Companies

QIB Named the ‘Best Islamic Financial Institution in GCC’ by Global Finance

Mar 25, 2017 by admin Leave a Comment

(MENAFN – Gulf Times) Qatar Islamic Bank (QIB), Qatar’s leading Shariah-principled lender, has been named ‘Best Islamic Financial Institution in Qatar and the Gulf Cooperation Council (GCC)’ by the US-based Global Finance magazine for 2017.
These awards recognise the ‘impressive progress QIB has made in establishing itself as a leading banking institution in the GCC while cementing its leadership in Qatar, its home market.
The Global Finance magazine, headquartered in New York, is a reputable source for developments in the financial industry. Focusing on global and emerging markets, every year it releases a list of the best Islamic finance institutions in the world.
To select the winners, the editorial team of Global Finance confers with industry experts, assesses financial performance metrics, and factors in additional criteria such as a bank’s reputation and customers satisfaction.
‘Our commitment to meet our shareholders’ and customers’ expectations is what drives our efforts to continuously offer tailor-made Shariah-compliant prducts and services and high quality service to all our customer segments — individuals, government entities, large corporates and small and medium enterprises, according to Bassel Gamal, group chief executive of QIB.
QIB has demonstrated steady financial growth for the past four years and has been setting a benchmark for Islamic banks in the region with it embracing cutting-edge banking technologies and its customer-centric approach to both product offering and the overall banking experience offered through its renovated branch network and constantly developing digital channels.
QIB’s 2016 financial results showed more than 10% rise year-on-year in net profit to QR2.16bn. Total assets have increased by 10% to QR139.8bn, driven by a robust growth in the financing activities that have now reached QR98.2bn.
Total income was QR5.49bn in 2016, registering a 22% annual growth, reflecting a healthy growth in core operating activities.

Originally published on http://menafn.com

Kuwait Finance House Termed The Best Islamic Bank In The World

Oct 14, 2016 by admin Leave a Comment

Consistent with its central role of producing groundbreaking and game-changing research works, The Dubai Center for Islamic Banking and Finance (DCIBF), a joint initiative of Hamdan Bin Mohammed Smart University (HBMSU) and the ‘Dubai Islamic Economy Development Centre’, has formally released its second annual report on Islamic economy today (Wednesday October 12, 2016) during the third Global Islamic Economy Summit in Dubai, the region’s premier forum on the Islamic economy, which ran from October 11 to 12, 2016 at Madinat Jumeirah in Dubai.

The latest statistics-backed comprehensive report titled ‘Islamic Banking: Growth, Efficiency and Stability’ focuses on the efficiency performance of 131 Islamic banks operating globally and other various key facets of Islamic banking. Out of the total Islamic institutions studied, DCIBF’s report reveals that an Islamic bank from Kuwait emerged as the world’s most efficient.

The Kuwait Finance House (KFH) received the highest efficiency score among all banks mentioned in the report, followed by Al Inma Bank from Saudi Arabia, which obtained the top score in terms of the most cost-efficient Islamic bank in the world. The top 20 most efficient Islamic banks come from seven countries, including the UAE, Qatar, Malaysia, and Bahrain in addition to Kuwait and Saudi Arabia. Outside the GCC region, it is only Malaysia that made it to the top 20 list.

The Dubai Center for Islamic Banking and Finance (DCIBF) plays a pivotal role in the preparation and development of in-depth studies covering developed global Islamic banking sector efficiency—used as a reference and base for the Islamic Retail Banking Awards, which held its inaugural edition in 2015. The extensive research conducted by the Center has also led the DCIBF to being awarded with the Islamic Banking R & D Award in 2015, which was given in recognition of the efforts made to assess the performance of Islamic retail banks.

In business, efficiency refers to how much needs to be spent in order to maximize output. According to the report, as financial markets become more integrated and decentralized, it has become imperative to measure the efficiency of banking institutions.

