Create networks, close business deals – busy times at the 12th WIEF
Jakarta, Aug 3 – The 12th WIEF offers platforms for sponsors, along with a partner delegate arrangement allowing them to showcase and present their work, business approach and services.
In tune with the central theme of the forum, which is to empower business through networking, the business exchange platform aims to facilitate successful conclusion of business deals set up during the forum. The objective is to augment connections, inspire networking, proffer services and champion direct interaction with business practitioners and corporate participants.
Each business exchange session is 30-45 minutes in length, during which corporations will be allocated to tables to make their pitch. Those participating in the business exchange sessions will each be allowed 7 minutes to pitch their company and present key products & services. Once the corporations have made their pitch, any time remaining is dedicated to bilateral networking between forum participants and these corporations.
The individual or corporate presenters taking part in the business exchange session include the Embassy of the Kingdom of Spain, the Chartered Institute of Islamic Finance Professionals, PT. Mastercard Indonesia, and the Embassy of the Republic of Korea.
To learn more about the range of businesses and services offered, delegates and forum participants can proceed directly to their exhibition booth, located in Exhibition hall A, until the closing of the forum on Thursday, August 4, 2016.
Speaking at a 12th WIEF Masterclass session entitled ‘Empowering Women in eCommerce’, Fatma A. Elmaawy, the Managing Partner of Nairobi-based Auto Village, encouraged women to go into business, even from their homes, as they are capable of doing such. In taking effective steps, Elmaawy showed how women can take part in the business world.
She elaborated steps to be taken to turn a profit, i.e. starting from the right mindset, having products or services, a business plan, and promotion. According to Elmaawy, the internet era has opened more opportunities for women to do online business with a broader marketing reach.
E-commerce has blossomed into a multi-billion dollar industry. With women accounting for around 58% of all online purchases, and deciding between 83 – 87% of consumer purchases, the role of women in shaping the online business landscape is bigger than ever. This has given rise to e-commerce businesses run entirely by women and sometimes exclusively for women, which imparts a strong validation that there is a huge potential role for women to play in the e-commerce space.
At the same occasion, Founder & Owner of Indonesia-based www.koleksikikie.com, Riski Hapsari, inspired women to go into business by sharing her ups and downs in establishing her online enterprise. Starting her business as a home-based craft workshop in 2006, she leaped online with koleksikikie.multiply.com in 2007.
Since taking part in the 2013 2nd WIEF Online Marketing Workshop in Surabaya, Indonesia’s second largest city, , her online business has grown tremendously. Her key to success toestablishing Koleksikikie.com includes always keeping on schedule, staying informative, always connecting with people and enforcing continuous improvements.
Welcome to the Era of ‘Bots’ – The Automated Student Advisor
British Professor Richard Black, Pro-Director (Research & Enterprise), School of African and Oriental Studies (SOAS), states that technological innovation in the educational sector will produce ‘bots’ or robots that can teach and answer questions in real time as automated student advisors, within the next 10 years.
Refusing to consider the ‘bots’ currently being prepared in Silicon Valley as a disruption, Prof. Black, speaking at the 12th WIEF’s ‘Master Class session on Innovation in Education: Preparing for the Next 10 Years’ prefers to consider this invention as complementing rather than replacing the role of lecturers.
Blended models that combine online learning with a classroom environment will further complement higher education within the next 10 years. Exploiting the internet to enable groups of students to interact with their lecturer and with one another, this blended model will become more and more common in the future.
Speaking on the same occasion, Evi H. Trisna, Executive Director of Indonesia-based Gerakan Indonesia Mengajar (Indonesia Teaching Movement) stated she is optimistic that the movement can bring significant transformation in the educational environment (ecosystem) by empowering local people and making the students the center of an educational ecosystem.
The Indonesia Teaching Movement puts students in the center of the ecosystem and, therefore, opens equal room for interactions of all actors, i.e. the Government, headmasters, teachers, the society and parents. The change of the ecosystem has unlocked the hidden potential of local people, and led to innovations.
Jakarta, Aug 3 – Chief Executive Officer and Founder of Indonesia-based www.bubu.com Shinta Witoyo Dhanuwardoyo stated that startup founders must sustain a strong entrepreneurial mentality, nurture a solid team and genuine products if they want to be able to reach world-class startup status.
Speaking at 12th WIEF’s Master Class session, under the theme ‘Synergies between Corporations and Startups’, Dhanuwardoyo added that a startup’s great products must be able to address a specific problem or cater to the right market. Such appealing products can have local content but attain a global reach.
