cycle that impacts worker welfare. Low productivity at the SMEs reduces their income, which in turn decreases the education levels of their children. This traps the next generation of SMEs into skill shortages and low income.

Considering the long-term impact, people should start switching to buying local products, to increase money velocity and revive the local economy, Evermos said.

Arip Tirta, President of Evermos, said, "If we don't buy local products, SMEs will lose against global value chains. Whenever we buy a local product, we help revive the economy by keeping money in circulation through product owners, vendors, employees, and other related parties. It keeps the economy flowing. Improvements in quality and experience are important, but more important is the need to support local producers and their endeavours."

SMEs have contributed support approximately 97% of employment in Indonesia, absorbing most low-skilled workers. They also contribute to over 60% of Indonesia's GDP and have helped raise the quality of life by helping millions of people out of poverty. However, there is a need to create more products' in more significant quantities and more varieties, Evermos said.

Evermos believes that Indonesia can break the vicious cycle to create a virtuous cycle instead. The company suggested the following solutions:

- Go local or go home. Inspire people to buy local products, even though there are alternative cheaper products.

- Think long-term. Encourage SMEs to think of medium to long-term investment to remain globally competitive.

- Productivity as an engine for growth. Focus on skills training and technology adoption to increase productivity.

- The best offence is defence. Create effective trade policies to protect SMEs, with a more data-driven market intelligence approach.

Another approach is to move away from the heavy reliance on SMEs and focus on improving workforce skills, the company added.

Alizz Islamic Bank offers new commercial finance options

Alizz Islamic Bank has enabled salaried individuals to access commercial finance for personal businesses via their salary.

New shari'ah-compliant commercial financing solutions have the advantage of purchasing different goods, including equipment, machinery, vehicles or even property through murabahah, ijarah or forward ijarah options.

Murabahah allows customers to buy equipment and goods and land at competitive prices whereas ijarah solutions help businessmen to finance ready properties. Forward ijarah helps them to finance the construction of facilities at competitive prices.

Under murabahah, the bank will purchase the asset from the seller based on the customer's request and sell it to the customer at cost plus the agreed profit rate, concluding the murabahah sale contract. The most important feature of this product is that the customer will know the profit markup and installments at the time of signing the deal. Another feature is that the murabahah cost remains unchanged throughout the term. Moreover, the customer takes possession of the goods immediately.

Under ijarah, the customer will be given the right to utilise or lease the property for a specific period while the bank remains the property owner. The bank will buy the property from the developer or seller and lease it out to the customer with a promise to sell it at the end of the lease term.

In Forward ijarah, the property is acquired by Alizz Islamic Bank under an istisna sale contract with a developer upon the customer's promise to lease. Istisna refers to a sale where a commodity or property transaction takes place before that commodity or property even comes into existence. This essentially means that a company is told to manufacture a specific commodity or build a property for the purchaser.

Once the construction process is completed, the property will be delivered to the customer based on rental conditions. At the end of the lease term (or upon maturity date) and once the obligations stated in the forward ijarah contract have been fulfilled, the bank will transfer the ownership of property to the customer at a nominal sale price on the basis of a separate sale contract.

Interested?

The financing options are available to Omanis working in government or semi-government agencies as well as those working in the private sector. The minimum salary is OMR500 for government and semi-government employees and OMR750 for those working in the private sector. The application procedure is easy and fast with simple documentation requirements.

Applicants seeking financing must be between 21 and 60 years old. Murabahah-based financing options for equipment and vehicles are available from OMR5,000 to OMR100,000. Ijarah-based financing options start from OMR50,000 to a maximum of OMR700,000.

Murabaha-based finance contracts last seven years while ijarah conracts are nine years long, excluding a 12-month construction period. An applicant can get up to 80% of finance for the costs of equipment, vehicles and property, and 100% on the cost of commodities.

Dubai Department of Economic Development holding education sessions for Global Islamic Business Award

The Global Islamic Business Excellence Centre in the Department of Economic Development (DED) in Dubai, UAE has hosted a series of workshops to build awareness of its Global Islamic Business Award. Eligible companies include not only Islamic financial institutions but also firms from the real estate, food, and other sectors.

Participants in the Global Islamic Business Award stand to benefit from the comprehensive prior assessment process on the level of integration of Islamic value-based standards, business excellence, and sound corporate governance principles. The award is also complements Dubai's continuing efforts towards improved quality, productivity and competitiveness.

"More than an acknowledgement of excellence, the Global Islamic Business Award is an initiative aimed to galvanise Dubai's competitiveness into an enabler of business growth, capability development and sustainability. We will continue holding similar workshops for all the firms interested to learn more about the award as well for those interested to apply for the 2016 cycle," said Khalid Al Kassim, Assistant Director General for Economic Development.

Companies interested in applying for the inaugural award are invited to a one-day workshop in which the award methodology and its benefits, assessment criteria as well as application process are explained by Dr Naceur Jabnoun, author and adviser in business excellence.

The Global Islamic Business Excellence Centre has also been holding workshops for assessors who evaluate corporate applicants according to the new Islamic business excellence methodology but also in terms of providing guidance to applicants on future quality improvements suggested by the model. Forty-two assessors were trained and DED will continue to provide training and assessors certification under the award programme.

The Global Islamic Business Excellence Centre was launched with the objective of expanding Islamic economic activities beyond Islamic finance and product certification. "The Global Islamic Business Excellence Centre is a strategic initiative by the Department of Economic Development to accelerate the development of an Islamic business ecosystem in line with the emirate's Islamic economy capital initiative. It's therefore essential for the initiatives of the Centre to reflect the enterprise diversity in Dubai and their successful pursuit of excellence in their respective fields," remarked Al Kassim.

The Global Islamic Business Excellence Centre also intends to provide advice on shari'ah compliance and certification while also developing research capabilities to support awareness promotion and education on Islamic business practices. In addition, the centre will train assessors and experts in Islamic business excellence, support the development of shari'ah auditors and shari'ah board members, and disseminate practical knowledge about Islamic economics and governance.

MasterCard-CrescentRating research finds safety and tolerance the main criteria for business travel destinations

Source: Report cover.

Muslim business travellers are gaining greater autonomy, according to research released yesterday by MasterCard and CrescentRating.

Launched yesterday at the inaugural Halal in Travel – Asia Summit 2016 which is co-organised by ITB Asia and CrescentRating, the MasterCard-CrescentRating Muslim Business Traveler Insights looks at the behaviour and preferences of Muslim business travellers across the world including Asia Pacific, Africa, Europe and the US.

The main concern of business travellers is “safety and security” of the country they are planning to visit. This is followed by concerns of religious tolerance.

