IsDB names four winners for Transformers Roadshow

The Islamic Development Bank (IsDB) has awarded four innovators US$3,000 each as part of the 4th Transformers Roadshow competition. Applicants were invited to pitch ideas accelerating one or more of the UN Sustainable Development Goals (SDGs).

Source: IsDB. The winners posed with Dr Sindi. 

Ibrokihim Abdurakhmanov, Minister for Innovative Development, Uzbekistan opened the Transformers Roadshow saying: "We are delighted to welcome innovators from across Uzbekistan and celebrate their achievements that will ultimately work to progress the ambitions of the the IsDB in achieving the Sustainable Development Goals.

“The Uzbekistan government has a rich history in supporting innovation and will continue to be a proud leader in the field of science and technology to continue to support entrepreneurs in our regions closely alongside our trusted partners at the IsDB through funding, mentorships and scholarships.”

The competition attracted entrepreneurs and scientists across Uzbekistan and featured projects in e-learning, water purification and agricultural solutions among others. The initiatives were assessed in line with the SDG agenda across factors such as innovativeness, impact and outreach, practicality, scalability, sustainability, potential for patenting as well as commercialisation.

Dr Hayat Sindi, Senior Advisor to the President, Islamic Development Bank said: “Through the Transform Fund, our dream is to support science, technology and innovation-led solutions designed by local entrepreneurs and innovators who understand their communities.”

In addition to the cash prize, winners of the competition received an invitation to attend the 2019 IsDB Transformers Summit in Senegal. The winners were:

- Zafar Iskandarov, for a project to improve water purification

- Shahlo Miralimova, for a project to improve probiotics production

- Gulistan Orazimbetov, for a project to increase efficiency in the use of raw materials in cement production

A special award – the Transformers Potential Project Award – was presented to Khilola To’khtamurova, who is improving opportunities for children with Down Syndrome in Uzbekistan.

Dr Sindi added, “I am proud that the IsDB continue to share important scientific knowledge so local communities can build their own capabilities and create a sustainable future. We (at the IsDB) recognise that Uzbekistan needs more than just grant funding, it needs innovative solutions to provide more sustainable and inclusive growth.”

Launched in July 2018, the Transformers Roadshow is one of the initiatives led by the IsDB Transform Fund. The IsDB mission via the Transform Fund is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfil their potential.

Winners of Kazakhstan Transformers Roadshow announced

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.

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.

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

Nobel Peace Prize winner Muhammad Yunus to keynote the EFICA awards 2015

The 2015 Ethical Finance Innovation Challenge Awards (EFICA), which are supported by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters, has confirmed Nobel Peace Prize winner Muhammad Yunus as the keynote speaker at the third annual EFICA awards. The awards will be held on 4 October, 2015 at the Westin Dubai Mina Seyahi Beach Resort, Dubai, UAE.

The EFICA awards, which offer prizes of up to US$175,000, are given in three categories: development of Islamic finance, ethical finance initiatives, and lifetime achievement. This year’s focus is on ideas that will help broaden the appeal of ethical finance to a global audience and to reward initiatives that have created tangible benefits for society.

Tirad Al Mahmoud, Chief Executive Officer of ADIB commented, “Muhammad Yunus is recognised globally as a pioneer in the ethical finance space and has been leading the way particularly in terms of financial inclusion across the financial services sector for many years. He is rightly credited as the one individual who brought microfinance to a level where it became a viable business enabler in his native Bangladesh and in many other developing countries. We can learn a great deal from his inspirational approach in our own attempts to develop innovative ethical finance initiatives to make a broader social impact.”

Nadim Najjar, Managing Director, Middle East and North Africa, Thomson Reuters said: “The EFICA awards are a positive force in finance, recognising innovation that sets a strong example of ethical action, and can be replicated across the industry. Muhammad Yunus will share his experiences with those attending and explain the importance of promoting ethical finance and the significance that innovation plays in developing a more equitable financial system for future generations.”

Muhammad Yunus, who is also known as 'the world's banker to the poor', has dedicated his life’s work to proving that a lack of wealth is no barrier to credit-worthiness. His revolutionary microcredit system is estimated to have extended credit to more than seven million of the world's poor, many of them in Bangladesh. He is one of only seven people to have won the Nobel Peace Prize, the US Presidential Medal of Freedom and the Congressional Gold Medal, placing him alongside leaders and visionaries such as Nelson Mandela, Martin Luther King Jr, and Mother Teresa.

In its third year, EFICA received over 200 entries from across the globe. This year, entrants were asked to submit projects that have helped broaden the appeal of ethical finance to a global audience and initiatives that have created tangible benefits for society. 

The shortlisted applicants for the Ethical Finance Initiative award category and the Islamic Finance Industry award presented in front of a panel of judges in Abu Dhabi on 9 and 10 September, after which three finalists from each category were selected. The finalists will present in front of an audience at the Gala dinner of the Ethical Finance Innovation Challenge on the 4 of October which is being held on the sidelines of the Global Islamic Economy Summit in Dubai. The audience will choose the winners through a public vote.

Irhal wins best Islamic Economy Startup Award

Source: Irhal. Irfan Ahmad, CEO and founder of Irhal.com, said that the appreciation gives the company the impetus to keep going. 

The Irhal Islamic travel mobile app has taken the top prize for the most innovative application developed by a startup in the field of Islamic economy at The Entrepreneurs Day Awards hosted by Dubai Silicon Oasis Authority in Dubai. 

More than 300 companies took part in the competition. Ten startups were shortlisted for final presentations before a jury of international seed and angel investors.

Irhal is an Arabic/English Islamic travel app which has 90+ city guides. Besides traditional travel information on places to visit, shopping, and hotels, Irhal also has GPS enabled maps showing halal restaurants and mosques. It also has prayer timings and the qiblah direction for each city. 

The Irhal.com website has over 200,000 visitors from the Middle East. The mobile app is positioned to be the must-have resource for all Muslim travelers globally. According to a 2013 Thomson Reuters study, Muslims spend over US$130 billion every year in leisure and business travel and 31% of this amount is spent by travelers from the GCC alone.
Irhal is available both on the Android and iOS formats. Download the iOS app here and the Android app here.