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GroFin wins Islamic Economy Awards 2018 in SME Development category

GroFin is pleased to announce that it has won the 2018 Islamic Economy Award in the ‘SME Development’ category. The winners were announced at the Awards ceremony held in Dubai this Wednesday 30 October 2018.

The Islamic Economy Award was launched in 2013 under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and directed by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.

The Islamic Economy Award is managed independently by Thomson Reuters and is adjudicated by an esteemed judges’ panel based on formal, established criteria.

GroFin was represented by its Regional Investment Director for the Middle East and North Africa region, Mohamed Hawary, who collected the award on behalf of the company.

“This award is testimony to the efforts made by GroFin to ensure its products are accessible to one and all. We, at GroFin, are determined to provide our clients with financing that respects the customs and beliefs of our clients,” says Mohamed Hawary.

GroFin wins 2018 Islamic Economy Awards in the category of 'SME Development'

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, presents award to Mohamed Hawary, GroFin Regional Investment Director for the Middle East and North Africa region

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, presents award to Mohamed Hawary, GroFin Regional Investment Director for the Middle East and North Africa region

The Islamic Economy Award is held every year and has the following categories; Money and Finance, Media, Food and Health, Waqf and Endowments, SME Development, Islamic Economy Knowledge Infrastructure, Islamic Arts, Hospitality and Tourism, and the Lifetime Achievement Award.

This is the second prestigious award for GroFin this year as it also won Finance for the Future Awards in the Building Sustainable Financial Products category. Finance for the Future Awards is run by ICAEW and A4S along with their partner Deloitte.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

GroFin wins its category at the 2018 Finance for the Future Awards

GroFin is pleased to announce that it is the winner of the Finance for the Future Awards, in the Building Sustainable Financial Products category.

Finance for the Future Awards is run by ICAEW (Institute of Chartered Accountants in England and Wales) and A4S (The Prince’s Accounting for Sustainability Project) along with their partner Deloitte. The prestigious awards saw nominees, in the different categories, such as HSBC (UK), Coca Cola and Standard Bank Group amongst others.

With the Building Sustainable Financial Products category, the nominees competing with GroFin were the highly-recognised and highly-respected nominees, namely, Abundance Investment (UK), Environmental Finance (UK), QBE (Australia) and Yes Bank (India).

The award ceremony took place in London on the 16th of October and GroFin was represented by its CFO William Morkel who collected the award on behalf of the company.

“I would like to dedicate this award to our employees, as well as our clients and investors. It is testimony to the collective effort we undertake here at GroFin to bring about positive social and financial impact in the lives of the people we serve,” says Guido Boysen, GroFin CEO.

GroFin wins 2018 Finance for the Future Awards

Finance for the Future Awards is held every year and has six categories namely; Embedding an integrated approach, Innovative project, Communicating integrated thinking, Investing and financing, Building sustainable financial products and Driving change through education, training and academia.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Media enquiries:

Sharmila Kowlessur (Chief Marketing Officer – GroFin) on +230 452 9156 , or email sharmila@grofin.com

Notes to editors:

ICAEW connects over 147,000 chartered accountants worldwide, providing this community of professionals with the power to build and sustain strong economies.

Training, developing and supporting accountants throughout their career, we ensure that they have the expertise and values to meet the needs of tomorrow’s businesses.

Our profession is right at the heart of the decisions that will define the future, and we contribute by sharing our knowledge, insight and capabilities with others. That way, we can be sure that we are building robust, accountable and fair economies across the globe.

ICAEW is a member of Chartered Accountants Worldwide (CAW), which brings together 11 chartered accountancy bodies, representing over 1.6m members and students globally.

The Prince’s Accounting for Sustainability Project (A4S)

The Prince’s Accounting for Sustainability Project (A4S) was established by HRH The Prince of Wales in 2004. Our aim is to make sustainable decision making business as usual.

We work with the finance and accounting community to:

  • Inspire finance leaders to adopt sustainable and resilient business models
  • Transform financial decision making to enable an integrated approach, reflective of the opportunities and risks posed by environmental and social issues
  • Scale up action across the global finance and accounting community

A4S has three global networks: the Chief Financial Officers Leadership Network, a group of CFOs from leading organizations seeking to transform finance and accounting; the Accounting Bodies Network whose members comprise approximately two thirds of the world’s accountants; and, the Asset Owners Network which brings together Pension Fund Chairs to integrate sustainability into investment.

www.accountingforsustainability.org

Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK’s leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit www.deloitte.co.uk.