More than 400 Islamic banks and financial institutions are now operating in over 60 countries from different regions, including Europe, Americas, South Asia, Far East, Africa, and Australia. The report points out that the growth and competitiveness of Islamic banking are being driven by numerous factors such as size, brand, ability to enter new markets, microfinance, combating poverty, strategic alliances, and the development of Islamic finance as an integral part of the global halal economy.

Besides the global ranking, the report, which comprises four chapters, also studied the current state of the global Islamic financial services industry valued at USD 2 trillion at the start of 2015. Although it is expected that Islamic banking will continue to grow globally, the report warns that it may face challenges especially in countries that heavily rely on oil and other commodity prices. In this regard, diversification of the industry and further expansion is essential for its sustainable growth, the report states.

Dr. Mansoor Al Awar, HBMSU Chancellor, said: “The efficiency analysis of Islamic banks used in this report is the first of its kind in that it is specifically designed for Islamic banks and that it has direct relevance to the global Islamic financial services industry. The innovative, pragmatic methodology utilized for the report combines the best academic methods with some basic tools that other practitioners can benefit from. The report is full of substantial statistics and reliable references to back its findings and recommendations. We are confident that the results will positively impact the entire global Islamic economy in such a way that more essential reforms will be implemented to further improve their competitiveness in the global stage.”

Dr. Al Awar, added: “The report forms part of DCIBF’s commitment to the initiative launched by H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to make Dubai the capital of Islamic economy. It also represents another significant contribution to the realization of Dubai Strategic Plan’s goal of promoting knowledge-driven and sustainable economic development in the emirate by providing rigorous scientific research that addresses key issues in Islamic economy and finance. Rest assured that as it gleans more experience and has more resources to capitalize on, the Center will continue to conduct and facilitate research, and will advance the concepts and the applications of research in Islamic banking and finance.”

Furthermore, the report tackles the basic performance indicators of Islamic banks. It suggests that while the industry remains on a growth trajectory, concentration of Islamic banking assets in few markets, mainly the GCC and the wider MENA region, may pose a threat to the stability of Islamic banking. A detailed literature review on Islamic banks was also done to look into Islamic banks’ developments as well as their profitability over the past few decades.

The study addresses pressing challenges facing the Islamic banking and finance sector at a time when many factors have tremendous impact on the industry such as oil price fluctuations.

The research team was led by Project Director Prof. Nabil Baydoun, with Prof. Humayon Dar and Rizwan Malik serving as Chief Editor and Research Assistant, respectively. The members of the Steering Committee comprised Prof. Rodney Wilson, Prof. Fahim Khan, Dr. Syed Othman Al Habshi, Neil D. Miller, Dr. Yusuf Talal DeLorenzo, and Dr. Khaled Fakih.

Islamic banking and finance have been gaining momentum on a global scale, and have been offering profitable opportunities for institutions and individual investors of all sizes. They now represent an important system offering viable innovative alternative models for investment and growth to the conventional financial system, which is under significant strain owing to the recent financial crisis.

Dubai is well placed to promote rigorous research in Islamic banking and finance. The Dubai Government has seen a real potential for expanding its economic base and wants Islamic economics to play a significant part in the wider economic system.

Originally published on www.albawaba.com

National Bonds Distributes Dividends To Its Shareholders

Mar 13, 2016 by admin Leave a Comment

Dubai:- National Bonds Corporation PJSC (National Bonds), the UAE-based Shari’ah-compliant savings and investments company, has announced that its savings and investment products provided up to four per cent annualized returns to customers in 2015, outpacing the returns provided by other competitive financial institutions in the UAE.

National Bonds revealed that its three-year Step Up Bonds for savings of AED50,000 and above offered four per cent annual returns, while its three-year Term Sukuk for the same amount provided three per cent annual returns compared to 2.25 per cent offered on the two-year Term Sukuk.

In terms of regular savers among expatriates and UAE nationals, National Bonds registered a growth of 82 per cent in comparison with 2014. The company offered an average 2.82 per cent annual return on regular savings, while women bondholders with savings bonds valued at AED 25,000 and above garnered annual returns of 2.94 per cent. Furthermore, the average annualized returns for UAE national bondholders with savings bonds valued at AED 25,000 and above reached 2.08 per cent.

