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Launch of ICD of the Private Sector – London Stock Exchange Group (LSEG) Islamic Finance Development Report 2023: Navigating Uncertainty

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Islamic Corporation

Global Islamic finance assets expected to reach US$6.7 trillion by 2027

DUBAI, United Arab Emirates, December 10, 2023/APO Group/ — 

Green and sustainability Sukuk represents a key theme at COP28; Global ESG Sukuk issuance totaled US$8.4 billion in 2022; Growth of total Islamic finance assets by 11% to US$4.5 trillion in 2022; Malaysia, Saudi Arabia, and Indonesia lead Islamic finance development; US$788 billion total global Sukuk outstanding last year; Multiple growth channels to drive Islamic finance industry forward.

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector development arm of the Islamic Development Bank Group (IsDB) Group, and the London Stock Exchange Group (LSEG), the world’s leading provider of financial markets data and infrastructure, jointly launched this year’s edition of the Islamic Finance Development Report titled ‘Navigating Uncertainty’ during the 18th AAOIFI–IsDB Annual Islamic Banking and Finance Conference, supported by the Central Bank of Bahrain.

Green and sustainability Sukuk represent a key theme at COP28 in Dubai as a catalyst for growth in sustainability projects and ESG Sukuk issuance across developing countries. Global ESG Sukuk issuance totaled US$8.4 billion in 2022, marking yet another record year and maintaining its rapid growth since the first of such Sukuk was issued in 2017. By the end of 2022, Islamic ESG funds amounted to US$6.6 billion in value outstanding, down 14% from their peak of US$7.6 billion in 2021.

According to the Islamic Finance Development Report 2023, the global Islamic finance industry increased its assets size by 11% to US$4.5 trillion in 2022 with Islamic banking holding 72 % of total industry’s assets. The industry also grew by 163% since 2012 and is expected to grow by US$6.7 trillion by 2027.

By the end of 2022, Islamic ESG funds amounted to US$6.6 billion in value outstanding, down 14% from their peak of US$7.6 billion in 2021

Several key factors contribute to this outlook, including the strengthening of domestic Islamic finance sectors in large markets such as the GCC, Malaysia and Indonesia. Moreover, Pakistan’s initiatives to align its financial system with interest-free principles contribute significantly.

The report is based on the Islamic Finance Development Indicator (IFDI), which is a composite weighted index that measures the overall development of the Islamic finance industry. The data is comprehensively gathered from a universe of 136 countries and measured across more than 10 key metrics, including knowledge, governance, sustainability, and awareness.

Malaysia led the IFDI list this year with a score of 103, followed by Saudi Arabia (70), Indonesia (58), Bahrain (54), Kuwait (54) and the UAE (53).

Eng. Hani Salem Sonbol, Acting CEO of the Islamic Corporation for the Development of the Private Sector, said: “The industry is expected to continue to grow and over the past decade, we have captured the growth of the global Islamic finance industry and its ecosystem. We are pleased to see that the indicator results are consistently cited over the years by various regulatory authorities and multilateral organizations worldwide. These citations are especially prevalent in studies and publications focused on strategies, blueprints, development roadmaps and masterplans within Islamic finance or the broader financial sector. We hope this year’s report, following in the footsteps of previous IFDI reports, will have a meaningful impact on the Islamic finance industry.”

Mustafa Adil, Head of Islamic finance, London Stock Exchange Group (LSEG) said: “The IFDI report demonstrates our continued effort towards monitoring and charting the development of the global Islamic finance industry. The report is based on the Islamic Finance Development Indicator (IFDI) that covers data on different Islamic finance sectors, asset classes and industry supporting ecosystem. The indicator was first launched in 2013 and so this year is a milestone for us. Reaching this mark reminds us of the importance of the need for continued commitment to serve the global Islamic finance industry that has expanded exponentially in the last decade.”

To download a copy of the report, please click here https://apo-opa.co/4afTVba

Distributed by APO Group on behalf of Islamic Corporation for the Development of the Private Sector (ICD).

