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Collaboration between Islamic Development Bank Institute (IsDBI) and Capital Markets Authority of Kuwait in Areas of Mutual Interest

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The Capital Markets Authority of Kuwait, represented by Prof. Ahmed Abdel Rahman Al Melhem, Chairman of the Board of Commissioners and Executive Director, agreed with the Islamic Development Bank Institute (IsDBI) (www.IsDBInstitute.org), represented by Dr. Sami Al-Suwailem, Acting Director General, to collaborate in areas of mutual interest particularly in the areas related to Islamic Finance.

The Capital Markets Authority is responsible for regulating capital market activities in the State of Kuwait and aims to create a vibrant Islamic capital market based on fairness, competitiveness, and transparency. It also works for developing the financial markets, diversifying and developing investment tools, striving to comply with international best practices, educating the public about securities activity and the benefits, risks, and obligations associated with investing in securities, and encouraging its development.

The Islamic Development Bank Institute (IsDBI), a member of the Islamic Development Bank Group, seeks to be a beacon of knowledge for the IsDB Group, and a pioneer in developing innovative, knowledge-based solutions to support the sustainable development of member countries and Muslim communities worldwide, guided by the principles of Islamic economics and finance.

The IsDB Institute and the CMA Kuwait wish to expand areas of cooperation, strengthen coordination, and exchange experience in relevant areas of mutual interest. Both parties realize that coordination and cooperation will increase the effectiveness of activities and efforts, aimed at developing Islamic financial institutions and supporting socio-economic development.

The strategic plan of the Capital Markets Authority includes the initiative to develop the Islamic capital market in Kuwait, which aligns with the IsDBI’s mandate to lead the development of innovative, knowledge-based Islamic finance solutions to support sustainable development for IsDB Member Countries and Muslim communities worldwide.

Accordingly, the two parties signed a memorandum of understanding to facilitate and coordinate technical cooperation between the two parties in areas of common interest. In particular, the collaboration involves conducting the necessary studies to analyze the current status of the Islamic financial industry, benchmarking with the best international practices, and formulating a road map for the development of a vibrant Islamic capital market in the State of Kuwait, as well as benefiting from the capacity building programs provided by the IsDBI.

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

Africa Celebrates 2024: Uniting continents through culture, business, and empowerment

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Legendary Gold Limited from Nigeria and Mayalz Events Company from Ethiopia have joined forces once again to unveil Africa’s biggest Pan African event of Arts, Culture, Heritage, Tech & Business – Africa Celebrates 2024. 

In collaboration with the African Union, Ethiopian Ministry of Foreign Affairs, and several embassies, the event is set to mark its fourth edition with a spectacular showcase of Africa’s diversity and potential.

Since its inauguration in 2021, Africa Celebrates has witnessed remarkable growth, expanding its reach and impact with each passing year. What began as a modest gathering of 18 African countries has evolved into a continent-wide celebration, with 38 African countries and 11 countries from outside Africa participating in the previous year. Lexy Mojo-Eyes, President/CEO of Legendary Gold Limited and the driving force behind the event, expressed excitement for this year’s festivities, which are poised to be the most ambitious yet.

At its core, Africa Celebrates aims to celebrate Africa’s unity in diversity while promoting economic, social, and political integration across the continent. Through a vibrant tapestry of art, culture, heritage, trade, investment, science, and technology, the event seeks to catalyze Africa’s journey towards prosperity and self-reliance. Central to this mission is the promotion of intra-African trade and the empowerment of women and youths to drive wealth creation and sustainable development.

Over the course of five consecutive days, Africa Celebrates 2024 will play host to a diverse array of activities designed to engage, inspire, and empower attendees from all walks of life. From business forums and training workshops to cultural presentations and empowerment summits, the event promises something for everyone. The official opening ceremony, to be held at the iconic Nelson Mandela Hall of the African Union, will set the stage for the days ahead with keynote addresses, panel sessions, and high-level discussions.

Among the event’s highlights is the Africa Talks Business and Investment Forum, which aims to connect African entrepreneurs, business leaders, and SMEs to facilitate trade and investment within the continent. Similarly, the Pan Africa Women Empowerment Summit will provide a platform for women leaders to share insights, foster entrepreneurship, and drive economic development.

The Africa Fashion Business Summit will bring together stakeholders from across the fashion industry to explore opportunities for collaboration and growth. Meanwhile, the Diaspora Africa Konnect event will serve as a bridge between African diaspora communities and continental players, facilitating dialogue and collaboration on shared challenges and opportunities.

The Afro Film Alliance will showcase the transformative power of African storytelling, while a focus on climate change and sustainability will galvanize African youths to take action for a more environmentally conscious future. Additionally, forums dedicated to innovation and technology will explore cutting-edge advancements and their potential to drive progress across the continent.

As the official airline for Africa Celebrates, Ethiopian Airlines will play a pivotal role in facilitating travel and connectivity throughout the event. Meanwhile, activities curated to showcase the importance of sports and lifestyle in nation-building will underscore the integral role these elements play in African society.

For the first time, a continental forum for African traditional leaders will be convened, highlighting the importance of preserving Africa’s rich cultural heritage and traditions. With the support of partners like the Forum of Africa Traditional Authorities (FATA), Africa Celebrates 2024 aims to foster unity, collaboration, and development among royal leaders across the continent.

