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#Education #Crowdfunding - A direct and effective way of #Giving with #Givology

Dear Reader,

For some time I did private research on crowdfunding and fintech for the social good. Only recently I found the long existing platform givology.org - it allows to donate specifically for education to individual pupils in poorer countries and getting in touch with them! Personally this one of the causes important to me, because it ensures that the funds are being spent on education, and therewith building a future.

My questions to you are the following:

1. Would you donate for education via an internet platform, then you can conveniently check a profile from Somaliland just here:

https://www.givology.org/~tfscholarship/

2. If you are *not* interested to donate now, could you share what exactly, if anything, would make you donate? This would be exetremely helpful and I will share the information with givology.org to find a way to do just that.

3. If you any other ideas please feel free to share them. You can also directly suggest to volunteer: http://www.givology.org/get-involved/

In case you wish to receive further updates on Givology please register your email here: https://www.givology.org/register/

#Uganda: Govt to Extend Interest-Free Loans to Women Groups

More than 2,000 groups of women will acquire interest-free loans worth Shs43 billion from the government under the Uganda Women's Entrepreneurship programme (UWEP). According to Mr Puis Bigirimana, permanent secretary at the Ministry of Gender, women entrepreneurs are constrained by limited access to finance as they attempt to grow their businesses. UWEP will promote women's economic empowerment through entrepreneurship skills. Under the programme, groups will receive up to Shs12.5 million each while special projects that benefit a bigger community will receive Shs25 million. UWEP National programme coordinator Ms Brenda Kifuko said all beneficiaries will have to pay back to enable more women access credit. Groups that pay in the first year of reception will only pay the principle amount while groups that pay after the first year will be subject to a 5% interest rate in form of a service fee to cater for inflation.

Leasing leader SKL invests in Islamic Finance for strategic growth

#Kazakhstan based SK Leasing (SKL) announced that it has engaged Shariyah Review Bureau (SRB) to help the company achieve Shari'a Compliance in its business activities. Managing director Duman Nurbayev said SKL is going to be the first leasing company in Kazakhstan to be fully converted into Sharia compliant activities. Also, they are planning to be the first company in the CIS region which will provide a wide range of Islamic Financial products and services. SKL finances projects in the real economy sector for renovation, modernization and expansion of fixed assets. SKL has 3 domestic offices and approximately 240 clients. Its regional network includes representations in Almaty, Astana and Atyrau.

#Malaysia’s leadership in Islamic finance a catalyst for ESG-driven investment

RAM Ratings sees Malaysia’s leadership in Islamic finance as a catalyst for environmental, social and governance (ESG)-driven investment. RAM Ratings CEO Foo Su Yin said for ESG growth the government needs to follow a similar path to that which has led to Malaysia’s leadership position in Islamic finance. PRI managing director Fiona Reynolds said that fiduciary duty remains the biggest barrier to ESG integration. She added that investors and policymakers need to work together to ensure sustainability issues continue to gain traction. There are compelling national-interest reasons for policy makers to promote the incorporation of ESG factors into investment practices in China, Hong Kong, India, Malaysia, Singapore and South Korea.

#GCC banks to stay under pressure until 2017 on commodity gloom: S&P Global

According to S&P Global Ratings, banks in the Gulf Cooperation Council countries will remain under pressure for the remainder of 2016 and 2017. The operating environments in these emerging markets are suffering from the effects of low commodity prices and weakening local currencies outside the GCC. S&P thinks that not only will banks' loan growth decline, but profitability will also drop. On a positive note, S&P thinks that the deterioration will be largely controlled and that banks have the capacity to absorb the negative impacts thanks to their strong asset quality, good profitability, and strong capitalisation.

Credit Agricole to Open #Morocco’s First Islamic Bank

Moroccan state-owned bank Credit Agricole (CAM) received the approval of the Ministry of Finance to open an Islamic subsidiary with The Islamic Development Bank (IDB). Credit Agricole will reportedly own 50% of the Islamic banking window as a joint venture with the IDB with an initial capital of 200 million dirhams. The two institutions have expressed plans to raise it to 400 million dirhams eventually. The central bank said earlier this year it had received seven requests to open Islamic banks and three to open windows selling Islamic finance products.