Giving a concrete example, she introduced a local startup called ‘Digital Happiness’, which won the Bubu Awards Startup Category in 2013. Digital Happiness presented local-content game called ‘Dread Out’, produced in Bandung and featuring local supernatural characters. The game proved to be attractive to global gamers.
On the same occasion, Jordan Duffy, Director & Head of Innovation at Australia-based Buckham & Duffy, recommended corporations and startups first launch a pilot project to minimize risks for both sides. Corporations are increasingly working with startups in a bid to outsource a portion of their technological requirements and business operations, for lower costs and higher efficiency. As startups are by nature lean and nimble, this makes for more cost-effective business ventures.
Meanwhile, Duffy emphasized, both corporations and startups need to know and focus on their core value propositions and problem value for the enterprise. Corporations also need to communicate their expectations about output.
Paco Morales Recreates Spain’s Arabic Era in His Cuisine
Spain’s Michelin Star Chef specializing in halal haute cuisine, Paco Morales, observes that he not only provides the finest meals but also recreates history by creating food that echoes certain traditions, historical events, the art and culture of the past, especially from the Islamic period in Spain.
Speaking at the 12th WIEF Masterclass session on ‘Halal Haute Cuisine’, Paco revealed how he incorporates the Arab heritage into the cuisine of his native Spain. Through the Arabs, Spain received culinary knowledge from China, India and the Middle East. For instance, sugar cane cultivation was brought by the Arabs from India, while the technique of refining sugar was taken from Persia. Others include long-grain rice that was brought by the Arabs from India, and lemons and cider that arrived before oranges, thanks to the Arabs.
Paco has had extensive experience working in restaurants such as ‘Guggenheim’, ‘Mugaritz’, ‘El Bulli’, and ‘Change of Pace’ in London, creating quality dishes and menu changes. In 2006, he became head chef upon his return to ‘Mugaritz’, a role that included travel to various countries to give exquisite lunches and dinners.
In 2010, Paco opened ‘Noor’, his own restaurant, at Hotel Ferrero, and was subsequently awarded a coveted Michelin star. Between 2013 and 2014, he became advisor to three restaurants, in Menorca, Madrid, and Brazil. Last year, he finalised the opening of his restaurant in Cordoba.
A Coordinated Approach Needed to Expedite Halal Industry Growth
A panel discussion of financial sector and industry players was about the global Halal industry, encompassing various sectors like food, textiles, tourism to healthcare.
Malaysia International Islamic Financial Center estimated Halal industry business would double in value to $6.4 trillion by 2018.
During the discussion, the moderator asked speakers whether this industry consolidation, dubbed “Halal 3.0”, can really be realized, since connectivity between Halal funding and Islamic business expansion is not quite rationalized today.
Mohammad Nazeem Noordali, General Manager for Corporate & Structured Finance at the Islamic Development Bank, said Sharia banks and financial companies should coordinate their approach to educate potential customers about their products.
He considers it ironic that the Halal industry has not relied on Halal financing for their business expansion up to today.
Akmal Saleem, Chief Executive Officer of Saudi Arabia investment company Maarij Capital, said most of the problems in financing do not come down just to a lack of knowledge about Islamic financing products, as well as a lack of ability for financial companies to see the long-term prospects offered by Halal-related businesses.
Government policies also play a significant role, as Sitta Rosdaniah, the Financial and Supporting Director at real estate developer Jakarta Industrial Estate Pulogadung, pointed out.
She said Halal industry players in Indonesia are awaiting momentum in 2017, when the country’s halal food law comes into effect, by that a wide range of consumer products, ranging from foods and drugs to cosmetics must be Halal certified.
More Designers, Influencers Needed to Promote Haute Couture Islamic Fashion
Jakarta, Aug. 3. A ‘Muslim fashion’ panel discussion held on Wednesday at the 12th WIEF in Jakarta saw designers pinpointing challenges in mainstreaming Islamic fashion and even ‘high fashion’ realms.
Faduma Aden, Chief Executive Officer and Founder of Jemmila, a new Scandinavian fashion brand, urged more designers and influencers or models to promote Islamic fashion. She also suggested when designers create specific fashion designs, they should think of not just targeting Muslims.
Barbara Nicolini, Creative Director of Infinita Group and IFDC from Italy, said she believed that modest design that doesn’t exploit women’s bodies can compete with the Western, or conventional fashion styles.
She points out the fact that Muslim fashion aims not to make women subjects of sexual desire.
Didiet Maulana, Creative Director at local fashion brand IKAT, suggested Islamic fashion designers should target the younger generation. He also suggested designers collaborate with big brands like Uniqlo etc.
Despite all these challenges, significant markets for such a sector are looming. In 2013, Muslims around the world spent $266 billion on fashion alone, more than Japan and Italy combined. This figure is expected to increase to $484 billion by 2019.