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Africa Women Innovation and Entrepreneurship Forum (AWIEF) Announces Finalists for the 2024 AWIEF Awards

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AWIEF

This year, the finalists have been selected from a diverse group of talented women founders and business owners across the continent, each demonstrating excellence in their respective fields

CAPE TOWN, South Africa, September 19, 2024/APO Group/ — 

The Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org/) is delighted to announce the finalists for the prestigious 2024 AWIEF Awards, set to recognize and celebrate the achievements of Africa’s women entrepreneurs and business leaders. The awards, held annually as part of the AWIEF conference, honor the impact of women entrepreneurs in driving innovation, promoting gender equality, and contributing to Africa’s economic development.

This year, the finalists have been selected from a diverse group of talented women founders and business owners across the continent, each demonstrating excellence in their respective fields. The finalists span categories such as agriculture, technology, creative industries, social entrepreneurship, and more. Their accomplishments are a testament to the power, resilience, and innovative spirit of African women in business.

Here are the finalists (in alphabetical order) for the 2024 AWIEF Awards:

1. Young Entrepreneur Award

Mpho Hlongwane – MH Automotive Engineering (South Africa)

Adeline Pelage – Madinina Foods (Cameroon)

Jessy Radwan – Carerha (Egypt)

2. Agri Entrepreneur Award

Naledi Magowe – Brastorne (Botswana)

Ifeoma Okonkwo – Ifgreen Industries & Investment (Nigeria)

Cherotich Rutto – Tawifresh Kenya Limited (Kenya)

3. Creative Industry Award

Thabo Makhetha-Kwinana – Thabo Makhetha CC (South Africa)

Jenny Edwige Mezile – L’École D’Arts les Pieds dans la Mare de Jenny Mezile (Côte d’Ivoire)

Jane Mpholo – Jane Mpholo Pty Ltd (South Africa)

4. Empowerment Award

Fomum Victorine Agum – Global Women Emancipation in Sports (Cameroon)

Judy Makira – Centre for Women Empowerment in Technology (Kenya)

Creseldah Cassandra Ndlovu – CLM Clothing & Textile (South Africa)

5. Tech Entrepreneur Award

Ynes Hafi – ARSELA (Tunisia)

Peace Iraguha – Lifesten Health (Rwanda)

Christiana Okere – myStash (Nigeria)

6. Social Entrepreneur Award

Osen Iyahen – Optimal Greening Foundation (Nigeria)

Temitope Mayegun – Avilla Naturalle (Nigeria)

Tsholofelo Ramokoka – AddressDox (South Africa)

Recognizing Africa’s Women Leaders

The AWIEF Awards continue to celebrate women who are making waves across industries, empowering communities, and setting new benchmarks in entrepreneurship. The finalists represent a diverse array of sectors, highlighting the depth and breadth of women’s contributions to Africa’s economic landscape.

AWIEF Awards Ceremony

The winners of the 2024 AWIEF Awards will be announced at the AWIEF Awards Ceremony on November 29, 2024, during the AWIEF Conference in Cape Town, South Africa. The event promises to be a night of inspiration, celebration, and a testament to the transformative power of women-led businesses in Africa.

Join us for AWIEF2024

Don’t miss this opportunity to join the celebration and be part of Africa’s most impactful conference for women entrepreneurs.

Register Now: https://apo-opa.co/4eMq1Nh

Distributed by APO Group on behalf of Africa Women Innovation and Entrepreneurship Forum (AWIEF).

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Unleashing Africa’s Next Big Play: Namibia’s Emerging Oil and Gas Sector (By Rachel Mushabati)

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Namibia

One of the primary drivers of Namibia’s attractiveness as an investment destination is its supportive government and investor-friendly policies

JOHANNESBURG, South Africa, September 18, 2024/APO Group/ — 

By Rachel Mushabati, Senior Associate Attorney, CLG Namibia (www.CLGGlobal.com).

Namibia, a nation renowned for its breath-taking scenery and abundant wildlife, is becoming more and more well-known for its booming oil and gas industry. Namibia is quickly rising to the top of Africa’s oil and gas exploration and investment destinations because to notable discoveries and a favourable investment climate. Here are some reasons for investors to be interested in Namibia’s developing economy and how business advice and strategic law might improve investment prospects.

