The winners of the first-ever Transformers Roadshow at the Astana Islamic Economy Forum in Kazakhstan have been announced. The Transformers platform acknowledges the crucial need to give
people the tools to build a sustainable future and is supported by
Transform, a US$500 million fund for innovation and technology.
The Transformers Roadshow serves as a platform to accelerate
science, technology and innovation-led initiatives across the IsDB’s
member countries and Muslim communities. Organised by the Islamic Development Bank (IsDB) and hosted by the Astana International Finance Center (AIFC), the science, technology and innovation competition invites innovators to pitch concepts supporting one or more of the UN’s Sustainable Development Goals. Winners receive US$3,000 to further develop their ideas.
Speaking at the launch of the Roadshow, President of the IsDB, Dr Bandar Hajjar said: “With Kazkahstan emerging as a growing Islamic finance market, we are delighted to be launching the first leg of our roadshow here with the AIFC’s support. An extension of the IsDB’s Transform Fund, it helps us to identify innovators who are seeking funding, business partners and advice for their unique ideas.”
Over 150 entrepreneurs across the Central Asia region entered the competition, and finalists were invited to participate in a series of masterclasses, seminars and workshops ahead of pitching. The sessions focused on: the benefits of creating a global ecosystem; generating interest in ideas and enterprises among impact investors; and how science, technology and innovation can solve social and health challenges across the developing world.
The winners of the Transformers Roadshow are:
- Z. Kerimkulov and N. Shodorova's Egistic project, which focuses on the creation of a geo information and analytical system to support farmers and decision-makers in the development of the agricultural sector in Kazakhstan.
- R. Rakymbay, A. Taukenov and S. Satayev's project on smart farming, which aims to create a sustainable and technologically-driven solution to address farming challenges and ensure that a wide variety of plants are grown using accurate, live and digitally-driven data.
- K. Tuleishin pitched a venture on smart halal finance, which will aim to make its impact on reaching the UN sustainable development goals particularly in the area of quality education.
The initiative follows the IsDB’s recently launched Engage platform - an
online ecosystem for innovators seeking market opportunities.
Showing posts with label startup. Show all posts
Showing posts with label startup. Show all posts
Saturday, 7 July 2018
Monday, 7 August 2017
WIEF focuses on entrepreneurship and emerging spaces with IdeaLab 2017
The World Islamic Economic Forum (WIEF) Young Leaders Network (WYN) has concluded the third edition of WIEF IdeaLab 2017. This two-day conference aims to strengthen the ASEAN startup ecosystem and attracted close to 400 participants from 35 countries.
“As the rising centre of the global economy, the ASEAN region boasts myriad opportunities; especially for startups and entrepreneurs. With innovation and entrepreneurship being a key agenda in many countries throughout the region including Malaysia, it is only inevitable that startups are increasingly looked to as key drivers of socioeconomic and market transformation in the region,” said Ebrahim Patel, Chairman of the WIEF Young Leaders Network.
According to Patel, global venture capitalists continue to seek investment opportunities in the ASEAN startup ecosystem due to the available talent pool and rapid growth potential.
“We bring together global venture capital firms and angel investors looking at investing in seed to post-seed stage companies. This also includes startups in the ideation stage across ASEAN. By doing so, WIEF IdeaLab 2017 is a prime example of the type of values that the WIEF Foundation and its associated programmes bring to its various participants,” said Patel.
At the IdeaLab Pitch session this year, 31 ASEAN startups presented their ideas to global venture capitalists; after which 10 startups were shortlisted for the final pitch session. Moneybay, Zap Zap Math, CheQQme, Glueck, BolehCompare and Moovby received expressions of interest.