Industry Hard Talk: Infrastructure Sector Players on Closing Funding Gaps
Jakarta, Aug 3 – At the Industry Hard Talk Session of the 12th WIEF in Jakarta, representatives and players from the infrastructure sector highlighted themes on ways to close funding gaps in infrastructure.
Bakti Santoso Luddin, President Commissioner at Indonesian state-construction company Wijaya Karya, recounted problems his company faced, and a difficulties in securing long-term financing. This forced them to be creative in implementing all available types of funding, for actually for the long term projects.
Luky Eko Wuryanto, Vice President and Chief Administration Officer of the Asian Infrastructure Investment Bank, outlined two aspects of the investment dynamic in infrastructure: first, construction that is characterized by high-risk and capital-intensive and demands long-term funding. Second, the operational period, which carries lower risk. At this stage, businesses tend to be more stable and sustainable. Once infrastructure projects are completed, they will offer long-term benefits, not just for the operator, but also for the public at large. Governments should pay close attention to investors’ intentions, and determine which part of the project they wish to be involved in.
Ahmad ZulKarnain Onn, Executive Director of Investments and Head of Strategic Management Unit at Malaysia’s Khazanah Nasional Berhad, considered ASEAN region demography actually offers all the necessary ingredients to provide long-term financing for infrastructure projects. He pointed out how the region now has more affluent people, a better life expectancy and more savings for retirement, all of which form a good foundation to allow long-term funding to be accessible. Infrastructure projects require policy synchronization, as well as clear and consistent laws. Governments must eliminate ‘unattended’ disincentives that impede long term financing.
CEOs & Startup Founders Look at ‘Disruptive Technologies’
Jakarta, Aug. 3. The contemporary popular term ‘disruptive technologies’ has emerged from the problems, frustrations and challenges people deal with in their daily lives, according to a number of founders of startup companies said today, an issue discussed during a CEO panel forum at the 12th WIEF in Jakarta.
Emerging of sharing economy practice is a result of disruptive technology that offer customer with more cheap, affordable, and efficient services without reducing the quality. The irony is that those disruptive innovations are often perceived as threats to existing conventional practices. There is also concern on the regulations of these new concept of sharing economy practice that is probably never been regulated.
Ilham A. Habibie, co-founder of oil and gas company Mitra Energia Ltd., observes that the people who use and implement so-called disruptive technologies are not the established ones. He thus suggests that established players should act as mentors to help young creators craft a sustainable and profitable business model.
Azran Osman-Rani, Chief Executive Officer Malaysia-based iFlix, said disruptive inventions were introduced as inventors observed the evolution of trends of consumers. This inspired him to introduce iFlix, whose idea is to ease people into a place where they can enjoy similar premium-quality TV programs, movies and other services, without having to be troubled by set-top boxes, installers or other such impediments.
Shelby Clark, Co-Founder & CEO of Peers, and Founder of Turo, headquartered in the United States of America, has found a way to embrace existing players. His innovation allows people to rent cars at their fingertips; in fact, it has even attracted General Motors to embrace his approach. He suggested existing players should perceive new inventions as opportunities instead of threats.
All presenters agree that disruptive technology needs proper or flexible regulations to ensure that the company can deliver their service to the customer properly and regulators can have their share on this economic sharing practices.
Countries Need Closer Economic Cooperation and Fairer Trade
Jakarta, Aug 2 –Indonesian Minister for National Development Planning and Chairman of Indonesian Development Planning Agency Bambang Permadi Soemantri Brodjonegoro has stated that the rise of a global ‘consumer economy’, driven by the emergence of a middle-income segment, should be viewed positively, as it helps serve as a cushion against economic shock, and further provides an opportunity to support
sustainable balance global growth, which benefits to the whole society.
Speaking at the 12th WIEF Global Economic Outlook in Jakarta today, the Minister suggests that in the near future countries need to develop a coordinated vision to stimulate global trade. This implies stronger economic cooperation among countries and fairer trade, to ensure global growth in the future, according to the Minister.
Themed ‘The Rise of the Consumer Economy’, the Global Economic Outlook event discusses the emergence of new consumer-driven frameworks that allow designing, building, marketing, distributing and trading. This bottom-up approach to value creation is fueled by peer-to-peer networks and DIY platforms that constitute a ‘frugal economy’.
Commenting about the session’s theme, International Trade Center (UN/WTO) Executive Director Arancha González analyzes the current situation as a mix of top-down and traditional value change with more innovative, agile, small, micro enterprises operating from the bottom up, driven by technology and innovation, and buoyed by enthusiastic consumers.