MICROFINANCE EVENT: Islamic #Microfinance #Summit, September 26-27, 2016, Dubai, United Arab Emirates

The Islamic Microfinance Summit takes place on September 26-27, 2016 in Dubai and is organized by Uniglobal, a Prague-based provider of workshops and conferences. The theme of this conference is "raising awareness and ensuring compliant and targeted product development to aid poverty alleviation." Its goal is to promote Islamic microfinance, particularly to the international donor community.

Better Understanding the Demand for Islamic #Microfinance

To close the severe gaps in financial inclusion in the Middle East and North Africa, more and more governments are starting to develop national financial inclusion strategies driven by evidence-based studies. So far, demand studies on Islamic finance have produced mixed results. To examine the distinction between preference and actual choice, CGAP, Yale University and Tamweelcom took a novel approach to the study of demand for Islamic and conventional loans in Jordan. According to the experiment, more people opt for the Islamic microloan than the conventional one when offered both (17% versus 2%). Sharia certification appears to have no significant impact on loan take-up at all. The study found that in Jordan people who are more religious are willing to pay a higher price for an Islamic microloan.

State fund probes 1.6 mln Bank Asya accounts for Gülen links

Turkey’s Saving Deposits Insurance Fund (TMSF) has probed more than 1.6 mn bank accounts because a number of public institutions wanted to learn whether any of their employees had an account with Bank Asya. The bank was linked to the controversial Gülen movement, which was believed to be the mastermind behind the failed July 15 coup attempt. In line with these probes, some 700,000 people have been searched since the end of 2013. When suspending public officials after the failed coup attempt, one of the main criteria under consideration was whether they were a Bank Asya customer and if they had made financially suspicious banking transactions. Turkish regulators canceled the banking license of Islamic lender Bank Asya on July 24.

#Malaysia’s transport binge to spur #sukuk sales

Malaysian corporate sukuk sales are rebounding from a four-year low. RHB Investment Bank sees issuance rising 7% to RM60.2bil in 2016, encouraged by Bank Negara’s monetary easing in July. AmInvestment Bank forecasts as much as RM70bil. Sukuk sales have picked up after Najib kicked off US$16bil of road and subway projects this year in partnership with the private sector. This month the Public Sector Home Financing Board sold RM3.4bil of Government-guaranteed Islamic notes, while Lebuhraya Duke Fasa 3 Sdn. offered RM3.64bil of syariah debt to finance a highway in Kuala Lumpur. Fundraising is needed for construction of 1,800km of roads being built in Sabah and Sarawak. Other potential issuers include Prasarana Malaysia, which is financing a RM10bil extension of Kuala Lumpur’s light-rail network.

Credit Agricole authorised to establish Islamic banking unit

Moroccan state-owned bank Credit Agricole (CAM) has won authorisation to create an Islamic subsidiary with The Islamic Development Bank (IDB). Morocco’s central bank is in the final stages of launching an Islamic finance industry. The North African kingdom adopted legislation allowing Islamic banks and insurers in the domestic market, and the central bank has set up a central sharia board to oversee the new industry. IDB and CAM will inject 200 million dirhams ($20.55 million) of capital into the offshoot of the new subsidiary before doubling it to 400 million later. The Moroccan bank will hold 51% stake in the new banking unit.

#Tax waiver needed to boost Islamic finance: Expert

A tax waiver is needed, especially on asset transfers, to make Islamic financing in Indonesia more competitive with conventional financing. According to Qudeer Latif, a partner at law firm Clifford Chance, in the UK and Malaysia, the asset transfer tax is annulled, they categorize the asset transfer in the Islamic financing structure as a financial transaction, rather than a sales and purchase transaction. Another problem, he continued, stemmed from the high building transfer fee, which varied from 5% to 7%. The central government had tried to reduce it to 2.5%, but some regional governments still objected to it. According to the expert, changing the taxation rule will create a level playing field between Islamic and conventional financing.

State Bank’s Vice President gunned down in Karachi

Senior Vice President of State bank of Pakistan (SBP) was gunned down in the area of Gulistan –e- Johar, within the jurisdiction of Shariah Faisal police. Superintendent Police (SP) Gulshan Doctor Fahad Ahmad said that Muhammad Sadiq Siddiqui was going to a bakery when two alleged dacoits attempted to snatch his vehicle. On resistance, dacoits opened fire on him. As a result, he sustained serious injuries and died, while dacoits managed to escape from the scene with car.