The company recorded a strong performance in 2015 with more UAE nationals opting to save via the ‘myPlan’ regular savings program. In addition, the number of minors enrolled in the program increased by 99 per cent compared to 2014, while the number of UAE national women registered grew by 80 per cent and the number of UAE national men enrollees surged by 78 per cent.

Moreover, in 2015 the company witnessed a 95 per cent increase in the number of regular minor expat savers as against an 88 per cent increase in the number of regular expat male savers and 74 per cent in regular women expat savers compared to 2014.

Speaking on National Bonds’ customer-focused savings programmes, Mohammed Qasim Al-Ali, CEO of National Bonds, said, “At National Bonds, we measure our success by the strategic results we achieve across the year in terms of attracting more savers and investors keen to benefit from long-term returns and low risks. Our 2015 results validate the competitive returns our savings programs offer customers, compared with other savings programmes in their class.”

Al-Ali noted that while 2015 offered a multitude of challenges due to dwindling oil prices and market volatility, as well as the revamping of loans that raised investor concerns and impacted financial decisions, the year also witnessed more people learning from such experiences to save regularly through a sustainable financial plan. He said under a new structure of investment offerings, National Bonds will cater to additional segments of society and help them adopt a long-term financial plan.

Furthermore, he pointed out that National Bonds is encouraged by the high uptake of the new ‘myPlan’ program among UAE national parents who enroll their children in the initiative. This indicated a growing awareness of the importance of regular savings to secure a better future for children among parents in the UAE. It also reflected a growing trend of adopting a long-term sustainable plan that offers the best protection from financial crises and challenges of debt.

Al-Ali said, “National Bonds continues with its strategy of diversifying its investments portfolio. Our Wakala deposits, Sukuk, as well as yield-generating real estate developments constitute the majority of our low risk investments and generate attractive returns for our customers. In 2015, we invested in sustainable, high quality real estate projects that mitigated the environmental impact through reducing natural resource consumption. As active partners in the sustainable real estate industry, we are engaged in a first-of-its-kind project in the UAE and Middle East region for the refurbishment of buildings in the Jebel Ali Free Zone leveraging a Shari’ah-compliant investment in collaboration with Etihad ESCO, a DEWA venture established to make the built environment in Dubai a leading example of energy efficiency for the region and the world.

“National Bonds focuses on tracking the financial behaviors of our customers through our year-round Financial Heath Check. It is encouraging to note that our customers are increasingly keen to balance their needs and wants despite the prevalent consumerist trend and credit-card culture. Most importantly, savers across all ages and income levels today are convinced about the need to save for retirement. This tops their list of priorities. People understand the importance of budgeting and saving. Greater financial awareness helps them assess economic changes and anticipate challenges to their long-term financial stability. In 2016, we will reward this commitment by introducing a Shari’ah-compliant insurance cover through a comprehensive regular saving plan.”

Licensed by the UAE Central Bank and fully-owned by the Investment Corporation of Dubai, the principal investment arm of the Government of Dubai, National Bonds is audited by the Government of Dubai’s audit department and is supervised by an independent fatwa and Shari’ah supervisory board, in addition to external auditing entities.

Originally published on www.cpifinancial.net

DAFZA Posts 7% Revenue Growth In 2015

Mar 13, 2016 by admin Leave a Comment

Dubai:- The Dubai Airport Freezone Authority (Dafza) posted yet another banner year in 2015, achieving an impressive total revenue growth of seven per cent and total assets growth of three per cent.

As a gateway connecting the emerging markets in Middle East and Africa, Dafza grew its number of registered companies by 22 per cent, with multinational companies in particular rising nine per cent as reflected by the growth of new sales revenue by 18 per cent, said a statement from the freezone authority.

The share of GCC and Middle Eastern companies in Dafza reached 40 per cent, followed by American and European companies at 36 per cent and Asian companies at 18 per cent. The share of companies from other parts of the world collectively reached six per cent.