A Treasure Trove of Potential

Namibia’s oil and gas sector has garnered international attention due to its substantial potential. Recent exploratory drilling has revealed promising reserves off the coast, particularly in the Namibian offshore region. After several years of extensive exploration, Namibia realized its first oil discoveries. In early 2022, Shell, QatarEnergy, and NAMCOR made a landmark discovery in the deep-water well in the Orange Basin, offshore southern Namibia. This was followed by another significant find in 2023, when TotalEnergies, QatarEnergy, and NAMCOR discovered light oil with associated gas on the Venus prospect, also in the Orange Basin. In 2024, Galp Energia, Custos, and NAMCOR further solidified Namibia’s status with a high-quality light oil discovery in the Mopane-1X well, located in the same prolific basin.[1] These discoveries, alongside notable formations such as the Kudu Gas Field, have positioned Namibia as a key player in the global energy market. The country’s geological formations, particularly in the Orange Basin, have demonstrated significant hydrocarbon potential, making it an attractive destination for exploration and production.[2]

Government Support and Favourable Policies

One of the primary drivers of Namibia’s attractiveness as an investment destination is its supportive government and investor-friendly policies. The Namibian government has implemented a range of initiatives to foster a conducive environment for oil and gas investments. Namibia’s Investment Promotion Act[3] is a pivotal component in the country’s strategy to attract and support investors. This comprehensive legislation provides a range of incentives to enhance the financial viability of projects and reduce initial costs[4]. It also ensures robust legal protections, safeguarding investors’ property rights and offering non-discriminatory treatment compared to domestic investors. By streamlining licensing processes and providing one-stop-shop services[5], the Act simplifies the investment process and reduces bureaucratic hurdles. Additionally, it supports priority sectors such as oil and gas, reinforcing Namibia’s commitment to fostering a transparent, stable, and investor-friendly environment. Namibia’s commitment to creating a stable and attractive investment environment is evident through its proactive approach in engaging with international investors and offering competitive terms.

Strategic Location and Infrastructure

Namibia’s strategic location along the Atlantic Ocean provides a crucial advantage for oil and gas operations. The country’s well-developed port infrastructure, particularly the Port of Walvis Bay, facilitates efficient export and import processes.[6] Additionally, Namibia’s proximity to key international markets enhances its appeal as a hub for energy resources. The development of supporting infrastructure, such as pipelines and storage facilities, further strengthens Namibia’s position as a key player in the global energy supply chain.

Economic Growth and Sustainable Investment Opportunities in Namibia’s Oil and Gas Sector

Investing in Namibia’s oil and gas sector not only presents a wealth of economic opportunities but also aligns with the principles of sustainability and responsible investment. The sector’s expansion is expected to stimulate ancillary industries such as construction, logistics, and technology, benefiting local businesses through increased demand for related services and products. The influx of foreign investment is anticipated to drive job creation, infrastructure development, and overall economic growth. Concurrently, Namibia places a strong emphasis on sustainability and environmental stewardship. The government and industry stakeholders are committed to responsible investment practices that protect local communities and ecosystems. Investors who prioritize these practices will not only contribute to positive environmental and social outcomes but also bolster their own reputation and long-term success in the market.

Conclusion

Namibia’s emerging oil and gas sector offers a compelling opportunity for investors seeking to capitalize on new and promising markets. With its substantial hydrocarbon potential, favourable government policies, strategic location, and burgeoning economic opportunities, Namibia is poised to become a prominent player in the global energy arena. The sector’s growth is anticipated to drive significant benefits across various ancillary industries and create widespread economic development. Additionally, the emphasis on sustainability and responsible investment practices aligns with global standards, ensuring that investments contribute positively to local communities and the environment.

However, successfully navigating this promising landscape requires expert guidance. Engaging with local legal and business advisory services can provide investors with crucial insights, help manage regulatory complexities, and enhance overall investment strategies. By leveraging the expertise of these advisory services, investors can maximize their potential for success and make a meaningful contribution to Namibia’s oil and gas sector. For those ready to explore the opportunities in Namibia’s oil and gas industry, the time to act is now. With the right expertise and strategic approach, investors can unlock substantial rewards and play a pivotal role in the growth of this exciting sector.

Namibia’s oil and gas sector has garnered international attention due to its substantial potential


[1] NAMCOR. Press Releases. Retrieved from https://apo-opa.co/3XO3SZ4. Last accessed 5 September 2024.