WIEF IdeaLab 2017 featured signature events including:
Ideation Stage, where topics relevant to the startup scene in ASEAN were discussed by industry leaders;
Networking Pods, an online to offline platform in designated areas for setting up casual conversations between participants during the event;
IdeaClinic, where startups received real-time advice on matters such as legal, public relations, and marketing;
Business Anonymous, breakout rooms where ASEAN startups are given the opportunity to share their experiences living the startup life;
Startup Ecosystem Fair, showcasing the offerings of major players in the Malaysian startup ecosystem as well as startups from other parts of the region; and
The IdeaLab Pitch where startups and corporations pitch their ideas, either to seek investments or industry solutions.
“With the ASEAN Economic Community (AEC) quickly approaching its 2025 milestone, there is now an accelerated focus on e-commerce and digital economy – potentially worth up to US$200 billion over the next 10 years in the region. The WIEF IdeaLab as a platform corresponds with the Entrepreneurship and emerging Spaces industry growth vector. This represents the ideals that we at the WIEF stand for,” said Tan Sri Fuzi, Secretary-General of the WIEF Foundation.
The WIEF IdeaLab 2017 is one of a series of key events organised in the lead-up to the 13th WIEF, which will be held from 21-23 November at the Borneo Convention Centre, in Kuching, Sarawak, Malaysia. Leading with the theme Disruptive Change: Impact and Challenges, this event also focuses on startups.
The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, Malaysia, organises the annual WIEF, a business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe.
The 13th WIEF consists of panel discussions, masterclasses, an Initiative Room, exhibition, business exchange and the IdeaPad, a platform for innovative ideas and businesses, in addition to smaller complementary programmes. The Initiative Room consists of group sessions with the aim of getting participants involved actively in the outcomes of the forum. With the aid of a professional facilitator, participants think of innovative solutions that can become actionable initiatives.
The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, the UK and UAE.
WIEF IdeaLab 2017 is in line with one of the five industry growth vectors which will be discussed at the 13th WIEF this year - entrepreneurship and emerging spaces. The other vectors are disruptive science, technology and innovation, halal consumables and services, Islamic finance and law, and arts, culture and design:
Disruptive science, technology and innovation
Disruptive technological advancements are increasingly transforming our daily lives, creating new opportunities and reshaping traditional industries. Disruptive changes in the form of artificial intelligence (AI), Blockchain, the Internet of Things (IoT) and other medical and manufacturing technologies, continue to radically alter how we do things, how leadership is perceived, how businesses are run and how manpower is organised. The challenge for businesses lies in developing concrete and sustainable innovation and technology collaboration opportunities to help bridge this gap, and to enable countries at all levels of development to take advantage of available technologies and develop a robust culture of innovation.
Robust market opportunities exist in Asia. For example, the Asian fintech accounted for US$4.5 billion in investments in 2016*, and AI is to create economic value between US$1.8 trillion and US$3 trillion a year by 2030 in Asia**.
Halal consumables and services
According to the WIEF organisers we are witnessing a gradual shift towards halal products and services – be it fashion, fragrance, cosmetics, personal care products or travel, tourism and hospitality. The increasing demand for ethical, sustainable, environmentally - and socially - responsible goods and services is also a driving factor for the growth of the halal market and one of the main reasons for its growing acceptance by non-Muslim consumers*. The sector is growing at 8% year-on-year , with an estimated value of US$2.3 trillion, higher than the GDP of more than 200 countries in the world. The halal food and beverage (F&B) industry is worth US$1.4 trillion***.
Islamic finance and law
Since the 2008 financial crisis, income inequality across the globe has risen sharply, with the global economy moving significantly from asset-based economic transactions to an increasingly speculative financial one, resulting in weaker domestic economies and a fragile financial system. Alternative paradigms of finance and law are currently being explored as opportunities areas.
The Islamic finance industry will continue to expand this year, but lose some momentum in 2018*****. The industry's assets reached US$2 trillion at end-2016 on the acceleration of sukuk issuance. The sector is driven by an expanding, young Muslim population, which is expected to reach 2.2 billion in 2030, up from 1.7 billion in 2014******.