Reflecting the resurgence of Dubai’s business environment, Dafza witnessed higher demand for its office packages due to various factors, such as sustained economic growth and eager anticipation over global prospects related to the upcoming 2020 Dubai World Expo, said its top official.

According to official 2015 statistics, leasable office spaces across the Freezone increased by 11 per cent over 2014.

On the growth, Dafza chairman Sheikh Ahmed bin Saeed Al Maktoum said the free zone was taking steady steps towards positioning itself as a main player and major driver for economic development and trade growth in Dubai, posting a strong performance and achieving significant growth at the operational level and among the focal sectors in the freezone.

“Last year’s buoyant financial results are testaments to Dafza’s high potentials and competitive advantages which reflect its pivotal role in attracting foreign investments in the coming months,” stated Sheikh Ahmed.

“We are looking forward to support economic diversification policies which complement the ‘UAE Beyond Oil Strategy.’ We will focus on creating integrated solutions and innovative initiatives that contribute to the achievement of these ambitious objectives and national priorities,” stated the official.

“We aim to make a positive impact on smart transformation through investments in innovative ideas and projects’ expansion in Dafza. We will pay great attention towards strengthening the bridges of communication with the international business community, maintaining our status as one of the most premium free zones in the world, and effectively contributing to the economic development in Dubai and the UAE,” he added.

Dr Mohammed Al Zarooni, the director general of Dafza, said: “The past year was a successful journey for us as we were able to maintain industry leadership despite the many local, regional and global challenges.”

“It was a particularly successful period for us in terms of further streamlining our finances and operations, expanding our global presence, and supporting the national economic diversification policy to build a future beyond oil by encouraging major global names from various industries to do business at Dafza,” he stated.

“In 2016, innovation will be a strategic focus for us to accelerate our growth and support our efforts to explore the future in line with the wise vision of the UAE’s leadership. Our strong financial results will pave the way for us to reach higher levels of excellence and leadership, especially with the buoyant economic outlook for Dubai which is positioning itself as one of the top investment destinations in the world,” he added.

Dafza said its strategy is to accelerate growth based on the solid foundations of innovations and excellence, in order to achieve its vision of positioning itself as the world’s ultimate free zone destination.

It is developing its Strategic Plan 2017-2021 which will bring added value to Dafza’s accomplishments that have placed it amongst the most innovative and competitive free zones in the world.

In line with its endeavors to develop a strategy that helps meet future requirements and supports economic diversification policies, Dafza is currently studying macroeconomic and environmental factors to arrive at a dynamic yet sustainable strategy for 2017 – 2021 aligned with the Dubai 2021 Plan aiming at making Dubai “A Pivotal Hub in the Global Economy.”

Dafza said it also plans to add new sectors in order to attract leading companies from the Islamic economic sectors in support of the ‘Dubai – Capital of Islamic Economy’ initiative.

This also comes in line with Dafza’s efforts to contribute to the ‘UAE Beyond Oil Strategy’ and the positive impact in building a knowledge-based economy driven by technology and innovations.

As part of its activities to develop its Strategic Plan 2017-2021, Dafza is conducting extensive Sales Forecasting and Market Intelligence Studies to ensure it sustains and even exceeds the growth it has achieved over the past five years, it added.

Originally published on www.tradearabia.com

Singapore Aiming To Become A Global Halal Hub

Mar 9, 2016 by admin Leave a Comment

Halal grocer My Outlets aims to establish Singapore as a global gateway for halal products, in the wake of its recent expansion into China. To realise this, CEO Malek Mattar, 55, is forging partnerships abroad, using technology and making sure all the staff pull in the same direction. He tells Wong Siew Ying that having a well-defined job scope, an open line of communication and fair incentives go a long way in motivating workers.

Q What does your business do?

A Broadly, we are a service provider to firms, a halal value-chain platform, looking at how we can assist emerging SMEs in the halal food industry to expand and grow. We currently work extensively in Malaysia, which has a big and growing halal food industry. We also have a presence in Japan, advising Japanese food manufacturers interested in getting into the halal food sector.