[2] Koning, T. “The Orange Basin, Deepwater Namibia- What’s Going on with Its Resources, Reserves and Future Production of Natural Gas?”. Retrieved from https://apo-opa.co/3XMKCv1. Last accessed 6 September 2024.

[3] Namibia Investment Promotion Act 9 of 2016

[4] Namibia Investment Promotion Act Section 4 (4)

[5] Namibia Investment Promotion Act Section 7

[6] Namport. “Welcome to the Port of Walvis Bay”. Retrieved from https://apo-opa.co/3Xq02UC. Last accessed 6 September 2024.

Distributed by APO Group on behalf of CLG.

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Artificial Intelligence (AI) Essentials for Small Businesses to Drive Growth and Save Time

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GoDaddy

With AI, business owners can quickly craft personalized responses, such as thank-you emails to customers after they make a purchase or sign-up for a service, reminder emails, and responses to inquiries or complaints

JOHANNESBURG, South Africa, September 18, 2024/APO Group/ — 

Generative AI (Artificial Intelligence) is not new, however the recent boom in AI tools available to anyone such as image-generation tools and AI-driven applications, while offering new opportunities, can also place small business owners in new and unfamiliar territory.

GoDaddy shares some ways in which generative AI can help small business owners and entrepreneurs enhance creativity, streamline operations and support customer engagement.

  1. Generate creative and unique business names – The biggest barrier to getting started is sometimes a blank screen. Generative AI is great for helping to get creativity started. If thinking of a catchy business name isn’t your strong suit, consider using AI to kick-start the process. GoDaddy AI Domain Search can help generate potential business names, giving entrepreneurs a list of unique and creative names that they might not have come up with otherwise.
     
  2. Automate content creation – By simplifying the content creation process and enhancing the effectiveness of published materials, such as website content, newsletters or blogs, AI can help save entrepreneurs both time and money.

Using advanced natural language processing algorithms and deep learning techniques, AI-powered content-generation tools can analyze existing content within a specific industry or niche. Using that information, AI tools can then generate relevant and engaging content. And then, you can update the output to match the overall vibe of your unique business.

GoDaddy is equipping small business owners with AI tools and guidance to help them boost their content creativity and streamline operations

To help entrepreneurs be successful in creating prompts to use with AI tools, GoDaddy created a free guide. This guide offers small business owners tips for how to create text and visual prompts.

  1. Enhance customer service – With AI, business owners can quickly craft personalized responses, such as thank-you emails to customers after they make a purchase or sign-up for a service, reminder emails, and responses to inquiries or complaints. By providing fast and personalized responses to customers, using AI-powered tools can help to enhance the overall customer experience, leading to higher satisfaction rates and a stronger brand reputation, and help to drive further engagement with customers.
     
  2. Support for social media management – Engaging on social media channels is an important part of growing a business in today’s digital environment, but managing multiple platforms and attempting to brainstorm creative new content can feel daunting. AI can help here as well.

    Tasks AI can support with include creating a list of key moments and relevant events for a target audience, craft ad copy to grab people’s attention, write simple video scripts, create editorial calendars, and provide creative captions for image-based posts.

    GoDaddy Studio creates professional-looking content for a business or personal brand. Anyone can easily and quickly produce engaging content without needing advanced design skills. This free tool is available for anyone looking to enhance their online presence and take advantage of branded content for their social media channels, website, customer email communications, and more.

While AI tools can help save time and money, it is crucial for a human to closely review the output of the AI tool that you choose to use, as AI can return incorrect, false or outdated information or may include content containing third parties’ intellectual property.

“In today’s fast-changing digital world, GoDaddy is equipping small business owners with AI tools and guidance to help them boost their content creativity and streamline operations, saving them time to focus on growing their businesses,” said Selina Bieber, Vice President of International Markets at GoDaddy.

GoDaddy offers a wide array of online resources to help small businesses and entrepreneurs thrive in the digital world, from website building and ecommerce tools to email and digital marketing solutions.

For more information on how GoDaddy can help your business, visit GoDaddy (www.GoDaddy.com).

Distributed by APO Group on behalf of GoDaddy.

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