With the majority of Muslims representing growing economies such as Indonesia, Malaysia, Turkey and economies in the Gulf Cooperation Council (GCC), business travel is projected to grow rapidly. The Muslim business traveller market is projected to be worth US$22 billion by 2020, representing 10% of the expected 168 million Muslim travellers in 2020 who will spend over US$220 billion. Asia and Europe are the two leading regions in the world that attract Muslim visitors – accounting for 87% of the entire market.

Source: MasterCard-CrescentRating Muslim Business Traveler Insights. Why Muslims travel. VFR=visiting friends and relatives. Religions (sic) = religious reasons.

Availability of business opportunities, especially in developing countries, attracts a large number of business travellers. This segment has also seen growth contributed by the MICE sector. Most large travel agents in the GCC countries now have a separate division for MICE.

Another key driver for growth in Muslim business travel is the increasing number of Muslim professionals (both males and females) now entering the workforce.

The report is based on an online survey and interviews conducted with 250 frequent Muslim business travellers from countries such as Malaysia, Singapore, US, Qatar, Sri Lanka, India, Australia, and Pakistan.

The study has revealed that the main reasons for business travel was to attend conferences or exhibitions (57%), to meet clients (45%) or potential clients (44%), with an average trip lasting between three to four days.

When planning their trips, 88% of them rely on online research – while only 44% seek advice and information from family and friends – highlighting the importance of strong digital strategies in targeting this segment. More than one in two book their own flights and hotels rather than rely on their company or travel agents.

This is the first-ever detailed report examining the travel trends and attitudes of a sub-segment of the growing Muslim travel market. It aims to provide a greater understanding of how best to market and cater to the needs of Muslim business travellers.

“Muslim business travel is a niche market on its own which is only set to grow bigger. The travel industry can reflect positively on the discoveries on insights and the trends related to business travel, which bodes well for its immediate future. It should also be recognised that improving the experience of this segment from (better) digital strategies, catering for their faith-based needs and personalised digital services, such as superior Wi-Fi connections, can be key to capitalising on this market,” said Fazal Bahardeen, CEO of CrescentRating and HalalTrip.

“The Muslim business travel market is expected to continue to expand over the next couple of years, alongside the growth of emerging economies such as Indonesia and Malaysia. In an effort to cater to this increasingly important segment, businesses and destinations are adapting their products and services to better suit their needs and preferences. Industry players looking to tap into this market for the first time will benefit from the insights gathered from the new Mastercard-CrescentRating Muslim Business Traveler Insights,” said Aisha Islam, VP, Consumer Products, South East Asia, Mastercard.

The research also revealed that 38% percent of Muslim business travellers spent between US$2,000 and US$5,000 per business trip, with 44% spending less than US$2,000.

The availability of prayer facilities (78%), halal dining options (71%) and Wi-Fi (67%) at airports are the top three most important services for business travellers. They also commented that wudu' facilities are often far away from prayer facilities, while Wi-Fi is only available for a limited time - airport features that could be improved.

When booking a flight, the availability of halal food and airfare emerged as the most important considerations for Muslim business travellers.

The majority of respondents (70%) avoid travelling during the Muslim month Ramadhan, unlike Muslim leisure travellers who are increasingly choosing to travel during this month according to an earlier MasterCard and Crescentrating study. However, one in four business travellers (27%) will travel irrespective of whether it is the month of Ramadhan or the school holidays.

MasterCard and CrescentRating also track the Global Muslim Travel Index.

Interested?

Read more about the Muslim Business Traveler Insights report

Read the Suroor Asia blog post about Muslim travel during Ramadhan, the month of fasting

Hashtag: #HalalInTravel

*About Muslim Business Traveler Insights 2016

Respondents were travellers from a wide range of company sizes: from SMEs to large corporations. Of the 250 respondents, 73% were males and 27‰ females. Half (52%) of the travellers were C-level executives or business owners. Eighty percent have been at their current workplace/employer for more than two years. Sixty percent of them made between four and 20 business trips in 2015. Countries of origin included Malaysia, Singapore, US, South Africa, Qatar, Sri Lanka, UK, India, Canada, Australia, Germany, Denmark and Pakistan.

posted from Bloggeroid

Bank of Palestine backs Business Women Forum initiatives

The Business Women Forum, in partnership with the Bank of Palestine, has launched a training programme and the I am an Entrepreneur 2016 contest.

Logo for the I am an Entrepreneur contest.

Since 2011, the Business Women Forum has targeted young women entrepreneurs through a programme to develop their skills and capabilities, in order to enable them to develop business plans and apply business ideas effectively. The women entrepreneurs receive intensive training that help them create new job opportunities. The training programme is implemented through the Business Development Center, the Forum’s technical arm, which provides all types of assistance in order to advance the businesses owned by women in Palestine.

This programme is an integral part of Felestineya (Editor's note: Palestine woman), a non-financial advisory service provided by the bank since 2014 through collaboration with the Forum to empower Palestinian women. 

The I am an Entrepreneur contest also aims to empower women. It promotes a competitive spirit between women entrepreneurs, encourages them to start or develop their own businesses, and helps them fulfill their ambitions. The first-place winner will receive US$5,000, while the second and third-place winners will each receive US$2,500.

Eligible women must have serious ideas for businesses, or an existing project. They should demonstrate the ability to develop their own profitable businesses. The contestants receive training in writing business plans, including consultations to develop or start their own businesses. They will also get guidance from the Business Development Center, which connects them with new markets and sources of funding for capital.

Interested?

Read the terms and conditions for the I am an Entrepreneur contest (Arabic)

KSA firms display mixed sentiments for Q316

• KSA’s oil & gas sector has displayed a bearish outlook for Q316 and the non-hydrocarbon sector has maintained its forecast for Q316 
• The manufacturing sector is the most optimistic for Q316
• A third (31%) of non-hydrocarbon firms expect to invest in business expansion; for the hydrocarbon sector, the corresponding proportion is 30%

Dun & Bradstreet South Asia Middle East (D&B), in association with the National Commercial Bank released the D&B Business Optimism Index (BOI) survey for KSA for Q316. The survey reveals mixed sentiments for firms in KSA.

Dr Said Al-Shaikh, Group Chief Economist, NCB, said that despite some recovery in oil prices towards the end of the second quarter, raising to the mid-US$40 to US$50 a barrel range, the hydrocarbon sector BOI of Q316 slipped back into negative territory at -2 points after recording 3 points in Q116. "The negative momentum impacted business outlook, as only 38% of the participants in the survey expect no hindrance to their business," he said. "Looking beyond hydrocarbon, the BOI of the non-hydrocarbon has maintained similar expectations to the previous quarter at 21 points." 

More than half (56%) of the participants were aware of the national Vision 2030 and of the National Transformation Program (NTP) 2020, which is part of Vision 2030. Vision 2030 is a blueprint for excellence grounded in KSA's place as the heart of the Arab and Islamic worlds; a drive to be a global investment powerhouse, and to leverage on the country's strategic location to become a global hub connecting Asia, Europe and Africa. 

