LONDON: Bahrain has topped the regional rankings of a key Islamic finance league table.
It also came second globally in the in the fifth edition of the Islamic Finance Development Report and Indicator.
The report was prepared by Thomson Reuters and the Islamic Corporation for the Development of the Private Sector (ICD) — the private sector development arm of the Islamic Development Bank. It followed Malaysia in the top slot.
“Islamic finance is a core pillar of our region’s offering,” said Khalid Hamad, executive director of banking supervision at the Central Bank of Bahrain. “We also continue to see investments made in technology and these are making a tangible impact, unlocking innovation and entrepreneurship.”
Islamic finance assets are projected to reach $3.8 trillion by 2022 from $2.2 trillion in 2016, ICD said.
With 24 Islamic banks holding assets valued at more than $25.7 billion, the report also noted that Bahrain is making great strides through the promotion of Islamic finance education and literacy.
The Central Bank of Bahrain recently released a new Shariah governance module which is significantly impacting the Shariah compliance and governance standards among Islamic banks in Bahrain, ICD said.
“With Bahrain’s very high level of Internet usage, we are capitalizing on the development of the ICT sector,” said John Kilmartin, executive director of ICT at the Bahrain Economic Development Board.
The Kingdom is supporting the disruptive power of technology and the growth of new industries by continuing with a policy of regulatory reform, ICD added.
Bahrain tops regional Islamic finance table
Bahrain tops regional Islamic finance table
Lebanese social entrepreneur Omar Itani recognized by Schwab Foundation
- FabricAID co-founder among 21 global recipients recognized for social innovation
DAVOS: Lebanon’s Omar Itani is one of 21 recipients of the Social Entrepreneurs and Innovators of the Year Award by the Schwab Foundation for Social Entrepreneurship.
Itani is the co-founder of social enterprise FabricAID, which aims to “eradicate symptoms of poverty” by collecting and sanitizing secondhand clothing before placing items in stores in “extremely marginalized areas,” he told Arab News on the sidelines of the World Economic Forum in Davos, Switzerland.
With prices ranging from $0.25 to $4, the goal is for people to have a “dignified shopping experience” at affordable prices, he added.
FabricAID operates a network of clothing collection bins across key locations in Lebanon and Jordan, allowing people to donate pre-loved items. The garments are cleaned and sorted before being sold through the organization’s stores, while items that cannot be resold due to damage or heavy wear are repurposed for other uses, including corporate merchandise.
Since its launch, FabricAID has sold more than 1 million items, reached 200,000 beneficiaries and is preparing to expand into the Egyptian market.
Amid uncertainty in the Middle East, Itani advised young entrepreneurs to reframe challenges as opportunities.
“In Lebanon and the Arab world, we complain a lot,” he said. Understandably so, as “there are a lot of issues” in the region, resulting in people feeling frustrated and wanting to move away. But, he added, “a good portion of the challenges” facing the Middle East are “great economic and commercial opportunities.”
Over the past year, social innovators raised a combined $970 million in funding and secured a further $89 million in non-cash contributions, according to the Schwab Foundation’s recent report, “Built to Last: Social Innovation in Transition.”
This is particularly significant in an environment of geopolitical uncertainty and at a time when 82 percent report being affected by shrinking resources, triggering delays in program rollout (70 percent) and disruptions to scaling plans (72 percent).
Francois Bonnici, director of the Schwab Foundation for Social Entrepreneurship and a member of the World Economic Forum’s Executive Committee, said: “The next decade must move the models of social innovation decisively from the margins to the mainstream, transforming not only markets but mindsets.”
Award recipients take part in a structured three-year engagement with the Schwab Foundation, after which they join its global network as lifelong members. The program connects social entrepreneurs with international peers, collaborative initiatives, and capacity-building support aimed at strengthening and scaling their work.
