As we strive for a future in which all people live in dignity and prosperity, where no one is left behind, we need to significantly shift our approach to development in order to achieve the Sustainable Development Goals, believes the Islamic Development Bank (IsDB).
“We need to be constantly finding new, innovative ways to approach development in our fast-evolving world,” says the President of the Islamic Development Bank, Dr Bandar Hajjar, as he plans to convene a coalition of the Bank’s 57 Member Countries at its 44th Annual General Meeting, held in Marrakech, Morocco from 3-6th April 2019.
A new development model is needed to address the strategic development priorities facing governments worldwide. Innovative approaches spearheaded by IsDB are driving value chain competitiveness, joint green industrial innovation and a resilient global developers’ network in order to support all Member Countries.
This year’s Annual General Meeting will be a reflection of the President’s Five-Year Program representing the transformative vision for the IsDB. “Our vision focuses on the root causes of development challenges, rather than the symptoms,” says Dr Hajjar.
The President will also be launching his new book, “The Road to the SDG’s: A New Business Model for a Fast Changing World” at the annual meeting, which sets out his vision of how the world can reach the 2030 SDG targets. The model promotes a change of narrative for development by adopting a growth mindset and focusing on job creation, as well as building and strengthening national competitiveness and connectivity to global markets. At the heart of the Bank’s vision are four core pillars: Partnerships, STI, Global Value Chain and Islamic Finance.
Following on from a successful Public Private Partnerships Forum, held in Rabat on 28th February, the IsDB will be exploring the importance of expanding and deepening existing partnerships, as well as seeking new partners, at the Annual Meeting. “When we work towards a common goal of commitment it generates much greater development effectiveness. PPPs lead to higher quality, efficiency, and job creation,” adds Dr Hajjar.
Focus on Science, Technology and Innovation (STI) is also a key theme which will be explored at the Annual Meeting. The IsDB’s $500m Transform Fund is already supporting local innovators and entrepreneurs in their quest to solve the SDGs. “I have had the opportunity to witness some of these innovations first hand over the last 12 months through our Transformers Summit in Cambridge and Roadshows across the world. I am optimistic about the opportunity innovation presents to drive people out of poverty and achieve progress at scale,” says Dr Hajjar.
To also ensure Member Countries maximize their benefits from the global value chain, the IsDB believes they should move away from focusing on raw materials exports. Developing countries should instead prepare long-term plans to promote labour-intensive high added-value industrialization and improve the quality of education to create a new generation of skilled workers.
The fourth pillar of the IsDB’s vision focuses Islamic finance. For over 44 years, the IsDB has been practicing Islamic finance and seeking to promote economic development through its operations. The IsDB is a regular issuer of Sukuk in the global financial markets to finance large-scale development projects and to promote socio-economic development in its Member Countries; it also promotes Waqf and Zakat products.
Dr Hajjar added: “The Islamic Development Bank is responding to a new era while recognising that it is operating in a fast-changing world marked by tremendous global challenges. Never has the need for cooperation and partnership been of such paramount importance and I look forward to discussing our new vision with representatives from our Member Countries in Marrakesh.”
-The IsDB’s Annual Meeting, Transformation in a changing world: the road to the SDGs, will be taking place in Marrakesh on 3-6th April. Visit www.isdb-am44.org for more information and live-streams of key sessions. Follow @IsDB_group on Twitter for the latest conversations from the event.
Sanlam & NASASA Launch NASASA Financial Services For Stokvels
Sanlam and the National Stokvel Association of South Africa (NASASA) have launched NASASA Financial Services (Pty) Ltd; a brokerage catering to the financial services needs of the South African stokvel market. NASASA is a self-regulatory organisation with a database of 125 000 stokvel groups, reaching about 2.5 million individuals. The new entity will foster greater financial inclusion for all members.
Jacqui Rickson, Chief Executive: Group Benefits at Sanlam Developing Markets Limited and Board member of NASASA Financial Services says, “For South African stokvels this is an opportunity to formalise their existence without having to forego their traditions. The peace-of-mind that each member of a stokvel will be protected in their time of need is invaluable.”