Apart from such services, My Outlets also operates all-halal supermarkets in Singapore (My Outlets Global Halal Hub) and in Dongguan, China (EFH MyOutlets), which was opened recently.

Through our supermarkets, we provide the physical platform for small companies to sell their products, give them exposure and opportunity to grow locally. Some of them may find it hard to put their products in the big supermarkets, so we give them that store frontage.

Q How many supermarkets do you have in Singapore?

A Currently, we are only in Woodlands. We consolidated our operations recently and shut outlets in Bishan and Ubi. That enabled us to double the space of the outlet at Primz Bizhub in Woodlands Close to about 7,000 sq ft. This was also the result of a productivity consultancy which was done with the Singapore Productivity Centre in which we fine-tuned our operations.

We are still a small company with 16 employees in Singapore.

GOING PLACES

I think we need to take advantage of the rapid growth of the halal food demand in North Asia… This year, we aim to open many more branches in China, most likely in second-tier cities in the western part of China where there’s a larger Muslim population.

MY OUTLETS CHIEF EXECUTIVE MALEK MATTAR

Q What are the key challenges to growing your business?

A Attracting and retaining staff remains a challenge; it’s not just us, businesses in other sectors are experiencing it too. Our staff retention rate is about 88 per cent.

In retail, the hours are long. We try to keep the working

environment friendly to retain staff. It’s a family-oriented environment. There are no rigid systems, employees are encouraged to manage their own work. We try not to micro manage, so as to give the workers room to breathe.

We also conduct employee satisfaction surveys, and improve financial and non-financial incentives.

Employee satisfaction for My Outlets came in at 84.4 per cent, based on a Singapore Productivity Centre survey. There were 13 dimensions to this survey, including career development, relations with colleagues, working hours, and evaluation and promotion.

Q How are the points awarded for the incentive programme?

A Staff earn points that are pegged to the sales turnover as well as their roles and performance. It’s a transparent approach –

everyone can see the sales numbers.

The incentive is variable and fluctuates according to the sales performance. Management-level staff will get more points. For example, a manager will be given five points for monthly sales of $200,000. For each point earned, he gets $200. So the manager will receive $1,000 for the month, plus his basic salary. This is on top of other perks like carpark and phone allowances.

Q What forms of training do you provide to your staff?

A We participate in different programmes, such as ad hoc seminars by the Singapore Malay Chamber Of Commerce and Industry, and retail management course at the Singapore Productivity Centre. We are a small company, so some of the training is conducted in-house. We also have motivational talks.

We plan to send employees for the Workforce Skills Qualifications System for Retail (Retail WSQ), courses on customer service and inventory management.

What is important is to have open communication. For example, we have group chat on WhatsApp with all the staff – separate groups for different things, so everyone can share their ideas.

We also do a “table-talk” session, whenever issues come up. This will allow matters to be resolved quickly, leaving no room for resentment to fester.

Q How do you ensure the business operates efficiently and productively?

A Technology plays a big part in this. In September, we invested about $80,000 to develop a Retail Plan Portal, which provides real- time sales and inventory monitoring to the SMEs.

They can log in and check on how their products are selling, which ones are moving fast. And for those that are not selling well, perhaps they want to replace them with other products. They also have access to CCTV footage of the store, so they can see what’s going on.

It improves work flow and we have more data on sales, which benefits our suppliers too. We are looking at revamping our website soon.

Q What are the growth plans for the firms outside of South-east Asia?

A I think we need to take advantage of the rapid growth of the halal food demand in North Asia. We set up the EFH MyOutlets with our partners in Dongguan in November. This year, we aim to open many more branches in China, most likely in second-tier cities in the western part of China where there’s a larger Muslim population.

We have been operating in Japan for a year now. My Outlets carries some of the 20 to 30 halal products that Japanese companies are exporting. Some companies ask us to provide advice on what sells and what doesn’t. The taste may not be suitable, the price point may also be too exorbitant. So that’s where we come in and give them advice.

In fact, we just started working with Korean companies, which are exploring halal cosmetics. These may be products that do not use animal ingredients.