Entrepreneurship and emerging spaces
Small and medium-sized enterprises (SMEs) have played a vital role in Asia's development. Indeed, SMEs in more developed Asian economies have continued to take advantage of technological progress to grow and become the mainstay of the manufacturing sector. Micro SMEs (MSMEs) represent around 90% of global economic activity as well as 45% of total employment; the sector contribution to Malaysia’s GDP is expected to exceed 40% and on track to achieve the target of 41% of the GDP*******.
Arts, culture and design
The arts, culture and design sector (heritage, arts, media, and functional creations) makes a vital contribution to jobs and the economy as creativity generates higher value and is more resistant to automation. The sector generated US$2.25 billion in revenue (3% of global GDP) with the highest earners being television (US$477 billion), newspapers and magazines (US$354 billion) and visual arts (US$391 billion)******** and generated 29.5 million jobs (about 1% of the world’s active population).
Potential growth drivers for the sector in ASEAN include:
- ASEAN integration
- High youth population
- High technology penetration
- High cultural diversity
*It should be noted that non-Muslim consumers are not seeking out halal products per se but are seeking products which happen to be in agreement with various tenets of halal requirements, such as products that are not tested on animals.
*Fintech growth accelerates in Asia with record $4.5 billion investments
**How artificial intelligence will transform Asia, Shifting Asia: Artificial intelligence, UBS Asia, April 2017
***Global halal industry grows 8pc to hit $2.3 trillion
****Doing Business in the Halal Market (PDF)
*****Islamic finance sector set to lose growth momentum in 2018
******State of the Global Islamic Economy Report 2016-17 (PDF)
*******Malaysia’s SME GDP contribution to exceed 40%
********The First Global Map of Cultural and Creative Industries
posted from Bloggeroid
“As the rising centre of the global economy, the ASEAN region boasts myriad opportunities; especially for startups and entrepreneurs. With innovation and entrepreneurship being a key agenda in many countries throughout the region including Malaysia, it is only inevitable that startups are increasingly looked to as key drivers of socioeconomic and market transformation in the region,” said Ebrahim Patel, Chairman of the WIEF Young Leaders Network.
According to Patel, global venture capitalists continue to seek investment opportunities in the ASEAN startup ecosystem due to the available talent pool and rapid growth potential.
“We bring together global venture capital firms and angel investors looking at investing in seed to post-seed stage companies. This also includes startups in the ideation stage across ASEAN. By doing so, WIEF IdeaLab 2017 is a prime example of the type of values that the WIEF Foundation and its associated programmes bring to its various participants,” said Patel.
At the IdeaLab Pitch session this year, 31 ASEAN startups presented their ideas to global venture capitalists; after which 10 startups were shortlisted for the final pitch session. Moneybay, Zap Zap Math, CheQQme, Glueck, BolehCompare and Moovby received expressions of interest.
WIEF IdeaLab 2017 featured signature events including:
Ideation Stage, where topics relevant to the startup scene in ASEAN were discussed by industry leaders;
Networking Pods, an online to offline platform in designated areas for setting up casual conversations between participants during the event;
IdeaClinic, where startups received real-time advice on matters such as legal, public relations, and marketing;
Business Anonymous, breakout rooms where ASEAN startups are given the opportunity to share their experiences living the startup life;
Startup Ecosystem Fair, showcasing the offerings of major players in the Malaysian startup ecosystem as well as startups from other parts of the region; and
The IdeaLab Pitch where startups and corporations pitch their ideas, either to seek investments or industry solutions.