“Stokvels are powerful financial services providers in their own right,” says NASASA Financial Services CEO, Mizi Mtshali “and have the potential to help grow South Africa’s economy once they enter the more formalised sector through appropriate product offerings”. Currently, there are over 800 000 stokvels in the country, aggregating an estimated R50-billion pa. They are, however, quite exposed, especially to liquidity issues that may render them unable to discharge benefits to their members, as well as scams that promise to resolve such issues. This results from a lack of accessible, relevant products that meet the needs of a more informal savings sector.
As a result, some burial stokvels may not pay enough to cover funeral expenses in their entirety. By offering broad-based financial services to members, NASASA Financial Services will empower stokvels through greater socio-economic inclusion and security.
Jacqui Rickson says, “This venture supports our client-centric focus by allowing financial inclusion to be extended to South Africans who are on the edge of the formalised insurance structures. Through this, we can help families recover financially following difficult, unexpected events.”
NASASA Financial Services is currently
licensed as a Juristic Representative of Sanlam Developing Markets, with a
long-term plan to become a Financial Services
Provider (FSP). NASASA Financial
Services will distribute tailor-made products nationally via its
distribution force. Sanlam as underwriter, through NASASA Financial Services,
will initially offer group-based funeral benefits, tailored to each individual
type of stokvel.
Products are competitively priced and start at R15 per person. Once the stokvel has selected its option, the stokvel will pay one premium for the whole group. For burial stokvels, Sanlam has designed a full product, covering up to nine family members and all products have been created in partnership with NASASA.
Currently, the product offering includes:
- A Principal Member Only Funeral Benefit
- An Immediate Family Funeral Benefit
- A Principal Member Plus Up To 9 Dependents Funeral Benefit
- Grocery and Airtime Cash Benefits
NASASA is about educating their members
about wealth and more appropriately, financial health, which includes saving on
the expense of premiums through aggregation and paying group rates rather than
more expensive individualised rates. We’ve designed products as an extension of
this; as a tangible, affordable, non-intrusive offering that seamlessly blends
the required formal structures with community-based traditional structures.
Mizi Mtshali, NASASA CEO, adds, “The research conducted during the build-up of our product launch saw the solution being entirely built by participating stovels. As a result, we deliver unmatched value by buiding a solution briefed in by our constituency. Amongst the majority of South Africans, funeral insurance fulfils an unmistakable need. While many are excluded from the formal financial system, those who do interface with the sector largely feel inadequately serviced. Burial Societies are formed as providers of such services and have developed systems around the real needs of their members. There are roughly 200 000 active Burial Societies in South Africa, with the majority being self-underwritten.
Because such groups rely on their collective savings to discharge their benefit to members, they often face liquidity problems that may lead to their disbandment. This brings about the need for an underwriter who will take on the risk on behalf of the group, as well as offer a set of products and services built around the group’s needs. NASASA is tasked by its members to solve this problem, and we have identified Sanlam as the most suitable partner in this regard.”
Mtshali says this venture will also facilitate job creation, which is key to socioeconomic inclusion, “For South Africans, this opportunity provides meaningful employment particularly in the township economy. Not only is this a step towards financial inclusion, but a giant leap towards societal transformation”
Down the line, NASASA Financial Services is aiming to extend its offering to include life cover as well as short-term products like household insurance and is investigating the potential of integrating other banking products.
Content provided by Sanlam
RISING WOMAN: A Celebration Of Women
Advertorial BY STRATEGY BUSINESS GROUP
A celebration of women, thought leaders, innovators, thinkers, problem solvers, and drivers of growth and development who are contributing to the Rising Africa Story.
CEO Nimed Capital, Ghana
Nimed Capital’s Managing Director and CEO demonstrated a flair for finance early in her professional career. She quickly rose through the ranks at Zenith Bank from a customer service advisor to a relationship manager and head of customer service. Her expertise in corporate finance, funds and investment management, as well as investment research, has effectively paired with her entrepreneurial drive to create one of Ghana’s leading investment banks. Today, the investment analyst, author, and speaker is a passionate advocate for empowering women through recognition and promotion of the efforts and successes of women in various industries.