The Vision 2030 and NTP 2020 seems to have brought some optimism, thus preventing the BOI of the non-hydrocarbon sector from further deterioration, Dr Al-Shaikh added. He said, "Moreover, a sharp fall of contracts awards witnessed over the first half of 2016, recording approximately SR48 billion, not only impacted the construction sector BOI with a reading at 11 points and 12 points in Q216 and Q316, but other sectors were also impacted with varying degrees. In turn, the Q316 BOI for trade and hospitality dropped sharply to 18 points from 32 points in Q216. Reflecting the positive impact of Vision 2030 and NTP 2020, approximately 30% of each of the non-hydrocarbon firms participating in the survey indicated their expectation to invest in expansion in Q316."

Source: NCB. Dr Said Al-Shaikh, Group Chief Economist, NCB, speaking during the launch of the results.

Hydrocarbon sector

The survey for Q316 reveals a bearish outlook for Saudi Arabia's oil & gas sector, with the composite BOI slipping into negative territory in Q316 to -2 from 3 in Q216. With respect to the business environment 38% of the firms do not expect to face any obstacles in their operations, while concerns about the adverse impact of low crude prices have dominated sentiments as 43% of the firms think that this factor might prove to be a hindrance. Thirty percent of the oil & gas companies have indicated plans to invest in business expansion in comparison to 55% which said they will not undertake such moves.

Non-hydrocarbon sector

Saudi Arabia's non-hydrocarbon sector has maintained its forecast for Q316 at the previous quarter's level, with the composite BOI staying steady at 21. Regarding the business environment in Saudi Arabia, firms are more upbeat about the third quarter than they were for Q216: 51% expect that no negative factors will hurt their businesses in Q316 versus a corresponding 39% in Q216. Business sentiment is most dented by low oil prices (13% have cited it as a key hindrance), issues related to government rules & regulations (13%) and competition (7%). Further, 31% of the firms intend to invest in business expansion, while 52% have indicated that they will not.

Sector analysis

The manufacturing sector's optimism outlook has bounced up from the series low seen in the first and second quarter of 2016; the composite BOI has improved to 27 in Q316 from 22 in Q116 and Q216. The demand, hiring and net profits BOIs have strengthened on a quarterly basis as businesses expect new projects from new clients and an overall increase in demand. Additionally, the business scenario has improved with 59% of them not expecting any obstacles to their operations in Q316 compared to 27% in Q216. A third (31%) of the manufacturing companies intend to invest in business expansion in Q316 against 54% that have indicated that they will not.

The outlook for the finance, real estate & business services sector has reached a new low; the composite BOI slipped from 24 in Q216 to 23 in Q316. While the BOI for volume of sales has edged up on a quarterly basis, the indices for the remaining parameters have turned lower. Nearly half (48%) of the firms in this sector have said that they do not expect any negative factors to adversely impact them during Q316. Additionally, 34% of the respondents expect to undertake investments in business expansion, compared to 45% who will not.

The trade and hospitality sector's forecast for Q316 is at the lowest level recorded; the composite BOI has dropped to 18 from 32 in Q216. All five parameters comprising the composite index have registered declines. Even though the composite BOI has dropped, business environment expectations have improved; 53% of the firms do not expect any hurdles in Q316 compared to 36% in Q216. A third (31%) intend to undertake investment in business expansion in Q316, while 38% will not.

The composite BOI for the construction sector has edged up by a single point from 11 in Q216 to 12 in Q316. The outlook for the construction sector remains weak as crude oil prices continue to remain low, which has suppressed new projects. However, the forecast for the business environment is stable: 40% of the construction companies do not anticipate any hurdles in Q316 compared to a corresponding 41% in Q216. A quarter (26%) of the firms in the construction sector intend to undertake investment in business expansion in Q316 (66% will not take up these plans).

The transportation, storage & communication sector's forecast in Q316 has increased from 7 in Q2, 2016 to 14 in Q316. On a quarterly basis the indices for volumes, new orders, net profits and hiring have strengthened, but that for selling prices has worsened. Half (52%) of the firms in this sector do not expect any obstacles during Q316 (48% in Q216). A third of the respondents hope to undertake investments in business expansion in Q316 versus 60% that do not intend to undertake such plans.

The current survey shows that small and medium sized enterprises (SMEs) have a modestly brighter forecast than the large companies, with composite BOIs of 22 and 18 respectively. SMEs are more optimistic than large companies on all parameters. SMEs hold a modestly firmer outlook with respect to the business environment with 53% of them compared to 49% of the large companies expecting no obstacles to their operations in the coming quarter. For both groups, the leading concerns are the impact of low crude prices and government policies, rules & regulations.

Assad Shaikh, Associate Director - Research & Advisory Services, Dun and Bradstreet South Asia Middle East said: "Sentiments in the region are subdued with respect to firms in the kingdom's hydrocarbon sector. The BOI score for this sector is recorded at -2 in Q3, 2016 from 3 in the previous quarter, weighed down by lower scores for selling prices and profitability. On the other hand, the current survey revealed that the composite BOI for the non-hydrocarbon sector is firm at the previous quarter's level of 21.

"The impact of low oil prices has dented the optimism with respect to the business environment which has turned lower for oil & gas firms as 38% have indicated that they do not expect any factors to impact their operations. The proportion stood at 51% for the non-hydrocarbon sector.

"With regard to investment in business expansion in Q316, sentiments of both groups are comparable (30% intend to invest in such plans for hydrocarbon firms versus 31% for non-hydrocarbon firms)."

The D&B Business Optimism Index is a measure of the pulse of the business community, serving as a benchmark for investors and policy makers. As the latest addition to D&B's global series, the Business Optimism Index on Saudi Arabia, done in association with The National Commercial Bank, is issued on a quarterly basis. The next Business Optimism Index on Saudi Arabia will be released in October 2016.

Interested?

Download the NTP 2020 playbook (link to PDF)

View the NTP 2020 infographic

Arab youth more likely to start a business compared to older cohorts

• The 2016 ASDA’A Burson-Marsteller Arab Youth Survey* finds more than a third of young Arabs intend to start own business in next five years
• Young Arabs say governments can do more to encourage lending, provide training and cut red tape
• Young Arabs are increasingly positive about entrepreneurship with more than half believing members of this generation are more likely to start a business than the previous one

Asked “do you feel people in this generation are more likely to start a business than in previous generations,” 54% agreed, with youth in the GCC most enthusiastic at 62%, compared to 54% of North African youth and 44% of youth in the Levant.

The key finding from the Eighth Annual ASDA’A Burson-Marsteller Arab Youth Survey was unveiled by Sunil John, the founder and CEO of ASDA’A Burson-Marsteller. Now in its eighth year, the ASDA’A Burson-Marsteller Arab Youth Survey has established itself as a key referral source for businesses and policymakers across the world.