“With the ASEAN Economic Community (AEC) quickly approaching its 2025 milestone, there is now an accelerated focus on e-commerce and digital economy – potentially worth up to US$200 billion over the next 10 years in the region. The WIEF IdeaLab as a platform corresponds with the Entrepreneurship and emerging Spaces industry growth vector. This represents the ideals that we at the WIEF stand for,” said Tan Sri Fuzi, Secretary-General of the WIEF Foundation.
 |
Source: WIEF IdeaLab. Source: WIEF IdeaLab. Ebrahim Patel (centre) with the top 10 startups and participating global venture capitalists after the final IdeaLab pitch.
|
The WIEF IdeaLab 2017 is one of a series of key events organised in the lead-up to the 13th WIEF, which will be held from 21-23 November at the Borneo Convention Centre, in Kuching, Sarawak, Malaysia. Leading with the theme Disruptive Change: Impact and Challenges, this event also focuses on startups.
The WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, Malaysia, organises the annual WIEF, a business platform showcasing business opportunities in the Muslim world, and runs programmes of the various initiatives of the foundation that strengthen people partnership and knowledge exchange between Muslim and non-Muslim communities across the globe.
The 13th WIEF consists of panel discussions, masterclasses, an Initiative Room, exhibition, business exchange and the IdeaPad, a platform for innovative ideas and businesses, in addition to smaller complementary programmes. The Initiative Room consists of group sessions with the aim of getting participants involved actively in the outcomes of the forum. With the aid of a professional facilitator, participants think of innovative solutions that can become actionable initiatives.
The WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, the UK and UAE.
WIEF IdeaLab 2017 is in line with one of the five industry growth vectors which will be discussed at the 13th WIEF this year - entrepreneurship and emerging spaces. The other vectors are disruptive science, technology and innovation, halal consumables and services, Islamic finance and law, and arts, culture and design:
Disruptive science, technology and innovation
Disruptive technological advancements are increasingly transforming our daily lives, creating new opportunities and reshaping traditional industries. Disruptive changes in the form of artificial intelligence (AI), Blockchain, the Internet of Things (IoT) and other medical and manufacturing technologies, continue to radically alter how we do things, how leadership is perceived, how businesses are run and how manpower is organised. The challenge for businesses lies in developing concrete and sustainable innovation and technology collaboration opportunities to help bridge this gap, and to enable countries at all levels of development to take advantage of available technologies and develop a robust culture of innovation.
Robust market opportunities exist in Asia. For example, the Asian fintech accounted for US$4.5 billion in investments in 2016*, and AI is to create economic value between US$1.8 trillion and US$3 trillion a year by 2030 in Asia**.
Halal consumables and services
According to the WIEF organisers we are witnessing a gradual shift towards halal products and services – be it fashion, fragrance, cosmetics, personal care products or travel, tourism and hospitality. The increasing demand for ethical, sustainable, environmentally - and socially - responsible goods and services is also a driving factor for the growth of the halal market and one of the main reasons for its growing acceptance by non-Muslim consumers*. The sector is growing at 8% year-on-year , with an estimated value of US$2.3 trillion, higher than the GDP of more than 200 countries in the world. The halal food and beverage (F&B) industry is worth US$1.4 trillion***.
Islamic finance and law
Since the 2008 financial crisis, income inequality across the globe has risen sharply, with the global economy moving significantly from asset-based economic transactions to an increasingly speculative financial one, resulting in weaker domestic economies and a fragile financial system. Alternative paradigms of finance and law are currently being explored as opportunities areas.
The Islamic finance industry will continue to expand this year, but lose some momentum in 2018*****. The industry's assets reached US$2 trillion at end-2016 on the acceleration of sukuk issuance. The sector is driven by an expanding, young Muslim population, which is expected to reach 2.2 billion in 2030, up from 1.7 billion in 2014******.
Entrepreneurship and emerging spaces
Small and medium-sized enterprises (SMEs) have played a vital role in Asia's development. Indeed, SMEs in more developed Asian economies have continued to take advantage of technological progress to grow and become the mainstay of the manufacturing sector. Micro SMEs (MSMEs) represent around 90% of global economic activity as well as 45% of total employment; the sector contribution to Malaysia’s GDP is expected to exceed 40% and on track to achieve the target of 41% of the GDP*******.