Group Head Islamic Banking and CEO of Maybank Islamic Dato’ Mohamed Rafique Merican said that the Rise of Consumer Economy encourage banks to compete not only with other banks but also with FinTech and telco companies – thereby raising the question as to whether banks are still relevant. Against this, banks cannot but embrace technology as an enabler, simply to survive.
Meanwhile, General Electric Indonesia CEO Handry Satriago has observed how the old concept that views markets as a future concern fails to fit the current situation. While his Company continued to plan out future markets, future investments, and projects to be carried out, the lumbering corporation was just too slow to stay up with the wave of growth.
In brief, in order to maximize the potential of the rising of the consumer economy, there is an urgent needs to develop and initiate comprehensive policies and strategies, including the potentiality of the SME’S to fulfill the increasing demand of the domestic and global consumers.
The 12th World Islamic Economic Forum yields 11 business deals in various sectors from port, industrial estate, stock exchanges to start up companies.
Malaysian Prime Minister Dato’ Sri Mohd Najib Tun Abdul Razak said in a press conference that he expected the forum could serve as instrumental platform in connecting the ideas between participants with influential leaders and give practical solutions businesses.
Prime Minister Najib said, during a joint statement conference on the sideline of the forum, he was excited to see many initiatives being done to promote Islamic finance and industry as well as encouraging FDI.
Minister Sri Mulyani said part of the homework within the Islamic community is to promote the image of the Muslim world as the focus of profitable trade and investment that will attract Foreign Direct Investment and business partner around the world.
The following is the deals announced during the forum:
Tittle of Agreement
PT Amanah Nusantara Internasional
PT Pelabuhan Indonesia II (IPC)
Form a Joint Team to coordinate their activities and to discuss and prepare the legal terms on which they will cooperate together
Jakarta Industrial Estate Pulogadung
PT Pelabuhan Indonesia II (IPC)
Sime Darby Berhad
SP Setia Berhad
I & P Group Sdn Bhd
PT Hanson International TBK
Memorandum of Understanding
Indonesia Stock Exchange (IDX)
Memorandum of Understanding
Johor Toyyiban Laboratories Sdn Bhd
UM Land J-Biotech Park Sdn Bhd (Johor Halal Park)
Collaboration Establishment Agreement
Majlis Agama Islam Negeri Johor (MAINJ)
UM Land J-Biotech Park Sdn Bhd (Johor Halal Park)
SME Corporation Malaysia (SME Corp)
UM Land J-Biotech Park Sdn Bhd (Johor Halal Park)
Kumpulan Perubatan (Johor) Sdn Bhd
Capital Medica Co. Ltd
Malaysia Japan Japan
Brainy Bunch Sdn Bhd
PT Brainy Bunch Indonesia
Master Franchisee Agreement
Aladdin Group Sdn Bhd
Achmad Riawan of PT Aladdin DotKom Indonesia
Acquisition of Shares by Aladdin Group Sdn Bhd in
PT Aladdin DotKom Indonesia from Achmad Riawan
Launch of Indonesia Sharia Financial Architecture Masterplan
Capacity-building is a must for a more appropriate response to crises
Jakarta, Aug 2 – The world is being fed a distorted view of the contemporary refugee crisis, with Europe in the limelight while the majority of refugees is in fact flooding African and Asian countries such as Somalia, Chad, Lebanon, Jordan and Turkey, according to International Federation of Red Cross & Red Crescent Societies (IFRC) Secretary General Elhadj As Sy, speaking at the 12th WIEF ‘Face to Face’ session today.
While Europe has stated that they can barely cope with the refugee crisis, As Sy observed that only 14% of the total global refugee flow arrive in Europe, compared to the 86% who end up in Africa, Asia and Latin America. In fact, the world’s biggest refugee camp is currently located in Kenya.
The good news is that local indigenous people have shown themselves as the first community to have responded to the crisis by showing the refugees hospitality, respect for human dignity and generosity. The world needs to learn from these indigenous people and build partnerships and collaboration to overcome the crisis.
With 17 million volunteers located across the globe, IFRC is committed to building the capacity of local communities to respond to any shock, to recover more resiliently and to elevate their standard of living by being able to turn crises into opportunities.
Mr. As Sy’s focused on the idea of “One Billion Coalition for Resilience” as a matter to revolutionize how we look at humanitarian development, by creating linkages with the business sector. His idea is to create resilience by engaging multiple stakeholders, especially businesses. His plan is to create business projects with refugees so that they are able to be independent and not rely solely on humanitarian aid. Humanitarian problems existing today cannot be solved only by political approach. Commitments from leaders to partnering with all stakeholders in building humanity are strongly needed.
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