In a separate response, the survey found that 36% of young Arabs said they themselves intend to start their own business in the next five years – specifically 37% of youth in the GCC, 39% in North Africa and 31% in the Levant.

Real estate, technology and retail were the top three sectors in which Arab youth would like to start a new business venture. Real estate is the preferred choice for a startup in the Gulf states, where 24% of youth said they would opt to launch a property-related company, whereas technology was the top choice for would-be entrepreneurs in the Levant (15%) and North Africa (18%). Retail is the second most popular choice in Levant and North Africa for 15% and 16 of respondents respectively; however in the Gulf only 9% would opt to start a retail operation.

Across the whole Middle East 34% said they did not intend to launch their own business, while 30% didn’t know. Lack of financial resources to start a business was cited as the main reason overall, by 20% of young people, however in the GCC only 8% believed they lacked the means to go it alone, while in North Africa, 37% saw this as the biggest hurdle.

Young Arabs believe governments can do more to support young entrepreneurs, with 39% saying that encouraging affordable lending should be made a priority; 25% calling for education and training to be improved and made more available; and 19% asking for government regulations and red tape to be cut.

“These findings suggest governments in the Middle East have an excellent opportunity to really help kickstart an entrepreneurial culture in the region,” said Sunil John. “With the Arab world needing to provide 80 to 100 million jobs by 2020, according to the World Bank, this represents a rich resource of largely untapped talent who can help drive the Arab world’s transformation to knowledge-based economies, and provide the opportunities of the future.”

Interested?

Explore in-depth results from the 8th Annual ASDA’A Burson-Marsteller Arab Youth Survey, including survey highlights and a white paper in Arabic and English

Read the Suroor Asia blog post about where Arab youth would most like to live

*For the 2016 survey, international polling firm Penn Schoen Berland (PSB) conducted 3,500 face-to-face interviews with exclusively Arab national men and women aged 18 to 24 in the six Gulf Cooperation Council (GCC) countries of the UAE, Saudi Arabia, Qatar, Kuwait, Oman and Bahrain; Iraq, Egypt, Jordan, Lebanon, Libya, Palestine, Tunisia, Morocco, Algeria and Yemen. The interviews were conducted in the period January 11 to February 22, 2016.

posted from Bloggeroid

LINE@ is ideal for mumpreneurs

LINE, the global lifestyle platform, is highlighting LINE@, one of LINE’s Family apps for Mother's Day. The service lets users create official accounts to share both personal and professional content. A LINE@ account allows users to engage directly with customers and fans with functionality such as a Timeline to post content on, one-on-one chats with fans and customers for real-time business updates, as well as a polling function that allows users to gather feedback seamlessly.

This Mother’s Day, LINE celebrates mumpreneurs, who tirelessly dedicate their lives to their families while managing their own businesses. The platform has also provided some tips for mumpreneurs to stay on top of their game and grow their businesses with LINE@.

Reach an audience of thousands
Send mass messages to customers and fans that have friended your account to promote your business and events, or gather feedback from followers.

Share updates easily
Post your updates via the Timeline and keep your followers updated on new products and services.

Stay connected anytime, anywhere
Add LINE@ account information to business cards so fans and customers have another way to reach you.

Survey customers for feedback
Set up polls with LINE@’s research page to gather feedback on products and services, or capture customer profile data such as age, gender. You can even use the statistics provided to monitor user behaviour.

Thank fans for their support
Give readers, fans and customers a treat with coupons with your LINE account. LINE’s new app feature, Coupon Book, allows LINE users to keep track of all the coupons they receive via LINE.

Interested?

Choose from two plan options – free or paid – to gain access to LINE@’s features. A free plan includes 1,000 sent messages a month. A paid plan starts from US$50 a month and includes 50,000 messages sent a month. Each message beyond that costs US$0.01 for paid plans; free plans are limited to 1,000 messages. Sign up

Great Women Malaysia launches collaboration platform for female entrepreneurs

Source: Great Women Malaysia. Puan Nadira Yusoff.

Great Women Malaysia today kicked off the Great Women Connect Series, a platform to spark opportunities for women-in-business globally to share ideas and experiences in trading. It also aims to facilitate global partnerships, establishing networks and realising potentials especially for those with intentions and readiness to go outside Malaysia.

Great Women Malaysia (GMW) is an initiative aimed at helping and facilitating Malaysian women in the underserved and rural communities move up the economic and value chain through participation of entrepreneurial or artisanal activities, focusing on fashion and lifestyle industry.

The GWM is part of a larger initiative called ASEAN Great Women, which enables Great Women initiatives from all participating ASEAN countries to collaborate on resources, cultural and ethnic materials, designs, skills and talents, and to develop products that can be commercialised globally. The Great Women development model had its start in the Philippines in 2011, motivated by the need to assist women entrepreneurs to overcome challenges of product sourcing, design, production, packaging and marketing. ASEAN Great Women was launched in 2015 as a regional platform for gender economic empowerment as well as competitive supply-chain integration in ASEAN.

The Great Women Connect Series seeks to develop the women's professional sector locally, regionally and globally in three main areas of economic, professional and social life. It aims to do this through dialogues with local and global initiatives. The series will also mobilise international diplomatic support for the advancement of women in society.

According to Puan Nadira Yusoff, head of Great Women Malaysia, “Empowering women and fully engaging them in the business and economic sectors has become a key global development priority, particularly in the Asia-Pacific region where significant gender gap in economic participation persist. Promoting opportunities for both women and men makes good economic sense. It is important that both men and women are able to fully contribute to national and regional economic growth and trade. And this is the reason why we hold today’s interactive session.”

“Women’s SMEs in Malaysia have experienced strong annual growth albeit a relatively low initial level of women’s participation in SMEs. While cultural norms continue to limit women’s role in business, the general business environment in Malaysia is comparatively favourable. Women-in-business needs support from the government as well as from initiatives like us,” she added.

Puan Nadira Yusoff is a thought leader in the Malaysian's entrepreneurial ecosystem, as well as CEO at Nadi-Ayu Technologies. She is involved in programmes that are initiated by the ministries in Malaysia, such as 1ASEAN Entrepreneurship Summit (1AES), 1Malaysian Entrepreneurs (1MET), Global Entrepreneurship Movement (GEM), GREAT and many more. She currently leads several NGOs/initiatives namely Great Women Malaysia (GWM), Women Entrepreneurs Network Association (WENA) and Girls in Tech (GIT).