Q What is the demand for halal food and how big is the market?

A The halal food industry is on a growth spurt; the global demand for halal food is expected to hit US$2.1 trillion (S$2.9 trillion) this year. This can be a bright spot for Singapore.

Last year, Malaysia exported RM40 billion (S$13.5 billion) worth of halal products. This year it is expected to be about RM50 billion. We can be part of this halal supply chain and put Singapore on the halal map. What we hope to do is to establish Singapore as a gateway for halal products, a global halal hub. This can be the next pillar of growth for Singapore.

Originally published on wwwstraitstimes.com

BASF Becomes Halal-Certfied For Personal, Home-care Ingredients

Mar 6, 2016 by admin Leave a Comment

BASF now offers 145 ingredients for personal and home care products which have been certified to the international halal standard HAS 23000: Along the entire value chain, strict guidelines for raw material purchasing, manufacturing, filling, warehousing, and transport are followed to ensure product purity in compliance with Islamic law. In order to gain the halal certification for its products, Illertissen and Düsseldorf

– BASF’s largest production site for personal care ingredients — successfully underwent four audits.

BASF’s portfolio of halal ingredients ranges from sugar-based surfactants, pearlizers, emollients and protein derivatives for personal care applications — such as facial cleansers or baby bubble baths — to detergent and cleaning agents, and raw materials for the pharmaceutical industry. These ingredients have been approved by Halal Control, Russelsheim, or the Halal Food Council of Europe, Brussels, which are both recognized by the Indonesian Council of Ulama (Majelis Ulama Indonesia) — a major umbrella association of Islamic quality management organizations.

Portfolio of halal ingredients answers the needs of predominantly Muslim countries of Asia

«With our new halal-certified product portfolio we want to adequately respond to the needs of the muslim populations and offer products that are considered to be pure in accordance with Islamic Law. Thus, we are able to better serve our customers in the predominantly Muslim countries of the Maghreb, the Middle East and Asia,» Dirk Mampe, Head of Business Management Personal Care Specialties Europe, explained. The driving force behind the growing demand for halal products is Indonesia. With over 200 million Muslims, the Asian island state is home to a huge number of potential consumers of halal personal and home care products. In 2014, Indonesia passed a law that will require all products to be labelled either halal or haram from 2019 onwards. «Western consumers are also starting to request halal-certified products. The fact that halal products can be traced back through the entire value chain is important for them in terms of quality assurance», Mampe said. «In this light, we will continue to expand our portfolio of halal ingredients.» According to market research institute TechNavio, the global market for halal-certified personal care products will continue to grow by 13.7% each year up to 2019.

To comply with HAS 23000, ensuring the ritual purity of products is crucial. Production lines carrying halal-compliant ingredients have to undergo special cleaning procedures before they can be regarded as halal. They also must be separated from those carrying products that have been in contact with substances that are considered to be impure in accordance with Islamic Law. Use of alternative production lines is strictly prohibited. Equally strict guidelines apply to raw materials

– their origins and transport conditions must be fully documented to ensure the entire value chain is halal.

The BASF division Care Chemicals offers a broad range of ingredients for hygiene, personal care, home care, industrial & institutional cleaning, and technical applications. We are the global leading supplier for the cosmetics industry as well as the detergents and cleaners industry and support our customers with innovative and sustainable products, solutions and concepts. The division’s high-performance product portfolio includes surfactants, emulsifiers, polymers, emollients, chelating agents, cosmetic active ingredients and UV filters. Superabsorbent polymers developed for the full spectrum of hygiene applications complete the range. We have production and development sites in all regions and are expanding our presence in emerging markets.

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 112,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of more than ˆ70 billion in 2015. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).

Originally published on www.agroperspectiva.com

Al Baraka Wins Islamic Finance Awards

Mar 3, 2016 by admin Leave a Comment

Al Baraka Banking Group, a Bahrain-based leading Islamic banking group, said five of its units won Islamic Finance News Awards 2015 as the ‘Best Islamic Banks’ in the region through the annual comprehensive referendum, conducted by the Islamic Finance News magazine.