As Africa continues its journey towards unity, prosperity, and self-determination, Africa Celebrates stands as a beacon of hope and inspiration, showcasing the continent’s boundless potential and resilience. In a world of challenges and opportunities, Africa Celebrates invites the world to join in celebrating Africa’s past, present, and future, while charting a course towards a brighter tomorrow. (The SUN)

‘Ethiopia at the Crossroads’ at Peabody Essex Museum surveys 2,000 years of art

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There’s only one country that can claim to be the birthplace of humanity. This country today is home to over 75 ethnicities, and is the only African nation to resist colonial rule. This country is Ethiopia.

Ethiopia is one of the world’s oldest nations and served as a crossroads of diverse cultures and religions in the ancient world. This long and rich history is now on display in Salem at the Peabody Essex Museum. The “Ethiopia at the Crossroads” exhibition, on display through July 7, is part of a traveling exhibition that originated at the Walters Art Museum in Baltimore and will end at the Toledo Museum of Art.

The exhibition includes more than 200 objects spanning 2,000 years in five galleries. The objects range from processional crosses and ancient manuscripts to Haile Selassie’s royal cloak and contemporary collages. The Queen of Sheba is featured, along with art from Ethiopian Jews, Muslims and spiritualists.

Jesus, Mary and patron saints are prominently displayed with brown skin in religious iconography. These icons are Christian art created in an African nation whose monarch, King Ezana of Aksum, willingly adopted the religion in the fourth century, without force via colonialism and violence.

Not only can viewers see art from Ethiopia, they can also delight their senses in other ways. Scratch-and-sniff cards with scents of berbere spices, frankincense and manuscripts are available to inhale while viewing artifacts. Sounds of Ge‘ez, an ancient Ethiopic language, and music from an Orthodox church service can be heard throughout the galleries from educational videos covering these topics and more.

The show is the first of its kind in America to put Ethiopia and its visual history in a global context. Pieces from Italy, Crete, Armenia and Coptic Egypt are shown in conversation with pieces from ancient and contemporary Ethiopia by artists like Julie Mehretu and Aïda Muluneh. Medieval and modern objects reference the themes of faith and revolution. What’s old is new.

Over Zoom last week, Christine Sciacca, the creator of the “Ethiopia” exhibition and curator at the Walters Art Museum, joked that she got her current position because she pitched the idea for “Ethiopia” in her interview eight years ago. COVID-19 lockdowns delayed the exhibition. Sciacca is proud to see her vision come to life, but it wasn’t without the help of the Ethiopian community in the D.C. area — the largest Ethiopian diasporic community outside Africa.

“I had my advisory committees,” she said. “They were community members, academics and college students. There were nurses, teachers and Orthodox priests who were sharing their lived experience with me.”

Sciacca also used design input from community members. They wanted the exhibit to include the colors of the Ethiopian flag and lots of light, since Ethiopia represents light to them.

At Peabody Essex, curators Lydia Peabody and Karen Kramer also heeded the suggestions of community members. In the exhibition, they use colors of the flag as accents against light, cream-colored walls and shadows of church windows above the art. At times the gallery is too light, causing some of the medieval manuscripts to fade into the background.

One artist’s work that doesn’t get overlooked is interdisciplinary artist Helina Metaferia. Metaferia was born in D.C. to Ethiopian immigrant parents. On a phone call last week, Metaferia explained her personal connection to the exhibition. She interned at the Walters years ago and worked with the Ethiopian art collection. Sciacca came across Metaferia’s notes while compiling pieces from the Walters collection. The artist’s father, Dr. Getachew Metaferia, was on the academic advisory committee for the exhibit.

“We have a very unique history that is reflected in the artwork. Hopefully people get to walk away with a more nuanced understanding of Ethiopian culture,” she said. “I hope there are more [exhibitions] because I think that other artists deserve to have this opportunity, and curators deserve to have this response.” (The Bay State Banner)

Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Kingdom of Saudi Arabia’s (KSA) Agricultural Development Fund Collaborate to Strengthen Agricultural Sector

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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (http://ICIEC.IsDB.org), a Shariah-based multilateral insurer and esteemed member of the Islamic Development Bank (IsDB) Group, is pleased to announce the signing of a Memorandum of Understanding (MoU) with the Agricultural Development Fund (Saudi Arabia). The signing took place on the sidelines of the IsDB Group Annual Meeting 2024 at in Riyadh, Saudi Arabia. The MoU was signed by Mr. Oussama Kaissi, CEO of ICIEC, and Mr. Adel bin Abdullah Al-Jumaa, Chief Strategy Officer, Agricultural Development Fund.

The MoU establishes a cooperative framework between ICIEC and the Agricultural Development Fund, designed to enhance mutual interests through strategic initiatives. These initiatives include capacity building on Islamic insurance, export credit insurance, and foreign investment insurance in to benefit the agricultural value chain in the Kingdom and other ICIEC member states. The MoU, in addition to strengthening the Fund’s employees’ understanding of ICIEC’s business model and services, will also facilitate its affiliations with relevant unions or professional associations to bolster professional development and cooperation.

Mr. Oussama Kaissi expressed his enthusiasm about this new partnership, stating, “Our partnership with the Saudi Agricultural Development Fund marks a significant advancement in our ongoing efforts to support economic growth through bespoke insurance solutions. We remain steadfast in our commitment to fostering a comprehensive understanding of our insurance models and cultivating a collaborative environment that will yield tangible benefits for the agricultural sectors within the Kingdom of Saudi Arabia and our member states .”

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Media Contact:
Rania Binhimd
Communication Department
Email: Rbinhimd@isdb.org

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook.  ICIEC’s resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://ICIEC.IsDB.org