Representatives from the Sharjah Business Women Council of the UAE participated in today's session, including Nada Al Lawati, Founder and CEO of Seed Group International, Huda Al Lawati, Senior Private Equity Professional, most recently Chief Investment Officer for the Abraaj Group in MENA, Sally Denton from Head of Irthi, Irthi Contemporary Crafts Council (part of NAMA*), Dr Amal Al Ali, Founder of CARDIFF Management Consulting & Training and Assistant Professor in Sharjah University, Ayesha Jasem, Membership and Services Senior Executive of the Sharjah Business Women Council, and Lina Mohammed Hamdan, Senior Manager - Strategy of the Sharjah Business Women Council.

Interested?

Read the WorkSmart Asia blog posts about the launch of GEM in Malaysia and WENA's Vital Voices Mentoring Walk in March 2016

*The NAMA Women Advancement Establishment was set up in the UAE in December 2015. It aims to develop opportunities for women in the economic, professional and social sectors. NAMA Women Advancement Establishment will also organise training, mentorships, provide advice and examine law and legislation concerning women.

Malaysia Debt Ventures launches shari'ah-compliant Bumiputera Technology Fund

Malaysia Debt Ventures (MDV), a wholly-owned subsidiary of the Minister of Finance Inc., in collaboration with Unit Peneraju Agenda Bumiputera (TERAJU), has launched the Bumiputera Technology Fund (BTF) for technology-based companies in an effort to facilitate their business expansion through shari'ah-compliant working capital and asset financing facilities.

The development of the new BTF programme is a step forward in the collaboration between MDV and TERAJU, which has helped to create a pipeline of quality and sustainable bumiputera* entrepreneurs. MDV and TERAJU are continuing the momentum with the new fund, totalling RM100 million. Bumiputera technology-based companies that are listed under TERAJU’s SUPERB and Syarikat Bumiputera Berprestasi Tinggi (TERAS) programmes are eligible for BTF funding..

Nizam Mohamed Nadzri, MDV’s Senior Vice President of Corporate Services said, “The BTF is envisaged to ensure a more comprehensive financing ecosystem for bumiputera companies, in particular, technology-based companies. The fund also targets to fill in the funding gap that exists for startups under SUPERB, as a follow-on funding programme to the grants received from TERAJU.”

He further explained that the BTF is a progressive proposition for MDV from the perspective of MDV’s dual mandate to provide development financing and nurturing to technology SMEs in a sustainable manner, particularly as the fund will fund graduates of the SUPERB programme who may require nurturing to achieve their goals.

Apart from improving access to finance, particularly for startups in the technology sector, the shari'ah-compliant fund also serves to fulfill customer demand for more diverse Islamic facilities.

“The BTF will intensify MDV’s contribution in further strengthening the Malaysian Government’s commitment to develop the Bumiputera Economic Community as well as to establish the country as an Islamic financing hub in the region,” said Nizam.

To be eligible for financing under the BTF programme, TERAS and SUPERB companies must be incorporated in Malaysia with a minimum paid-up capital of RM100,000 and possess viable projects that are within the technology space. Financing facilities offered will be from a minimum of RM500,000 to a maximum of RM5 million. All applications made for financing under the fund will be subject to assessment based on MDV’s credit risk criteria as well as risk assessment processes, which are geared towards financing technology companies and projects.

MDV was established by the government of Malaysia in 2002 to provide flexible, innovative credit financing to developing high-impact and technology-driven sectors of the economy, identified and prioritised by the government as future engines of growth. As one of the agencies in Malaysia solely focusing on technology-related sectors, MDV aims to be the leading technology financier in the country. Since its establishment more than a decade ago, MDV has financed numerous technology projects in various sectors as it strives to fulfil its mandate and developmental role in the technology industry.

*Also spelt 'bumiputra', the term typically refers to people of indigenous Malay ethnicity.

Phililppines senator asks government to strengthen MSME programme in ARMM

Senator Loren Legarda of the Philippines has underscored the role that micro, small and medium enterprises (MSMEs) play in generating jobs throughout the country, especially in poor municipalities.

Legarda, principal author of the Magna Carta for MSMEs, issued the statement following results of an online survey conducted by the Department of Labor and Employment (DOLE) and JobStreet.com Philippines, showing that three out of four locally employed Filipinos would accept jobs in their home region rather than work in another part of the country.

"I am glad that most of our kababayans (fellow Filipino) prefer working in their hometowns than move elsewhere in the country like Metro Manila, hoping to have better lives. This only indicates that Metro Manila is not the only place in the country where there's a multitude of job opportunities as more Filipino MSMEs participate on economic trade resulting to more jobs," Legarda said.

She added, "We need to sustain our gains by strengthening our MSME programmes because aside from generating employment opportunities and better incomes, MSMEs are powerful platforms for promotion of viable rural livelihoods, cultural preservation, socioeconomic empowerment of indigenous peoples, and environmental protection."

Legarda also called on the government to strengthen the country's MSME programme in the Autonomous Region in Muslim Mindanao (ARMM), which registered the highest number of residents who would rather find jobs outside of their hometowns, with only one out of three willing to stay and work locally, in order to spur economic growth particularly in the grassroots level.

The Senator also pushed for the promotion of green jobs and green skills in the country, noting that other nations encourage their people to engage in management in agriculture, forestry, horticulture, environmental information technology, and other careers that contribute to environmental preservation. All these efforts would complement our existing job generation strategies, she said.

Republic Act No. 9501, otherwise known as the Magna Carta for Micro, Small and Medium Enterprises, targets countryside industrialisation through the following: intensifying and expanding programs for training in entrepreneurship and for skills development for labor; facilitating access of MSMEs to sources of funds; assuring them access to a fair share of government contracts and related incentives and preferences; complementing and supplementing financing programmes for MSMEs and doing away with burdensome collateral requirements that small entrepreneurs find difficulty in complying with; instituting safeguards for the protection and stability of the credit delivery system; promoting linkage between large and small enterprises by encouraging the establishment of common service facilities; making the private sector a partner in the task of building up MSMEs through the promotion and participation of private voluntary organisations, viable industry associations and cooperatives; and establishing a feedback, grievance and evaluation mechanism.

GEM aims to create entrepreneur synergy

Source: GEM Facebook page.

The Global Entrepreneurship Movement (GEM) was officially launched in Kuala Lumpur, Malaysia today. The non-governmental organisation (NGO) providing a networking platform for entrepreneurs from different sectors such as social entrepreneurship, technology, and halal to converge.

“I’m joined on this NGO by community leaders from different networks who will support a strong partnership for Malaysia and our entrepreneurs. We’ve got some incredible entrepreneurs, business leaders and innovators who are present today. They see the promise of internationalising Malaysia and will support GEM’s vision where no one is deprived or denied from being an entrepreneur," said YBhg. Tan Sri Dr Mohd Irwan Serigar Abdullah, the patron of GEM and Secretary General Treasury, Ministry of Finance. 

“GEM will be the first NGO that focuses on connecting, networking whilst fostering collaborations to internationalise Malaysia’s entrepreneurial ecosystem.” 