The units included the ones in Egypt, Lebanon, Sudan, Jordan and South Africa, said a statement.

‌Islamic financial companies and investors and companies from outside the banking sector and government institutions from around the world took part in the referendum.

The Islamic Finance News Awards are considered the most transparent and competitive international awards, and are subject to strict standards when voting, where companies and banks are not allowed to vote for themselves, but are subject to the judgment of others.

Hassan Hassani, vice president Corporate Communications and PR – in Al Baraka Banking Group received these awards on behalf of the winning units of the group in the annual ceremony, which was held in Dubai, UAE.

Adnan Ahmed Yousif, board member, president and chief executive of ABG, said: “We are pleased today to see the winning of ABG units of these awards for the third consecutive year, which reflects the leading status that ABG and its banking units enjoy after successful career filled with achievements over the last years from one side and the good reputation as well as the distinguished banking position that these units enjoy in the Islamic banking sector locally, regionally and globally from the other side.

“The subsidiary banking units of our group have come to be amongst the leading financial institutions in servicing their communities and are most established in terms of their expertise and knowledge of the local markets, which reflect the success of Al Baraka Banking Group’s vision and strategy which are based on enhancing the positions of subsidiary units, strengthening their capital resources and creating strong business relationships between the units.”

Originally published on www.tradearabia.com

Takaful Emarat Delivers 42% Profit Growth

Feb 23, 2016 by admin Leave a Comment

Dubai: Takaful Emarat has announced that its net profits for the year ended December 31, 2015, were up by 42 per cent to Dh10.21 million for 2015, compared to Dh7.18 million in 2014.

This was due to an expansion in the medical and life lines of business, prudent underwriting, and cost efficiency through strict control of general and administrative expenses. As a result, 2015 was a year of accelerating growth for Takaful Emarat outperforming publicly listed insurance companies, which incurred a combined loss of Dh107 million in 2015, according to market reports.

Net operating profits were up 213 per cent for 2015 to Dh42.08 million, compared to Dh13.44 million in 2014, due to significant growth in gross contributions written.

Originally published on www.khaleejtimes.com

When Religion Fuels Entrepreneurial Spirit: A Case Study

Feb 20, 2016 by admin Leave a Comment

Nafisa Bakkar is a 23-year old Muslim woman living in London. Like millions of people her age, Nafisa has huge interest in fashion. But she struggles to find modest clothes that suit her needs. Or rather, she struggled.

She is the co-founder of Amaliah, a fashion platform that ‘makes shopping for a modest wardrobe’ easier.

A keen fashionista, Nafisa was finding it more and more difficult to express her style while covering her skin.

“Even in winter, you’ll see thigh-high slits and crop tops,” she explained.

“I would go on well-known fashion sites who stock hundreds of brand and look for a maxi-shirt, however, they would be short at the front, have a see-through panel or a thigh-high slit.”

It’s not that suitable items of clothing don’t exist, but “it’s just a long sifting process to find them!” a frustrated Nafisa recalls. “It was a frustrating experience and so I learned others were having the same experience as me.”

True entrepreneurs do something when they encounter a problem. Rather than continue to be frustrated by it, and hope someone else does something about it, entrepreneurs come up with the solution themselves. Nafisa was already encouraging and helping others to start their own companies as an entrepreneurship coordinator at University College London. Sometimes you need to take your own advice.

‘You’re never too young’

Amaliah isn’t an online fashion store. Not in the typical sense, anyway. It’s a community for fashion bloggers, brands and customers. Amaliah curates the best finds from the modest fashion world, allowing customers to head to the brand’s website to make a purchase.

“The Muslim fashion market is massive and our platform allows us to represent Muslim women in fashion in a way that the mainstream fashion market doesn’t.”

With a comfortable job, many people wouldn’t have taken the leap. But Nafisa told me how she came to the decision to leave and start her own business.

“In January 2014, I went to the Student Enterprise Conference run by NACUE (National Association of College and University Entrepreneurs), and it was there that I was able to really kickstart my journey,” she said.