Arts, culture and design
The arts, culture and design sector (heritage, arts, media, and functional creations) makes a vital contribution to jobs and the economy as creativity generates higher value and is more resistant to automation. The sector generated US$2.25 billion in revenue (3% of global GDP) with the highest earners being television (US$477 billion), newspapers and magazines (US$354 billion) and visual arts (US$391 billion)******** and generated 29.5 million jobs (about 1% of the world’s active population).
Potential growth drivers for the sector in ASEAN include:
- ASEAN integration
- High youth population
- High technology penetration
- High cultural diversity
*It should be noted that non-Muslim consumers are not seeking out halal products per se but are seeking products which happen to be in agreement with various tenets of halal requirements, such as products that are not tested on animals.
*Fintech growth accelerates in Asia with record $4.5 billion investments
**How artificial intelligence will transform Asia, Shifting Asia: Artificial intelligence, UBS Asia, April 2017
***Global halal industry grows 8pc to hit $2.3 trillion
****Doing Business in the Halal Market (PDF)
*****Islamic finance sector set to lose growth momentum in 2018
******State of the Global Islamic Economy Report 2016-17 (PDF)
*******Malaysia’s SME GDP contribution to exceed 40%
********The First Global Map of Cultural and Creative Industries
posted from Bloggeroid
Saturday, 15 October 2016
Fintech and traditional bank partnerships are a win-win
• Remittances identified as key sector for fintech companies
• Dubai praised for embracing Blockchain and other technology
Fears of an imminent disruption to traditional banking from the financial technology sector are overblown, with a collaborative approach being the most likely way forward, according to experts at the Global Islamic Economy Forum (GIES) being held in Dubai, UAE.
Zubair Ahmed, Head of IT & Business Innovation at Emirates Islamic Bank, said: “The good things about fintech companies are speed and customer focus, yet the cons are they are not widely regulated. Increasingly, the relationship between banks and fintech is being seen as a much more complementary and collaborative one than competitive.”
He added that opportunities exist for fintech in innovations such as digital currencies and Blockchain. “The fintech revolution cannot be done by a single bank, but a single bank can create a new norm,” he said. “The good thing is that here in the UAE, we have a great body of federation banks which gives input to UAE Central Bank and has such discussions. Dubai government’s vision of using Blockchain I think will really help the ecosystem and third parties.”
Abdul Haseeb Basit, CFO of the UK’s Innovate Finance, agreed that a collaborative approach is most likely. “The challenge for startups is regulation. Fintech realises that regulation is where banks have an advantage, while (banks) also have the ability to access a wide customer base. Banks already have that scale so it makes sense for fintechs to partner with them rather than market on their own.”
He also agreed with Zubair that Dubai’s focus on Blockchain could be a game-changer. “Dubai’s government aspirations to be a Blockchain government are huge. Having a system where you can track and log all transactions is a great step forward. In most cases using applications which already exist actually makes financial transactions and processes cheaper and faster."
Basit identified remittances as the next big thing. “I think (remittances are) where we could see the next unicorns* in fintech,” he said. “Companies who specialise in this can come here and capture market share.”
Abdulla Al Najran, Deputy CEO, Boubyan Bank, Kuwait, said banks should view fintechs favourably. “Banks must work with fintechs as they have ideas that the older generation will not come up with. We are also working with the regulator and bringing new ideas to the table," he said.
“Non-traditional customers are choosing to go with shari'ah-compliant products and Islamic banks because of the transparency and now the technology. Technology and fintech can help Islamic banks broaden their customer base.”
David Martinez de Lecea, Specialist Consultant, FinTech, Roland Berger in the UAE said: “Regulation is the biggest challenge. We have an invested in products that are better than others but it takes six to eight months to roll them out. We are developing great solutions for customers that lower cost and improve access but the regulatory side is still looking at models that were developed two years ago. This process needs to move faster.”
