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Developing entrepreneurial culture in Islamic world

Published: Oct 8, 2012 by admin Filed under: Editorial WikiPedia Islamic Finance News

Author: FAISAL TAHIR KHAN

Thursday 16 June 2011

JEDDAH: The Muslim World is going through challenging times. Despite having a population of about two billion and possessing enormous natural resources, our contribution to global economy and world polity remains minimal.

The Islamic world held a prominent position on the global stage in early centuries and Muslims were at the forefront of discoveries, inventions and governance.
The social sectors of Muslim societies also played a self-sustaining and impressive role.
Also, entrepreneurial culture was a key factor in the rise and fall of many economies in the past 100 years.
A close analysis of any leading economy in the world would show us the great contribution of their pioneers, inventors, innovators and great business leaders, who not only commercialized different ideas but, in that process, created massive wealth, employment opportunities and led their countries into industrial and, later, knowledge revolution.
There is a need to provide a solution to the dreams and inspirations of the youth in the Islamic world, who are struggling to cope with the economy as they strive to use their skills to design their destiny as best as they can.
Unfortunately, the Islamic world has not taken off to be a true entrepreneurial society due to various reasons such as lack of creative thinking in the education system, social fabric, easy access to wealth and natural resources and many more.
The Muslim world has a lot of liquidity that now moves outside because it lacks new venture creation and a developed SME sector that is the backbone of any economy.
Wealth creation, mostly in the last 100 years, came from the real estate sector and from general trading by traditional leading business houses in the region that ignored the whole process of innovation and production.
However, the growing role of the World Trade Organization is now changing the landscape.
A stronger entrepreneurial culture, while addressing the burning issue of unemployment, would also build a society that is capable to fish for itself under any situation, driven by innovation and creativity.
The success of the US economy is attributed to the entrepreneurial culture that has thrived in the country in the past 100 years in the form of American dreams, which resulted in a total of $14 trillion GDP annually. This is almost double the collective GDP of Islamic world (57 countries), which is between $7 trillion - $8 trillion annually.
Every nation is thriving hard to gain market share in global trade by producing value-added goods and services, and it is only possible through entrepreneurial culture in an economy.
The Muslim world has brilliant people and great talent but at times they are constrained by the fear of failure, which stops them from acting with an entrepreneurial mindset and take risks.
Their culture does not allow for failure and a fresh start whereas failure is considered as an experience in the US economy, driving the people to make things better next time.
To develop the required eco-system of entrepreneurship, the governments should review their legal structures and ensure that they are creating the right conducive environment.
Also, universities and colleges should ensure that they are grooming the required talents and the private sector has to come up with enough risk capital to fuel innovative ideas in those human resources.
According to the Arab Human Development report released by the UNDP, the Arab world needs to create 50 million new jobs by 2020 to sustain the economy.
This is a huge challenge which can only be possible by providing youngsters with proper educational tools that can make them competitive in a flat world and produce future leaders and champions of the region, who can take their economies to the next level and build their nations into a developed nation in the 21st century.


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INCEIF-ICD-CESAG Tie-Up

Published: Sep 23, 2012 by admin Filed under: Artist Biographies Editorial Islamic Finance News

19th September 2012

Kuala Lumpur, 19 Sep 2012 – INCEIF today signed a Memorandum of Understanding with the Islamic Corporation for the Development of the Private Sector (ICD) and The Centre Africain D’Etude Supérieure en Gestion (CESAG) to impart training and education in Islamic finance to West African French speaking countries with the establishment of an Islamic Finance Academy in the region.

ICD is the private sector arm of the Islamic Development Bank Group (IDB) while CESAG is the training institute of the Central Bank of the West African States which comprises eight countries namely Côte d'Ivoire, Benin, Mali, Bissau Guinea, Niger, Senegal, Burkina Faso and Togo. CESAG provides management training, research and consultancy services.

INCEIF President & CEO Mr Daud Vicary Abdullah signed the MoU on behalf of INCEIF and ICD Chief Executive Officer Mr. Khaled Al-Aboodi for ICD. The signing ceremony was also attended by Dr. Abdulaziz al-Hinai, the IDB Group Vice President (Finance).

