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.

12th WIEF all about empowering MSMEs

The 12th World Islamic Economic Forum (WIEF) is focused on empowering micro, small and medium enterprises (MSMEs) in order to facilitate their larger participation in the mainstream economy, in turn ensuring inclusive economic development, spurring innovation and improving efficiency. One such method of empowerment will be digitisation to facilitate their interaction with global economic players.

The empowerment motif is played out against the backdrop of a thriving global Islamic economy. Muslims are becoming increasingly active as investors and manufacturers, bankers and traders, competitors and suppliers, while Muslim consumer spending is rising for ethical finance, investment and insurance services, and for halal food, modest fashion and halal tourism. 

Key discussion topics that further the empowerment aim at the 12th WIEF include sukuk for infrastructure financing, integration of halal sectors and Islamic finance, expansion of the global halal food industry, development of the global modest fashion industry, improving funding access for MSMEs, integrating MSMEs into the digitised trade, building more equity crowdfunding platforms, spurring innovation by linking startups to corporations, and inculcating the culture of design-thinking for business. In addition, the forum will also host sessions on creative industries, Islamic travel and halal food markets. 

The 12th WIEF is organised by the WIEF Foundation and hosted by the Ministry of Finance, in collaboration with the State Secretariat and Ministry of Foreign Affairs, Indonesia. Over 2,500 delegates from 69 countries are expected to participate in this year’s Forum, including seven world leaders.

About 99% of Indonesia’s businesses are SMEs, with more than 98% being micro companies. These businesses employ over 107.66 million Indonesians and contribute 60.60% to Indonesia's GDP. In order to facilitate the growth and development of SMEs in Indonesia, the government recently issued several economic policy packages to stimulate inclusive economic growth. Some of them have direct impact on the interests of SMEs, such as simplification of permits for the establishment of SMEs and export licenses, increases in SME financing, and special interest rates on export credit.

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.

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.