“I met a number of valuable contacts, one of the speakers is actually one of my mentors now! Being in a room filled with young people who were achieving amazing things was incredibly inspiring. Meeting individuals like Ben Towers, who started his company at 14, just makes you realise that it really is a case of mind over matter. You’re never too young or too inexperienced.”

Once she left her job, Amaliah wasn’t far away.

“It all happened pretty quickly, but I guess it’s because I had been thinking about it and planning for a while. I left [my job] in July, had my site up by September, went to India [in the same month] as one of the entrepreneurs picked by the British Council, and by November I had been accepted onto the Ignite accelerator programme.”

Recognition

Testament to the idea and platform Nafisa has built, Amaliah started making making an impression quickly.

“Within the first month we were securing sales. Initially, myself and my sister were in a little disbelief. We had really started this as a bedroom test and it was motivating to see the positive feedback and sales we were getting,” she says with a gleaming smile.

“In the first two weeks, we had 30 bloggers come on board and we have been getting a lot of interest and users coming through using the site. We haven’t spent any money yet on marketing either so it’s was a real boost to see these numbers go up without it.”

Her success hasn’t gone unnoticed. Amaliah has already been recognised by the British Council as one of the UK’s top 20 start-ups.

“It [being recognised] was so soon after I left my job, so it was really motivating,” Nafisa said.

“I spent two weeks in India [with the British Council] and it acted like an accelerator, I came back with more confidence and contacts, and I had developed my idea more than I had in the two months since leaving my job.”

The future

So where do Nafisa and Amaliah go from here? With sales already reaching as far as Tunisia and the US, Nafisa is already taking on a small team of employees to help manage and grow the business. This time next year, Nafisa sees Amaliah being “the go-to modest fashion site in the UK”. And in five years, she hopes to have a global presence with her own range of clothes for Amaliah.

You can’t forget old habits, however. Nafisa started her career helping others on their entrepreneurial journey. And she’s not content with her own personal success, she wants to carry on helping other budding entrepreneurs.

“I would love to start an accelerator that would help young founders like myself. It is a difficult journey and I would love to have an accelerator similar to what Entrepreneur First are doing where taking the path of entrepreneurship is encouraged post-graduation.”

Japanese Halal Skincare To Be Marketed Globally

Feb 20, 2016 by admin Leave a Comment

TOKYO —PBJ Inc is releasing a line of halal-certified skincare products, “Momo Hime,” approved by the Japan Islamic Trust, on March 3 in Japan and abroad.

Having the 80 years of experience running a fruit and vegetable retailer, PBJ has for many years focused on the effects of the peach for health and beauty. “Momo Hime,” which means Peach Princess, features a soothing peach aroma. PBJ said it will make women feel relaxed as the peach extract maximizes its moisturizing and antibacterial effects.

The idea of developing halal skincare products came from the experience of the company’s representative, Mieko Kobayashi. While she lived in several countries, she knew that many Muslim women wanted to use Japanese cosmetics at a reasonable price and, more importantly, those should be halal-certified.

All “Momo Hime” products are free from pork and alcohol-derived ingredients, which are prohibited in Islam. The factory complies strictly with the Pharmaceutical Affairs Law, the Product Liability Law, the GMP standard, and ISO 9001 in Japan. In addition, all products, including their containers and packaging boxes, are 100% made in Japan.

“Momo Hime” is launched with three skincare products, and more lineups will be added this year.

Peach Foaming Face Wash (100g) 1,780 yen
Peach Moisture Lotion (150ml) 1,980 yen
Peach Moisture Gel Cream (30g) 1,980 yen
(the prices exclude consumption tax)

The purchase can be made through PBJ’s website (Japanese/English) and at Muslim-friendly beauty salons and stores. The expansion of the retail outlet to hotels, duty-free shops, and souvenir stores to target inbound tourists is also in the works, with exports to Singapore, Thailand, and Middle Eastern countries to be added in the near future.

Originally published on www.japantoday.com

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