GEM aspires to build, promote, internationalise and connect the Malaysia-based entrepreneurship movement with the world, including the investment sectors, business angels, private equity firms, venture capitalists and the like. It also aims to align with current entrepreneurial initiatives and agencies by bringing them together.

YBhg. Tan Sri Dr Mohd Irwan said, "By placing greater emphasis on entrepreneurship via GEM’s strategic programmes, locally, regionally or at an international level, everyone will be provided opportunities to rise which will ultimately unleash the possibilities of creating jobs, spurring innovation and strengthening Malaysia’s leading position in entrepreneurship.”

GEM is set to invest in a capacity building programme via a two-day hackathon for 300 university students at Gathering of Rising Entrepreneurs, Act Together (GREAT) Kuching in Sarawak on April 2 and 3, 2016. GREAT Kuching is the ultimate gathering for all stages of entrepreneurs, startups and funding vehicles led by the National Strategic Unit (NSU) and the National Entrepreneur Development Office (NEDO), supported by the Malaysian Global Innovation and Creativity Centre (MaGIC). There will also be a year long programme done in partnership with Malaysia Debt Ventures (MDV) to help entrepreneurs who have failed rebound.

According to GEM’S President, Dash Dhakshinamoorthy, “Today, we have people from all walks of industries. Some are startups, some in growth stages and some are in the multi-million dollar revenue stage. However (the) one common thread that runs through the fabric of this group is the desire to make Malaysia the go-to place for launching ventures.

“The government has played a pivotal role for many years to spur entrepreneurship in the country. From setting up the MSC to launching various venture capital funds and also by investing in various agencies to catalyse and grow different clusters of entrepreneurs – grassroots, university entrepreneurship, startups, agri-entrepreneurs, creative entrepreneurs just to name a few. The time has come for independent and private sector players to synergise and weave the ecosystem together by building trust, collaboration and most importantly to be able to dream together to make the Malaysian entrepreneur truly global.” 

Interested?

Membership in GEM is open to students, individuals and companies. Membership fees begin from RM50.

Malaysia launches shari'ah-compliant crowdsourced investment platform, with ratings from RAM Holdings

Six Islamic banking institutions have launched the first bank-intermediated financial technology (fintech) platform in Malaysia. The Investment Account Platform (IAP) a strategic initiative of the Islamic finance industry to operationalise investment accounts, a new product offering by Islamic banking institutions. 

The platform has been developed by a wholly-owned subsidiary of Raeed Holdings, a consortium of six Islamic banking institutions: Affin Islamic, Bank Islam, Bank Muamalat, Maybank Islamic, Bank Rakyat and Bank Simpanan Nasional. In his speech, Datuk Zamani Abdul Ghani, Chairman of Raeed described the launch as an important milestone within the industry as it aims to broaden the traditional role of Islamic banking institutions, from traditional credit provider to include investment intermediary.

Similar to many fintech platforms such as crowdfunding and peer-to-peer lending platforms, IAP facilitates direct investment by investors into viable ventures of their choice. However, a key differentiating factor of IAP would be the roles undertaken by Islamic banking institutions. According to Mohamed Izam Mohamed Yusof, Chief Executive Officer of Raeed, what IAP brings to the table is the ‘trust’ factor provided by Islamic banking institutions’ experience and expertise, which is valuable in boosting investors’ confidence and enhancing financing opportunities for entrepreneurs. 

"I would say, the main challenge in developing IAP lies in streamlining various considerations including IT, banking operations, shari'ah, legal, products, recovery, risk management and compliance across the four founding banks, while ensuring that the business propositions of IAP remain competitive," he said.

"IAP is a centralised multi-bank platform that enables investors to directly finance ventures of their choice according to their risk-return preferences. The platform intends to enable different spectrums of businesses, including SMEs, corporates, new growth industries as well as entrepreneurs with good and viable projects, to gain access to financing in support of real economic growth. A unique feature of IAP lies in the intermediary roles undertaken by Islamic banking institutions, which put forth the element of trust and credibility that are valuable in boosting investors’ confidence and enhancing financing opportunities for entrepreneurs. This ultimately increases the likelihood of concluding tangible deals via IAP."

IAP was launched by Tan Sri Dr Zeti Akhtar Aziz, Governor of Bank Negara Malaysia. "Its robust risk management infrastructure, with a high degree of transparency and disclosure differentiates the IAP from other technology-based fund-raising platforms. Islamic banks in performing their intermediation role in the operationalisation of the investment accounts that are being offered on this platform, would rigorously undertake the credit assessment and screening of the listed ventures. The IAP would also require ratings on the listed ventures by rating agencies reinforced by the requirement for such ventures to comply to the disclosure standards thus enabling investors to make informed decisions. Integral to the platform is a mechanism for regular monitoring of the progress of the ventures, thus allowing for assessments to be undertaken by the sponsoring banks of any emerging risks associated with the ventures," she said. 

"The value proposition and benefits of the IAP are multi-fold. It has the potential to spur the generation of new economic strengths through the promotion of entrepreneurship and job creation while also promoting greater financial inclusion and thus enhanced prospects for balanced growth. The IAP enables investors to directly finance a broad range of economic activity of their choice, therefore diversifying their investment portfolio with exposures to various types of projects and industries that yield potential returns that are based on the performance of the underlying chosen ventures. For businesses, the IAP provides a new source of funding for activities, with more competitive financing terms in a range of financing structures. Ventures and entities of varying types, size and industries, including SMEs, listed firms and multinational companies can raise funds on this platform. Given its greater visibility, the IAP will also provide access to a broader range of individuals and institutional investors.

"For Islamic banks, the IAP creates a differentiated product that presents a new source of income and funding profile. There is also the potential for institutions with specific mandates including government agencies to strategically collaborate with the IAP and Islamic banks to form public-private partnerships to facilitate the efficient channelling of grants or funding and to facilitate financing opportunities for identified strategic ventures."

Strengthening financial inclusion and internationalisation

IAP will also be positioned as a new medium to facilitate more public-private partnerships in financing strategic ventures within specific industries. Through collaborations with IAP, government agencies can efficiently identify viable ventures to channel their grants into, and create opportunities for the private sector to partially fund these ventures. This can increase the number of beneficiaries for these grants therefore optimising the government’s revenue in spurring productive economic growth

More Islamic banking institutions are expected to join the platform moving forward. In addition to cost-efficiency factors and enhanced ability to achieve critical mass amongst clients, the competitive edge of IAP for Islamic banking institutions lies in internationalisation. IAP has the potential to be expanded as an avenue to channel local and foreign shari'ah-compliant investments in financing projects denominated in various currencies, as well as to be intermediated by Islamic banking institutions from different countries.

RAM Holdings separately announced that it has entered into an agreement with IAP Integrated to provide independent credit ratings on ventures listed on the IAP. RAM will conduct credit assessment and assign a credit rating to each venture prior to its listing on the IAP. The credit ratings from RAM provide potential IA investors with an independent, third-party opinion on the credit risk of the underlying venture. 