He added that Dubai is successfully positioning itself at the nexus of finance and technology. “The most groundbreaking things we are going to see in the next years are artificial intelligence technology, future accelerators and initiatives launched in Dubai – very exciting things are happening here and it’s going to become the next global capital of the Islamic world,” he said.
Hashtag: #GIES2016
*A unicorn is a startup which does not yet have a track record but nevertheless is valued at US$1 billion or more.
• Dubai praised for embracing Blockchain and other technology
Fears of an imminent disruption to traditional banking from the financial technology sector are overblown, with a collaborative approach being the most likely way forward, according to experts at the Global Islamic Economy Forum (GIES) being held in Dubai, UAE.
Zubair Ahmed, Head of IT & Business Innovation at Emirates Islamic Bank, said: “The good things about fintech companies are speed and customer focus, yet the cons are they are not widely regulated. Increasingly, the relationship between banks and fintech is being seen as a much more complementary and collaborative one than competitive.”
He added that opportunities exist for fintech in innovations such as digital currencies and Blockchain. “The fintech revolution cannot be done by a single bank, but a single bank can create a new norm,” he said. “The good thing is that here in the UAE, we have a great body of federation banks which gives input to UAE Central Bank and has such discussions. Dubai government’s vision of using Blockchain I think will really help the ecosystem and third parties.”
Abdul Haseeb Basit, CFO of the UK’s Innovate Finance, agreed that a collaborative approach is most likely. “The challenge for startups is regulation. Fintech realises that regulation is where banks have an advantage, while (banks) also have the ability to access a wide customer base. Banks already have that scale so it makes sense for fintechs to partner with them rather than market on their own.”
He also agreed with Zubair that Dubai’s focus on Blockchain could be a game-changer. “Dubai’s government aspirations to be a Blockchain government are huge. Having a system where you can track and log all transactions is a great step forward. In most cases using applications which already exist actually makes financial transactions and processes cheaper and faster."
Basit identified remittances as the next big thing. “I think (remittances are) where we could see the next unicorns* in fintech,” he said. “Companies who specialise in this can come here and capture market share.”
Abdulla Al Najran, Deputy CEO, Boubyan Bank, Kuwait, said banks should view fintechs favourably. “Banks must work with fintechs as they have ideas that the older generation will not come up with. We are also working with the regulator and bringing new ideas to the table," he said.
“Non-traditional customers are choosing to go with shari'ah-compliant products and Islamic banks because of the transparency and now the technology. Technology and fintech can help Islamic banks broaden their customer base.”
David Martinez de Lecea, Specialist Consultant, FinTech, Roland Berger in the UAE said: “Regulation is the biggest challenge. We have an invested in products that are better than others but it takes six to eight months to roll them out. We are developing great solutions for customers that lower cost and improve access but the regulatory side is still looking at models that were developed two years ago. This process needs to move faster.”
He added that Dubai is successfully positioning itself at the nexus of finance and technology. “The most groundbreaking things we are going to see in the next years are artificial intelligence technology, future accelerators and initiatives launched in Dubai – very exciting things are happening here and it’s going to become the next global capital of the Islamic world,” he said.
Hashtag: #GIES2016
*A unicorn is a startup which does not yet have a track record but nevertheless is valued at US$1 billion or more.
Sunday, 9 October 2016
IdeaLab 2016 to give ASEAN startups a boost
IdeaLab 2016 is a two-day boutique startup conference focusing on ASEAN startup cross-border linkages, and the Malaysian startup ecosystem, and includes the Malaysian Business Angels Network (MBAN) Summit (All About Angels) for investors worldwide. According to the organisers, 500 of the best startups, investors and corporates in the ASEAN ecosystem have been targeted.
Delegates can attend the Ideation Stage, where industry leaders will discuss pressing issues for startups in ASEAN; the IdeaPad Stage where the best ASEAN startups battle it out in front of a panel of judges; and the IdeaClinic, where startups get real-time advice on legal, public relations and marketing issues.