Brigidi herself was recognized as one of the Woman Rising’s 100 Most Outstanding Women Entrepreneurs in Ghana in 2017 and adjudged the Emerging Woman Entrepreneur of the Year.
CEO Flawless Events, Ethiopia
Running seamless, perfect – flawless – events was a vision of Ethiopian-born Yoadan Tilahun.
Initially launched in Washington, DC and transplanted to Addis Ababa, Ethiopia, Flawless Events has worked tirelessly to earn its well-deserved reputation for innovation and creativity. As a result, it has achieved substantial growth in its 15 years of operation.
Tilahun is known for instituting exceptionally high work standards and always doing business with integrity and honesty.
Tilahun is also an enthusiastic advocate for professionalizing the MICE industry in East Africa and is an active member of the International Congress & Convention Association (ICCA). In 2018, she was named Seasoned Entrepreneur of the Year by Global Entrepreneurship Week (GEW).
Founder Narnia Events, Nigeria
What advice would you give young women entrepreneurs?
Firstly, young women entrepreneurs need to understand the business they’d like to go into; the business environment, target market, and then ensure that their business ideas will solve a problem before they embark on their entrepreneurial journey.
I would also tell them to make sure that whatever they choose to do, should be borne out of passion and not based on what other people are doing or how much money others are making.
DR. IBILOLA AMAO
STEM Specialist & CEO Lonadek, Nigeria
Dr. Amao established Lonadek with a greater purpose than just providing technical consultancy to ensure that local and indigenous companies utilized established systems, processes and procedures to deliver quality goods and services. She envisioned a company that could continually develop the capacity of young Africans in the science, technology, engineering and mathematics (STEM) fields.
Dr. Amao also mentors young professionals and engages with Junior Engineers, Technicians, and Scientists (JETS) clubs. Over the last 25 years, Lonadek has successfully trained over 5,000 certified engineers, designers, and cost consultants in the utilization of engineering software and information technology.
Founder, Qmara Vie Planners, Nigeria
Qmara Vie Planners is a boutique events management company based in Abuja, Nigeria and founded by Queen Ohamara. The company emphasizes adding luxury and sophistication to their client’s event while maintaining a sense of modernity.
Qmara Vie Planner is comprised of a young, vibrant team that is constantly innovating and pushing themselves to creatively turning dreams into reality. The company prides itself on curating unique once in a lifetime experiences. That is why her company bears all the stress of planning an event so clients can enjoy their special day.
ADAMA AMANDA NDIAYE
Adama Paris, Senegal
Adama Amanda Ndiay is a Senegalese fashion designer born in Kinshasa, Zaire. She epitomizes the multicultural fashion designer of the new millennium.
Adama is also the founder and producer of many fashion events such as Dakar Fashion Week, the Afrika Fashion Awards, also known as the Trophies of African Fashion (TMA), and the Black Fashion Week in Prague, Paris, Bahia, and Montreal since 2010. Adama and her team also launched the first Fashion Africa Channel in 2014. She is a passionate advocate for the promotion of women entrepreneurship throughout Africa.
TANG SAU MUOI
CEO of ILCI Business School & IESIG Management School, France
As I ran from war and emigrated to France, I never had the chance to finish my education. I was certain that the only way to succeed was to be well-educated. The benefit of a good education was exemplified by my children; all five attained Master’s degrees and have good jobs.
I wanted to give the same chance to children from abroad, to benefit from a good education. I established the IESIG School and ILCI Business School with the main focus of offering programs that align with future employment needs.
FOCUS ON KENYA: A Chain Reaction Of Investment And Economic Growth
“Kenya has the largest, most diverse economy in East and Central Africa, serving as the regional hub for logistics and air transportation, financial services, ICT innovations, and international media coverage. We have a clear vision for economic development. Our focus is on implementing more business-friendly policies and reforms to reduce investment costs and enhance the sector’s global competitiveness.” – President Kenyatta
Kenya is known as one of the most innovative countries in Africa with the strongest and most reliable internet connectivity in the continent thanks to the undersea cables that connect Kenyans to the world wide web. The country has shown exceptional economic progress in recent years, even jumping ahead an incredible 56 positions on the ease of doing business index in 2018, placing them at number 61. The Kenyan people are strong, dedicated, and eager to use their talents and assets to create a new future as a middle-income country. This goal has been spearheaded by the plans established by President Uhuru Kenyatta’s administration. The Vision 2030 Plan and Big Four Agenda are the keys to propelling Kenya forward for years to come. The Big Four Agenda, which is focused on four major pillars of economic development: Food Security, Affordable Housing, Manufacturing and Universal Healthcare, is the secret weapon to developing key sectors and causing a ripple effect through the entire economy. Through the implementation of this plan, Kenya will soon be a world leader in numerous sectors, as evident from their current success in utilising their ICT advantage in developing existing industries to create a better life for all.