Impact investing comes of age, set to revolutionize the investment world

As impact investing comes of age, to quote the Economist, it is time to take a look at the largest survey of the Impact Investment landscape, and see how this nascent industry is fast becoming a mainstream phenomenon.

A decade into the creation of a formal impact investing industry, the Global Impact Investing Network (GIIN) continues to dig deep into the data generated by the now multiple players —including fund managers, institutional investors, and foundations, as well as field-building organisations, advisors, and others in the impact investing ecosystem— and explore important issues about the market’s development. These investment insights serve to assess the progress the impact industry has made, and identify what is needed to exponentially enhance its scale and effectiveness over the next ten years.

The GIIN’s Annual Impact Investor 2017 Survey is as definitive as it is comprehensive – taking into account the consolidated responses of 209 members of the impact investment world who together manage USD 114 billion in impact investing assets. Factoring in the responses from this broad sample base, the seventh Annual Impact Investor Survey by GIIN found that investors plan to commit USD 25.9 billion in assets to impact investment deals this year, a 17% increase from a year ago. What is most encouraging though is that investors continue to be overwhelmingly satisfied with the performance of their investments – both in terms of their financial return and the impactthey generate. Indeed, 98% respondents reported that the returns met or exceeded their expectations in terms of impact, and 91% reported that this was the case in terms of performance.

Moreover, as the impact investing industry matures, the GIIN notes that impact measurement has grown increasingly nuanced and sophisticated. In the past year alone, there has been a significant increase in in-depth research and data on impact measurement and management and growing collaboration among different players. An indicator of growing maturity, the industry has begun to shift focus from the “why” to the “how” of impact measurement and management, with several recent studies exploring different methodological aspects. Some noteworthy studies are the Tideline’s Navigating Impact Investing publication, GIIN’s The Business Value of Impact Measurement, the Rockefeller Foundation’s Situating the Next Generation of Impact Measurement and Evaluation for Impact Investing and the Bridges Impact+ and Skopos Impact Fund’s More than Measurement.

Further, multi-party data projects such as the World Economic Forum’s Shaping the Future of Impact Investing initiative, the OECD’s multi-participant study, the GIIN’s Navigating Impact initiative, the Impact Measurement Project and the Fourth Sector Mapping Initiative are all indicative of a shift toward increasingly collaborative effortswithin the industry around impact measurement and management.

Finally, three big takeaways from this year’s report were that, first, the impact investment space is broad enough to allow for a range of impact objectives and financial return targets; secondly, large firms are entering this field, but must conform to the high standards set by the existing, niche players, and lastly, the Sustainable Development Goals are influencing both impact objectives and their measurement in a big way. Most significantly, while the entry of large firms is an exciting development as it points to the mainstreaming of impact investing, this phenomenon calls for a wait-and-watch approach as there is a risk of ‘impact dilution’ or mission drift. While large-scale firms will help professionalise and bring credibility to the market, as well as bring in much-needed capital, they may not be as intentional about generating impact, may prioritise returns over impact, or may not sustain their commitment to impact for the long term. Existing, niche players then have the overriding responsibility of ensuring that the impact investment landscape continues to deliver on its promise of socio-economic returns beyond mere financial profits.

As one of the respondents selected to form part of this noteworthy initiative, GroFin is proud to represent the impact investment space in Africa and MENA, and bring its experience and expertise to bear on this comprehensive survey of the impact investing industry. A pioneering impact investor whose fund management capabilities have lent support to over 8,000 entrepreneurs and transformed more than 600 SMEs, GroFin has been active in this nascent industry for the last 13 years.

Indeed, GroFin co-developed a unique Small and Growing Businesses (SGB) model together with the Shell Foundation, that has been successfully applied since 2004 to generate employment at scale and benefit multiple lives at the base of the pyramid. With 95,130 jobs sustained and 480,000 family members supported through its investments as at close of December 2016, GroFin has won CFI.co’s Best Social Impact Finance Africa award for 2017, proving the effectiveness of its model and its application to the SME space in emerging markets.

With its pioneering and award winning model, GroFin has the potential to create exponential impact and uplift entire communities. We invite you to be a part of this far-reaching and impactful movement, whether as an entrepreneur making a difference to the lives of their community, or an investor seeking a reward beyond just financial returns from emerging market investments. If we all come together, impact investing will indeed come of age.