In Startups Anonymous; breakout rooms allow ASEAN startups to share their challenges and experiences, while Networking Pods offer an online-to-offline platform for setting up discussions between participants during the event. The MBAN Summit (All About Angels) will introduce traditional investors to the startup ecosystem, whereas the Startup Ecosystem Fair will showcase the major players in the Malaysian startup ecosystem and some of the best startups in the ASEAN region.
The event is part of Malaysian Entrepreneurship Week, from 31 October to 3 November, a collaboration between the Malaysian Global Innovation and Creativity Centre (MaGIC), the WIEF Foundation, MBAN, the Malaysian Ministry of Science, Technology and Innovation (MOSTI) and the Global Startup Awards.
The week begins with IdeaLab and the MBAN Summit from 31 October to 1 November at Berjaya Times Square Hotel in Kuala Lumpur, Malaysia, followed by the Global Entrepreneurship Community (GEC) hosted by MaGIC on 2 to 3 November at the Kuala Lumpur Convention Centre, focusing on creating a collaborative platform for entrepreneurial innovation between the major and micro ecosystem builders in the global startup space. The MOSTI Commercialisation Year conference will run parallel to the GEC. The Global Startup Award ceremony will be held on 3 November.
Saturday, 16 April 2016
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 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.
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.
Monday, 7 March 2016
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.
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.”
“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.
Wednesday, 17 February 2016
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.
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.
“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.
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."
"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.
"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."
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.
Tuesday, 12 January 2016
QIB signs new Al-Dhameen Programme agreement
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| Source: QIB. Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank (QDB), and Bassel Gamal, Qatar Islamic Bank (QIB) Group Chief Executive Officer, signed the Al-Dhameen agreement. The ceremony was attended by QDB officials Khalid Abdulla Al Mana, Executive Director of Business Finance and Jawaher Al Noaimi, Al Dhameen Programme Manager. QIB was represented by Tarek Fawzi, General Manager, Wholesale Banking Group, Mazen Al Thalathini, Assistant General Manager-Corporate Banking, and Basem Shahrouri, Head of Business Banking Division. |
Qatar Development Bank (QDB) has signed a new Al-Dhameen Programme Portfolio Agreement with Qatar Islamic Bank (QIB) for small and medium enterprise (SME) financing in Qatar.
Al-Dhameen, which is sponsored by QDB, helps startups and existing companies with lack of collateral to obtain funds for growing their businesses. All main sector business activities are eligible for support under Al-Dhameen except the agriculture, fishing and livestock; non-oil mining and quarrying; wholesale and retail trade; financial and insurance, and real estate industries.
The programme does not provide direct finance to SMEs, instead offering the business owner access to the required finance from a partner bank in the form of guarantees in favour of the bank. Al-Dhameen guarantees 85% of the finance value not exceeding QR15 million).
The Al-Dhameen programme was enhanced after feedback from partner banks and related parties, primarily to expand the base of beneficiaries, allow partner banks to determine which SMEs receive financing, and to fund them more flexibly. A record QR846 million in guarantees have been disbursed to over 348 SMEs since the beginning of the programme in 2010.
The new QR100 million Al Dhameen portfolio aims to speed up approvals to guarantee the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees. QDB has prepared a special portfolio guide that describes the terms, conditions, and international standards, due diligence, credit monitoring, applications and guidelines development, to help QIB to take the necessary decisions without referring to QDB.
Abdulaziz Bin Nasser Al-Khalifa, CEO of QDB said: "The Al Dhameen programme primarily facilitates financing to some of the most important sectors of industry, such as education, healthcare, and value-added services. The programme targets mainly companies and startups. We are delighted with this partnership with QIB, which (reinforces the priority) that all banks operating in Qatar have to support and develop the SME sector, diversifying the private sector and building a knowledge-based economy.”