“RAM’s role in IAP is to provide an independent view on the creditworthiness or likelihood of the venture in meeting full and timely payment of expected profit and repayment of principal. This would require us to take into account factors beyond the track record of the entrepreneurs concerned, including industry risks and the viability of the proposal itself,” said Datuk Seri Dr K. Govindan, Group Chief Executive Officer of RAM Holdings. “We will leverage on RAM’s extensive experience in rating bonds and sukuk to deliver our credit opinions on the ventures.”

“Given RAM’s over 25 years of track record in credit ratings across various industries and geographies, it is well-positioned to conduct independent assessment on ventures listed on the IAP,” said Mohamed Izam. "RAM’s rating methodology is also familiar to most investors, which is a plus point in supplementing their investment decision making process.” 

In her launch speech Tan Sri Dr Zeti noted that Islamic finance in Malaysia has evolved into a complete Islamic financial ecosystem that operates alongside the conventional financial system. "The industry has now not only achieved a market share beyond the target of 20% by the year 2010 as was envisioned in the Financial Sector Masterplan, but it has also met the increasing and differentiated demands of the economy through the range of financial product offerings in Islamic banking, takaful and Islamic capital market segments," she said. 

Dr Zeti said the new landscape is enabled by the Islamic Financial Services Act 2013 (IFSA) takes into account the specificities of Islamic finance while ensuring a robust governance of an end-to-end shari'ah-compliant regulatory framework, and enables Islamic banks to diversify through offering investment accounts as an alternative means of raising funds from the public. "This new categorisation of deposits under the new Act has now been fully observed since mid-2015 with the effective reclassification of deposits to either being Islamic deposits or investment accounts. Following this exercise, the proportion of investment accounts to total funding for Islamic banks has increased from 7% in August to 10% as at December 2015, indicating a positive response towards this new product offering," she said. 

QDB, ICD to collaborate on boosting SME sector

Source: ICD. The MoU was signed by (from left) Khaled Mohammed Al-Aboodi, the Chief Executive Officer and General Manager of the ICD, and Abdulaziz Nasser Al Khalifa, the Chief Executive Officer of QDB.

Qatar Development Bank (QDB) has signed a memorandum of understanding (MoU) with The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group. The new agreement is a joint strategic collaboration in examining innovative means and opportunities to support small- and medium-sized enterprises (SMEs) in Qatar.

The MoU commits the two institutions to share knowledge and expertise relating to the SME sector in Qatar. A workgroup composed of key stakeholders and experts from each party will be formed in order to work on the feasibility of co-developing an investment and financing vehicle that will focus on supporting and developing SMEs and local businesses. The preliminary work to be undertaken by the joint parties will cover, although be not limited to, the following: concept design, market analysis, structure and governance, as well as potential positioning and product development. The MoU will enhance the ability of the organisations to achieve their respective objectives and mandates.

Abdulaziz Bin Nasser Al-Khalifa, CEO of QDB said: "Qatar Development Bank aims to empower local SMEs and entrepreneurs to help achieve Qatar’s National Vision 2030. Through this memorandum QDB will conduct a compatibility study for ICD programmes, and find the best applicable ways to utilise the findings in supporting the local SMEs, especially in providing funds to this important and vital sector, in order to develop the skills of the Qatari entrepreneurs and empower them to grow and compete successfully in the regional markets, in accordance with international standards."

Khaled Al-Aboodi, the CEO of ICD, said: “ICD and QDB share a mission of supporting the private sector, in particular SMEs. We look forward to enhancing our cooperation through this new and innovative initiative as there are great opportunities for local businesses to benefit."

ICD and OJSC Agroinvestbank sign MoU for SME financing

Source: ICD. ICD signs MoU with OJSC Agroinvestbank for financing facility.

The Islamic Corporation for the Development of the Private Sector (ICD) and OJSC Agroinvestbank of the Republic of Tajikistan have signed a memorandum of understanding for cooperation to consider the extension of a financing facility to the bank as part of the allocation of US$25 million for Tajikistan.

The line of financing will be extended by OJSC Agroinvestbank to the SME sector for industrial, communication, technology, health, construction and agricultural projects. 

Khaled Al Aboodi, the CEO and General Manager of ICD, commented: “The small and medium sized enterprises (SMEs) have a crucial role to play in a country’s growth and development, and ICD has big plans for them. This is an important sector in all the member countries, including the higher income ones. ICD is now focusing on this sector by extending lines of finance to local banks in addition to the establishment of ASR Leasing Company in Tajikistan - a company specialised to provide shari'ah compliant leasing products to the SME sector.”

ICD previously extended a total of US$11.5 million in financing for the development of SMEs in Tajikistan which demonstrates ICD’s commitment to develop the private sector in its member countries.

The Chairman of OJSC Agroinvestbank said, "The close and mutual fruitful cooperation between Agroinvestbank and ICD positively affects the development of the economy of the Republic of Tajikistan through financing SMEs in key sectors such as agricultural, industry, construction and etc. The Islamic banking products have a huge potential to meet the increasing demand for long term financing of SME in Tajikistan. In this regard, the signing of present MoU is a step towards strengthening and deepening our further collaboration in context of development of the economy of the Republic of Tajikistan and enabling SMEs access to finance.”

IDB calls for working group to help develop Islamic finance for SMEs

The President of the Islamic Development Bank (IDB), Dr Ahmad Mohamed Ali, has called on OIC member countries and the World Islamic Economic Forum (WIEF) to establish a working group that will study and exchange expertise in utilising Islamic finance for the development of small and medium sized enterprises (SMEs). President Ahmad was speaking in Kuala Lumpur, Malaysia to delegates of the 11th WIEF, which took place from 3 to 5 November 2015. 

“I suggest the immediate establishment of a working group, among OIC institutions and specialised business forums like WIEF, to study the ways and means of leveraging support by Islamic finance to SMEs, through research and exchange of expertise,” said the IDB President. 

“Likewise, the partnership financing, the core element of Islamic finance, is an important source of funding for SMEs that can provide opportunities for entrepreneurship, jobs creation and income generation.

“The growing sukuk industry at the global level gives a tangible evidence that Islamic finance will play a major role in development financing especially for large-scale infrastructure.” 

He stressed that the IDB Group is committed to providing solutions in the development of the requisite legal, regulatory, supervisory and shari’ah frameworks for the development of SMEs. He also called on all multilateral development banks and government institutions to work towards mainstreaming Islamic finance, especially in mobilising resources for the implementation of the sustainable development goals. 

Etihad and LUXE team up on collectible limited edition Business Class amenity kits

Source: Etihad Airways.