Le piège de la complexité

Le #Luxembourg a misé sur la finance islamique comme outil de diversification, mais les investisseurs se font encore attendre. Basé sur les règles de la charia et assez complexe, ce modèle fait pour l’instant du sur-place. Le Luxembourg a espéré, depuis plusieurs années, l’implantation d’une banque islamique sur son sol. Selon Eleanor de Rosmorduc, responsable du dossier pour Luxembourg for Finance (LFF), si le Luxembourg n’abrite pas de banque islamique, c’est avant tout parce qu’il n’y existe pas la population musulmane suffisante pour lui permettre d’exister. La principale difficulté pour le secteur au Grand-Duché, c’est surtout que les acteurs qui pourraient alimenter ce secteur ne sont pas basés au Luxembourg, mais au Moyen-Orient et en Asie. C’est cependant en train de changer.

Prospects remain robust for Islamic finance

According to Moody’s, the growth prospects for the Islamic finance sector are still strong despite new sukuk issuance remaining subdued this year. Moody’s global head of Islamic finance Khalid Howladar said growth in the Islamic banking sector continues to broadly outpace that of conventional banks in most systems in which Islamic banks have been established. The sector also has potential for further growth, especially in countries in which the penetration of Islamic banking assets remains relatively low, at between 5%-10% of Islamic financing assets. New sukuk issuance volumes in 2016 are expected to remain flat, at around US$70bil. Growth in the Takaful sector is also slowing, but the rating agency expects it to remain at double digit levels into 2017 and for gross contributions to reach US$20bil by next year.

Moody’s: Prospects remain robust for Islamic finance despite subdued #sukuk issuance

According to Moody’s, the growth prospects for the Islamic finance sector are still strong despite new sukuk issuance remaining subdued this year. Moody’s global head of Islamic finance Khalid Howladar said growth in the Islamic banking sector continues to broadly outpace that of conventional banks in most systems in which Islamic banks have been established. The sector also has potential for further growth, especially in countries in which the penetration of Islamic banking assets remains relatively low, at between 5%-10% of Islamic financing assets. New sukuk issuance volumes in 2016 are expected to remain flat, at around US$70bil. Growth in the Takaful sector is also slowing, but the rating agency expects it to remain at double digit levels into 2017 and for gross contributions to reach US$20bil by next year.

Islamic Banking Will Strengthen Democracy In #India

The Islamic Development Bank (IDB) is getting the final touch in before setting up office in India. With introduction of Islamic banking, Indian government will certainly gain diplomatic upper hand to make financial dealings with Muslim dominated nations. Islamic Banking will clearly ameliorate the deplorable condition of the poor and marginalized segments of society. However, it won't be very surprising to see if this banking system is turned into a political issue. Certain parties might abhor the use of the word "Islamic" and could term it as anti-Indian. They might argue that the very concept of Sharia banking would go against the secular fabric of the country.

HELB plans for shariah compliant loans

In #Kenya the Higher Education Loans Board (HELB) is set to introduce Shariah compliant products. The proposal to make the students loan provider Shariah compliant is currently being reviewed by the Attorney-General, prof Githu Muigai. Once approved, the law will improve access for Muslim students to educational financial support helping them to obtain loans which do not infringe on their religious beliefs. The number of Muslim students at universities has been on a gradual rise and the move will be of great benefit. HELB Chief Executive Charles Ringera said the board was with Islamic finance experts in the implementation of the policy.

Azzad Joins Call for Food Industry to End Use of Antibiotics on Livestock

Azzad Asset Management has joined a consortium of responsible investors in support of a United Nations' call to end antibiotic use in global food supply chains. The UN statement calls member nations to bring clarity to antibiotic use through national and regional regulations. Antibiotics are frequently used for rapid growth promotion in livestock and poultry and to prevent illness in animals living in cramped and unhealthy conditions. Experts say that the overuse and misuse of antibiotics in the meat industry has contributed to the rise of antibiotic resistance in the US and across the world. It is estimated that this public health issue is responsible for 2 million infections and 23,000 deaths each year.

The Role of Financial Services in Reducing Hunger

For the majority of the 1.4 billion of the world’s poor agriculture is the main source of income and employment. Many farmers live in areas lacking access to basic financial services, leaving them vulnerable to shocks and prone to low-risk, low-return investments. Improving access to financial services can help farmers make profitable investments that increase their yields. At a macro level, higher yields increase the total global supply of food. At a micro level, higher yields increase household income and food security for the world’s 1.5 billion living in smallholder households.

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