Bassel Gamal, QIB Group Chief Executive Officer said: “This agreement underscores QIB’s commitment towards supporting the country’s economy, by enhancing the role of the private sector and contributing to a suitable economic diversification as part of the Qatar National Vision 2030. It enables our existing and potential customers to get what they need swiftly and seamlessly, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans.
“We are proud of our strong ties with QDB, and we are committed to further enhance the mutual cooperation to achieve the agreement’s objectives which will contribute significantly in speeding up the process to provide financing solutions for SMEs. Supporting the SME sector is one of our top priorities, and for that reason, we have a dedicated programme, Aamaly, designed to cater for all the financial needs of SMEs in Qatar.”
Commercial Bank and Doha Bank are also partner banks for Al-Dhameen, having signed agreements with QDB in July 2015.
Interested?
SMEs can enquire about applications at the nearest QIB branch.
Tuesday, 16 June 2015
World Halal Travel Summit 2015 expects to foster real progress in halal tourism and travel
The World Halal Travel Summit 2015 (WHTS15) will be the largest B2B gathering of global halal travel specialists ever assembled, say Cacti Events, the organiser. More than 200 toursim brands will be on show, according to the website.
Supported by the Abu Dhabi Tourism and Culture Authority and taking place in Abu Dhabi at ADNEC from 19 to 21 October 2015, WHTS15 is expected to host 6,000 Organisation of Islamic Cooperation (OIC) travel agents, hospitality groups, hoteliers, developers, investors and key decision makers from the halal tourism market.
The halal travel and tourism market is growing 100% faster than any other niche travel sector, and represents US$135 billion of outbound bookings. According to the WHTS15 website, forecasts are that it will grow to US$200 billion by 2020.
WHTS15 incorporates ITHMAR15, a conference focusing on tourism investment in the halal travel sector that aims to drive real impact. The conference covers five main milestones in investment:
An Investment Den segment will enable tourism entrepreneurs to pitch their projects to banks, business angels and investment professionals and bring funders and delegates together in 10-minute meetings.
Supported by the Abu Dhabi Tourism and Culture Authority and taking place in Abu Dhabi at ADNEC from 19 to 21 October 2015, WHTS15 is expected to host 6,000 Organisation of Islamic Cooperation (OIC) travel agents, hospitality groups, hoteliers, developers, investors and key decision makers from the halal tourism market.
The halal travel and tourism market is growing 100% faster than any other niche travel sector, and represents US$135 billion of outbound bookings. According to the WHTS15 website, forecasts are that it will grow to US$200 billion by 2020.
WHTS15 incorporates ITHMAR15, a conference focusing on tourism investment in the halal travel sector that aims to drive real impact. The conference covers five main milestones in investment:
- Trends & Opportunities
- Funding, including business angel networks, venture capitalists, development banks
- Government regulations, infrastructure and support
- Global public-private partnerships (PPPs)
- Implementation
An Investment Den segment will enable tourism entrepreneurs to pitch their projects to banks, business angels and investment professionals and bring funders and delegates together in 10-minute meetings.
Additionally, TURATH15 (HERITAGE15) will focus on the professionals driving cultural tourism experiences in Muslim-majority countries. TURATH-related exhibitors will be hosted in a dedicated area within the larger WHTS15 arena.
WHTS15 will also host The World Halal Travel Awards to celebrate best practices, service and distinction in the global international halal tourism sector. The results will be announced at a gala dinner at The Emirates Palace Ballroom, Abu Dhabi on 20 October.
Need background?
Read the Suroor Asia blog post about WHTS15
WHTS15 will also host The World Halal Travel Awards to celebrate best practices, service and distinction in the global international halal tourism sector. The results will be announced at a gala dinner at The Emirates Palace Ballroom, Abu Dhabi on 20 October.
Need background?
Read the Suroor Asia blog post about WHTS15
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