Efica focus session
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Transcript of Efica focus session
EFICA’S ROLE IN INNOVATING FOR ETHICAL AND ISLAMIC FINANCIAL SERVICES
ORGANISED BY
ISLAMIC FINANCE GATEWAYKNOWLEDGE SOLUTIONS POWERING DECISION MAKING
Dr. Sayd Farook and Dr. Shehab Merzban
Join the IFG community https://forms.thomsonreuters.com/ifg/
ABOUT EFICA
ABOUT EFICAWalk the talk – Bring ethics back into finance and make a global impact
Overview Award Process
• Thomson Reuters and Abu Dhabi Islamic Bank (ADIB) partnered to launch the world’s first Ethical Finance Innovation Challenge and Awards (EFICA) too inspire and recognize fresh way of thinking and promote the most dynamic actionable solutions that advance ethics in the world’s financial services.
• Upon submitting the relevant application form the executive committee will review all applications and assess feasibility and alignment with the award objectives.
• 6 Shortlisted candidates will be announced per award end of August 2014
• Shortlisted candidates will have to attend a workshop to present there initiative in front of the sharia & advisory board members.
• The final three per award will attend an event to present to the public audience and voting will take place to decide the winner.
* This process is not applicable for the lifetime achievement award
Award Objectives
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• Promote new or existing ethical financial solutions or initiatives that can be implemented within the financial sectors.
• Provide best-practice business model that addresses the challenges faced in the development of the Islamic financial services industry.
• Recognize and award individuals that have shaped the world of financial services to the better.
EFICA AWARDS 2013
EFICA AWARDS 2013
5
7%
14%
9%
25%
39%
3% 3%
AfricaAsiaCanada and USAEuropeMENAOceanicOthers
500 + registered for last years EFICA awards across the world such as United States, United Kingdom, Australia, UAE, Egypt, Kazakhstan, Malaysia and much more.
EFICA AWARDS 2013 - WINNERS
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Winner of the Islamic Finance Industry Development Challenge Shaher Abbas, IFAAS
Winner of the Ethical Finance Initiative Award Dr. Shehab Marzban, Shekra Crowdfunding
Winner of the Lifetime Achievement Award H.E Haj Saeed Bin Ahmed Lootah , on behalf of his brother Mr.Saleh Lootah received the award
EFICA 2014
EFICA 2014 AWARD CATEGORIES
Islamic Finance Industry Development Award
Lifetime Achievement Award
The Islamic Finance Industry Development Award awards a single prize of $100,000 to the best-practice business model that addresses the challenges faced in the development of the Islamic financial services industry whilst inspiring integrity and an ethical way of thinking.
This year the three challenges nominated by the advisory board are:
• Develop an Islamic Credit Card• Develop Finance Solutions for Startups • Develop cases that explain why Islamic finance is a viable, ethical and beneficial form of finance for customers and
shareholders
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The prestigious Lifetime Achievement Award celebrated the outstanding individual or institution that has, using a positive approach and ethical principles, shaped the world of financial services. The winner received a prize of $25,000
Ethical Finance Initiative Award
The Ethical Finance Initiative Award looks to promote emerging and existing talent by offering a prize of $50,000 for new or existing ethical financial solutions or initiatives that can be implemented within the financial sector.
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The three challenges nominated by the advisory board are:
Develop an Islamic credit card: Innovative structures (inclusive of processes involved) for sharia-compliant credit cards that are ethically responsible, profitable, cost effective and efficient for the Islamic financial institution while meeting the financial needs of consumers.
Develop financing solutions for start ups: Implemented initiatives or innovative process plans that facilitate large scale financing of start-ups with due consideration to the risks involved and sharia-compliant structuring issues.
Develop cases/pitches that explain why Islamic finance is a viable, ethical and beneficial form of finance for customers and shareholders: Any form of marketing strategies, campaigns and pitches that can have the widest large scale and inclusive impact for educating individuals about the viable, ethical nature of Islamic finance. These could be implemented initiatives or ideas for advertisements, social media, marketing campaigns or other forms of marketing creative that reach the largest audience in any part of the world in the quickest and most effective manner while relaying the comprehensive picture of the features of Islamic finance and why it is valuable to the audience.
EFICA 2014 ISLAMIC FINANCE INDUSTRY DEVELOPMENT CHALLENGE DETAILS
Shekra Crowdfunding
Dr. Shehab Marzban, Cofounder and Managing [email protected]
ENTREPRENEURSHIP IN MENA
Vast majority of Entrepreneurs in MENA
• Is young (Median Age in Egypt 24 for instance)
• Need access to capital to develop ideas
Vast majority of potential investors / backers
• Have limited capital and are looking for similar investment opportunities as available to the big industry players
Ecosystem still in embryo phase due to limited number of VCs and incubators
ENTREPRENEURSHIP IN MENA
Arab Your Survey, 2014
An average of 15% of youth of the region want to start their own business – Gallup 2010
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ABOUT SHEKRA
Sharek Fekra, equity-based crowd funding initiative
Focus: Too big for Microfinance and too small for PE Funds and too risky for Banks
SME Development Award and EFICA in 2013
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Strength
• Multidisciplinary Team and Board• Strong Brand in MENA• Cost-efficient Operations• Exclusive Network• Unique Positioning offering Shariah-compliant financing for startups
Opportunities
• Underserved Ecosystem• Young Population and Increasing Number of Startups• Regional Demand and Potential
Challenges
• Regulatory Framework• Regional Scalability• Outreach to Global Investors• Political Instability
ABOUT SHEKRA
FUNDED STARTUPS
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EFICA
• Great exposure!• Financing partially our innovation and product development• Market recognition and branding• Regional requests and interest
Shekra Next Steps
• Finalize new scalable process & platform with regional focus• Hybrid model compensation through equity and commission• Close another 3-4 companies in 2014• Raise capital to scale, expand and operate outside of Egypt
EFICA AND WHAT IS NEXT
THANK YOU
Dr. Shehab Marzban
www.shekra.com