Chief Executive Officer Mr. Khaled Al-Aboodi(Left) and INCEIF President & CEO Mr. Daud Vicary Abdullah signing the MoU.

Following the collaboration, the partners hope to create awareness and interest among policy makers and captains of industry on the need to nurture qualified talent to develop and sustain the Islamic finance services in the West African region. In the long term, there are plans to set up an academy that offers Islamic finance education for the region.

ICD has been taking a proactive role in promoting Islamic finance across its 56- member countries including a substantial number of West African states. In recent years, in co-operation with Turkey's Bank Asya, ICD has established Tamweel Africa which owns and manages several Islamic banks in Guinea, Mauritania, Niger and Senegal.

This is the second collaboration between INCEIF and ICD. In November last year, INCEIF signed a Memorandum of Agreement with ICD on its talent management programme. Following the MoA, INCEIF has delivered postgraduate Islamic finance programme through its Chartered Islamic Finance Professional (CIFP) programme to selected participants from ICD member countries. ICD complemented the participants learning experience through corporate attachments within ICD and the IDB group as well as ICD’s investee companies globally.


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Islamic Finance Talent Development Program (IFTDP)

Published: Sep 23, 2012 by admin Filed under: Artist Biographies Islamic Finance News

In fact, there have been some important developments in industrial placements in recent weeks. The Kuala Lumpur-based International Centre for Education in Islamic Finance (INCEIF), the Global University for Islamic Finance, the Islamic finance education arm of Bank Negara Malaysia, last month signed a landmark agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the Islamic Development Bank, whereby the latter will finance a capacity building programme, the Islamic Finance Talent Development Program (IFTDP), for selected participants to be delivered by INCEIF.
The agreement was signed by Daud Vicary Abdullah, the new president and CEO of INCEIF and Khaled Al-Aboodi, CEO of ICD, in the presence of Zeti Akhtar Aziz, the chancellor of INCEIF. According to the two parties, the IFTDP aims to address the global shortage of Islamic finance professionals. INCEIF will educate postgraduates students selected by ICD from its 46 member countries through its Chartered Islamic Finance Professional (CIFP) program. In return ICD will offer corporate attachments to the participants within the ICD and IDB Group as well as ICD's investee companies globally. The 2-year work-and-study programme will commence in first quarter 2012.
According to Daud Vicary, the ICD is a perfect fit to INCEIF as both share a vision to develop talent for the Islamic finance industry. Al-Aboodi is confident that this strategic collaboration will be the catalyst in laying the foundation in addressing the talent shortage of Islamic finance professionals and serve as "building in the knowledge in-roads" to the growing interest in Islamic finance in Central Asia, Sub-Saharan Africa, Middle East and North Africa and other parts of the world.


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AFTER SARAJEVO BUSINESS FORUM

Published: Jul 21, 2010 by admin Filed under: Exclusives Islamic Finance News

CORPORATION FOR INVESTMENTS AND CONSULTING TO BE SET UP IN B&H

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The Digital Broadcast Power list

Sunday, 17 January 2010

Content creators, advertising chiefs and internet pioneers take their place alongside broadcast technology innovators in the inaugural Digital Broadcast power list. With the regional media business continuing to attract interest from international investors despite the challenging economic climate, the following is an attempt to shine the spotlight on the individuals that played their part in ensuring this is the case.

The past 12 months witnessed a dramatic overhaul of the pay TV landscape in the Middle East, the downturn separated the men from the boys in the FTA sector, online content portals sprouted throughout the region and close to $1 billion of co-production deals were signed with international partners.

So what effect has all this had on the distribution of power throughout the region?

The list is based on the opinions of our distinguished editorial team and is entirely subjective.

While we believe this is THE definitive list of regional industry powerbrokers, undoubtedly there will be those with different opinions. If you are one of these readers, we invite you to leave your feedback via our sister website, DigitalProductionME.com.


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