Etihad Airways has launched a new range of collectible limited edition Business Class amenity kits, the result of a unique collaboration between the airline and luxury travel brand LUXE City Guides, the guide for savvy travellers. The kits embody the flair synonymous with the Etihad Airways brand, and contain inflight amenities and natural facial products developed exclusively by London-based skincare and grooming brand Scaramouche + Fandango.

Six new stylised kit designs have been created by LUXE City Guides for Etihad Airways, inspired by some of the iconic cities on the airline’s extensive global network. The designs for Abu Dhabi, London and Madrid, have been specially produced for Etihad Airways, whilst the Los Angeles, Sydney and Hong Kong kits feature bespoke LUXE artwork. The initial limited edition offering will be expanded at a later stage, with new designs and more cities to be launched.

Each kit contains a customised Etihad Airways LUXE City Guide which corresponds to the showcased city, covering everything from hotels and restaurants, to spas, bars, boutiques and bespoke shopping, as well as services, specialists and personal guides. Scaramouche + Fandango has developed a unisex comfort kit and skincare offering in collaboration with Etihad Airways. Specially formulated for skincare needs inflight, the range consists of parabens-free products, high in natural ingredients, to enhance onboard wellbeing.

Calum Laming, Etihad Airways’ Vice President Guest Experience, said: “The introduction of these kits is not about providing brand names to our Business Class guests. It is about intelligent design, functionality and providing them with products which are attractive, natural, useful and re-usable. Collaborating with relevant, progressive lifestyle brands such as LUXE City Guides and Scaramouche + Fandango has enabled us to tailor amenities to the requirements of our guests while retaining all the authentic charm and sophistication of the Etihad Airways brand.

“Etihad Airways continues to reimagine the flying experience, setting a new benchmark for innovation and luxury. The introduction of these kits is part of a much bigger journey which was started with the introduction of our new revolutionary cabins on the flagship Airbus A380 and Boeing 787s, and the new service concepts introduced fleet-wide. These collectible kits also reflect the global nature of our business, while simultaneously highlighting the inspiration, style and unique qualities of our home, Abu Dhabi.”

Simon Westcott, LUXE City Guides Chief Executive Officer, said: “Etihad Airways offers one of the best inflight experiences in the world. In partnering with LUXE City Guides to create its new Business Class amenity kits, Etihad helps ensure that the premium experience extends long after its guests have landed. It is great to be working with fellow innovators.”

The comfort kit features a luxurious facial moisturiser enriched with vitamin E and made with anti-oxidants and essential oils to combat fatigue and the lower humidity levels in the cabin. Triglycerides and essential oils rebalance the skin’s natural moisture. A honey and shea butter lip balm enriched with vitamin E keeps lips hydrated. The new kits also include a sleep pack containing socks and eyemask, a care pack containing cotton pads and earbuds, in addition to a dental pack and earplugs.

The Abu Dhabi kit uses a unique design pattern inspired by the rich architectural heritage of the Emirate, translated into a style best described as Arabian Modernism. The pattern reflects the Etihad Airways’ brand and colour palette.

Labuan IBFC reports strong performance for Islamic finance in 2014

Labuan International Business and Financial Centre (Labuan IBFC), Asia Pacific’s midshore international business and financial centre, reported strong performance across all financial sectors in 2014, including banking, insurance, leasing, wealth management and Islamic finance, with 12.3% increase in new company registrations compared to the previous year.

The organisation notes that 70% of companies registered in Labuan IBFC originate from Asia, with 57% from Southeast Asia, mainly Indonesia, Malaysia, Singapore and Thailand.

“Labuan IBFC has its strengths in terms of its proximity to strategic Asian markets and sound regulatory framework, with simple as well as competitive tax system. With our balanced supervisory and regulatory framework coupled with our strategic location in the heart of Asia Pacific, we believe Labuan IBFC stands out as the ideal ‘midshore’ jurisdiction from which to base regional business operations for both trading and investment purposes,” said Danial Mah Abdullah, Chief Executive Officer at Labuan IBFC.

In the wealth management sector, Labuan IBFC foundations are increasingly used as wealth preservation solutions. There was an almost 40% increase in the number of Labuan IBFC foundations established in 2014 compared to the previous year, with 73% of them originating from Asia.

While wealth management is one of the core offerings of Labuan IBFC, the business and financial centre also carries out all aspects of business and financial activity ranging from banking and insurance to Islamic financial services.

Qatar Airways introduces Ramadhan promotions

Source: Qatar Airways website.

Qatar Airways is running Ramadhan promotions across the Middle East. The deadlines range from 25 July for Jodan, all the way to 8 July for Qatar.

In Jordan, passengers' deadline for booking is 25 June to enjoy up to 30% on Economy class and Premium class fares.* Passengers who book* their tickets departing Qatar from now until 8 July 2015 for travel from till 8 July 2015 enjoy up to 25% off on Economy Class and Premium Class fares. Privilege Club members will enjoy redemption discounts of up to 50% on the next flight booked between 15 September and 15 November 2015.*

Most of the booking deadlines are 30 June. For Bahrain, passengers who book tickets from now until 30 June 2015 for travel from 18 June 2015 until 31st October 2015 enjoy special fares on Economy Class and Premium Class fares*. The booking deadline for passengers departing from Iraq is also 30 June but travel is limited till 5 July 2015. Discounts are up to 25% off* on Economy Class. Passengers from departing from Lebanon also have the 30 June deadline, and may enjoy up to 20% off* on Premium class fares for travel until 14 July 2015. If in Oman, book the tickets from now until 30 June 2015 for travel from till 15 December 2015 for special Economy Class and Premium Class fares*.

The Ramadhan offer to Kuwait involves more private travel - an all-First Class experience with just 40 lie-flat all-First Class seats for travel between Kuwait and Jeddah. Privilege Club members earn 100% Bonus Qmiles for travelling from now to 20 July 2015*. The offer is applicable from 22 June 2015. A similar experience is available over Ramadhan between Doha and Jeddah for passengers departing KSA*. Travel has to be booked for between now and 16 July 2015.

The airline has also has announced its Ramadhan timings:

Saturday to Thursday: 8am to 2pm and then 4pm to 10pm
Closed on Fridays

This contrasts with opening hours for the rest of the year, which are:

Saturday to Thursday: 7:30am to 9pm
Closed on Fridays

Interested?

View the terms & conditions for travel from Bahrain
View the terms & conditions for travel from Iraq
View the terms & conditions for travel from Jordan
View the terms & conditions for travel from KSA
View the terms & conditions for travel from Kuwait
View the terms & conditions for travel from Lebanon
View the terms & conditions for travel from Oman
View the terms & conditions for travel from Qatar
*Terms and conditions apply. There were no Ramadhan offers displayed on the UAE and Iran web pages for Qatar Airways nor on the pages for Indonesia, Malaysia, Bangladesh or Pakistan.