The administration is dedicated to capitalising on Kenya’s diverse economy in order to develop the economy. President Kenyatta says, “Kenya has the largest, most diverse economy in East and Central Africa, serving as the regional hub for logistics and air transportation, financial services, ICT innovations, and international media coverage. We have a clear vision for economic development. Our focus is on implementing more business-friendly policies and reforms to reduce investment costs and enhance the sector’s global competitiveness.” Paving the way for foreign direct investment is another key factor to facilitate the country’s growth. FDI in the past has been positive, especially with the amount of inclusivity and the influx of Internet start-ups that Kenya has seen in recent years.
SEACOM has established an economically viable and reliable fibre broadband access, which has given life to many sectors so that they may grow, expand and modernise. Access to stable Internet has been a crucial addition for Kenya and many East African businesses. Tonny Tugee, Managing Director of SEACOM, says, “Our ambition was always to better equip African companies with high-performance Internet so that they can harness its potential for growth, with positive effects for local economies.”
The greatest asset of strong and reliable Internet access is the connectivity and inclusivity it brings to users across the country. This tool has already been embraced by companies such as Absa Group member Barclays Bank of Kenya. Jeremy Awori, Managing Director and CEO of Barclay’s Bank, states, “Technology allows you to meet customer needs and improve customer experience more efficiently and cost-effectively. It enhances your control and provides you with data that enables you to take more efficient decisions.” These decisions have been made to ensure financial inclusion for all Kenyan citizens as the country goes fiercely in the direction of its inevitable bright future.
The growth of the economy opens the door for other sectors to enjoy Kenya’s achievements as well, just as public-private partnerships in the country are helping to develop sectors such as energy, education, healthcare, transport and infrastructure. Judith Nyakawa, Director of Public-Private Partnerships Unit, says, “We are enablers in the President’s Big Four Agenda. We contribute to improvements in the road, health, and infrastructure sectors. As a unit, we are continuously looking for alternative ways to raise funds so that government development budget can be used to meet other needs.” These initiatives are creating a closer and more inclusive sense of community among Kenyas, connecting them and providing better access to roads, transportation, healthcare and insurance, among other needs.
The fulfilment of these needs will lead to a successful and driven population, but also to more opportunities in other sectors such as agri-business; manufacturing; financial services; ICT; tourism; and transport and logistics. To foster the rapid and favourable growth of these sectors, Afreximbank has invested in Kenya and developed plans to support its companies. Afreximbank is the most prominent pan-African multinational financial institution committed to financing and advancing intra- and extra-African trade. The heart of their plan lies in the Fund for Export Development in Africa (FEDA) which will provide seed capital to African companies to help them expand and grow in the thriving economy. In a briefing, Afreximbank said, “The bank’s location in Nairobi will create more job opportunities for the youth and generate business opportunities for entrepreneurs to venture into. Afreximbank has already become a significant player in Kenya’s economy, having financed deals close to 300 million U.S. dollars.”
The progress that Kenya is continuing to enjoy is a chain reaction of dedication from its people, administration and sectors who see a bright future in store for the country. The Vision 2030 has brought successful results since its implementation in 2008 and the momentum is not stopping anytime soon. The country’s sectors are energised and ready to expand through the improvement of public infrastructure, even stronger ICT, and financial inclusion for all. The Big Four Agenda will use the country’s strengths and tools to ensure Food Security, create more Affordable Housing, enhance Manufacturing and provide Universal Healthcare for all, skyrocketing Kenya into a middle-income country.
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