Global executives attend Islamic finance program in Jeddah

The program attracted Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian participants.
Updated 15 May 2019

Global executives attend Islamic finance program in Jeddah

Representatives from financial and academic institutions around the world attended a four-day international executive program in Islamic finance in Jeddah.

The program was jointly organized by the Saudi-Spanish Center for Islamic Economics and Finance at the IE Business School in Madrid, the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank, and the Islamic Economics Institute (IEI) of King Abdul Aziz University, Jeddah.

In his opening remarks at the event, Vice Dean of Postgraduate Studies and Research Dr. Hasan Makhethi said the course aimed to enhance knowledge and experience in Islamic finance and provide networking opportunities for participants.

He said the IEI was delighted that the partnership among the organizing institutions has created “a platform for alternative finance in order to raise awareness among academics and business people about the importance of ethics and morals in finance and business.”

“IRTI is an important partner in the success of the program, as it is enhancing both the academic and practical sides of the program,” Dr. Makhethi added.

Dr. Kaleem Alam, program manager, noted that Islamic finance is no longer alien to the world of finance, and that there is growing demand globally, especially in Africa, to learn and implement Shariah-complaint finance.

The program was designed for executives interested in gaining knowledge and developing contacts in the Islamic finance sector. Participants attended workshops, roundtable discussions and academic sessions covering the fundamental principles, key concepts and modes of Islamic finance, as well the importance of ethics in business.

The program attracted participants of Nigerian, British, Ugandan, Jordanian, Saudi, Spanish, French, Lebanese and Indian nationalities. There were also participants from the Saudi Arabian Monetary Authority (SAMA), Jaiz Bank and the Microfinance Support Center Limited (MSC).

Participants also visited a number of organizations in Jeddah, including KAU, IDB, THIQAH, SEDCO Capital and the National Commercial Bank.

Some of the prominent trainers included Dr. Sami Al-Suwailem, Mr. Khalid Gama, Dr. Ahmed Belouafi and Dr. Mansoor Durrani.

Bashair A. Alnahari, a participant from SAMA, said: “It was one of the most valuable and enjoyable programs I have ever attended.”


Zain KSA celebrates key 5G milestone

Updated 14 December 2019

Zain KSA celebrates key 5G milestone

Zain KSA celebrated the finalization of the first phase of the Middle East’s largest 5G network in a special event on Dec. 8 at the Hilton Riyadh. The ceremony, held under the patronage of Minister of Communications and Information Technology Abdullah bin Amer Al-Sawaha, was attended by Zain KSA Chairman Prince Nayef bin Sultan bin Muhammed bin Saud Al-Kabeer, Governor of Communications and Information Technology Commission Dr. Muhammed bin Saud Al-Tamimi, Deputy Minister of Communications and Information Technology Haitham bin Abdulrahman Al-Ohali, and Zain KSA CEO Sultan bin Abdul Aziz Al-Deghaither, along with other dignitaries in the ICT sector.

Prince Nayef said: “Zain KSA’s achievement accompanies the speedy development and innovative services of the digital revolution that the world around us is witnessing. This achievement is significant in its timing, as it coincides with the rapid rise of the Kingdom’s ranking in several prestigious international reports, specifically in the ICT sector. Another aspect that makes this achievement noteworthy is its size, as it offers the broadest coverage of the 5G network, which has positioned the Kingdom as the first in the Middle East, Europe and Africa.”

Prince Nayef pointed out the concurrence of Zain KSA’s accomplishment with the Kingdom’s growing pivotal role at the global economic level, and in becoming the first Arab country to preside over the G20 summit. He affirmed Zain’s commitment to keeping pace with the Kingdom’s economic ambitions in line with its position in employing young national talent. He said the Saudization rate in the company has reached 86 percent, with young Saudis assuming 92 percent of leadership positions.

CEO Al-Deghaither said through its completion of the first phase of the 5G network, Zain KSA confirms its commitment to becoming a key player in the ICT sector. “Zain KSA has made several significant achievements since its inception. Today, we proudly announce that the company has the widest 5G network coverage in the Kingdom and the region.” 

He added that the 5G technology will lead the Kingdom toward a new world with its substantial technologies and capabilities, which will be evident in various sectors through the Internet of Things and the business sector, in addition to other daily functions that will make customer experience easier and more effective.”

Al-Deghaither said that this step comes at a time when Zain KSA is witnessing its best operational performance by reaching the highest profit over the past two years, with SR380 million ($101.3 million) during the first nine months of 2019, and a total of SR332 million for 2018.

With the completion of the first phase of the 5G network, Zain KSA is now offering a range of packages of 5G services for individuals and businesses through a network of 2,600 towers distributed across 27 cities.