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MyPowerHub: Revolutionizing School Communications and Engagement – PRWire

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MyPowerHub: Revolutionizing School Communications and Engagement – PRWire

PRWire:

MyPowerHub: Revolutionizing School Communications and Engagement

MyPowerHub from PowerSchool empowers parents with a ‘single pane of glass’ for all student information in a unified, multilingual, and user-friendly platform for the 2024-2025 school year

Dubai, United Arab Emirates – PowerSchool (NYSE: PWSC), the leading provider of cloud-based software for K-12 education, announced today the launch of MyPowerHub. This next-generation communications platform consolidates all the essential tools for parents to facilitate their child’s educational progress through a single, seamless interface. 

Parents will have one place for information in time for the 2024-2025 school year, like their student’s grades, attendance, assignments, schedules, broadcast communications, classroom direct messaging, combined integrated calendars, and other systems’ links. 

For schools, this innovative solution offers significant cost-saving opportunities by eliminating the need for multiple other software programs. MyPowerHub is available for PowerSchool Student Information System (SIS) customers worldwide with multimodal accessibility and features like messaging, calendars, grades, schedules, and more. In October, the platform will include expanded capabilities such as support for 120 languages, messaging enhancements, proactive notifications, and PowerSchool’s AI-Assistant, PowerBuddy.™  It will also be available to customers, regardless of the Student Information System (SIS) they use, ensuring that schools across the globe can benefit from its innovative features and unified platform.

“We are thrilled to introduce MyPowerHub, which embodies our commitment to enriching the experience for all stakeholders involved in a student’s educational journey,” said Shivani Stumpf, Chief Product and Innovation Officer at PowerSchool. “By providing this comprehensive view – a single pane of glass – we are simplifying communication and access to vital information, making it easier for students, parents, and educators to stay connected and informed. This proactive approach significantly enhances parental engagement and nurtures a vibrant, collaborative partnership between home and school, setting a new standard in educational transparency, engagement, and support.”

Introducing MyPowerHub: A Single Pane of Glass

Survey data indicates 70% of parents navigate between two to six systems to access the information they need about their child’s learning. This often involves using multiple platforms and logins, leading to frustration and a sense of being overwhelmed. MyPowerHub offers a consolidated experience by seamlessly integrating parent workflows from PowerSchool solutions into a single platform. MyPowerHub sets itself apart by seamlessly integrating newsfeeds, calendars, directories, and messaging with numerous essential district platforms, creating a true single pane of glass experience for parents and students.

Educators beta testing MyPowerHub showed high satisfaction with MyPowerHub, with 100% finding it easy to navigate on a mobile device.* Other high ratings include creating calendar events, sending emails from the directory, and searching newsfeeds. Users also rated the translation of newsfeed posts and calendar events at a perfect score of 5.0, highlighting the platform’s user-friendly design and functionality. 

PowerSchool’s safe and secure AI assistant, PowerBuddy for Engagement, will be also available within MyPowerHub, enabling parents to engage with their child’s educational journey through natural language questions and responses. 

Key Features of MyPowerHub:

  • All-in-One Interface: Parents can log into one interface and access all their essential platforms used across the district. Graphical tiles will display grades, attendance, assignments, fees, directories, two-way messaging and more from the PowerSchool SIS, providing a streamlined view.
  • Accessibility: MyPowerHub is GDPR, COPPA, and FERPA compliant certified by 1EDTECH, ensuring data privacy and security. 
  • Multi-Language Support: Supports for over 120 languages by the end of 2024, ensuring inclusivity for diverse communities.
  • Unified Experience: Seamlessly integrates with PowerSchool Student Information System, PowerSchool SchoolMessenger, PowerSchool Performance Matters, PowerSchool Schoology Learning.
  • Mobile Accessibility: The mobile application supports voice navigation, enhancing ease of use on the go.
  • PowerBuddy-Ready: Enables parents to receive personalized support, proactive communication, and timely information through natural language interactions. This includes the ability to inquire about their child’s grades, attendance, spring break schedule, or assignments seamlessly, eliminating the need to navigate multiple reports or app screens. 

For more information about MyPowerHub, please visit www.powerschool.com. 

About PowerSchool

PowerSchool (NYSE: PWSC) is the leading provider of cloud-based software for K-12 education in North America. Its mission is to empower educators, administrators, and families to ensure personalized education for every student journey. PowerSchool offers end-to-end product clouds that connect the central office to the classroom to the home with award-winning products including Schoology Learning and Naviance CCLR, so school districts can securely manage student data, enrollment, attendance, grades, instruction, assessments, human resources, talent, professional development, special education, data analytics and insights, communications, and college and career readiness. PowerSchool supports over 55 million students in more than 90 countries and over 17,000 customers, including more than 90 of the top 100 districts by student enrollment in the United States. Learn more at www.powerschool.com.

© PowerSchool. PowerSchool and other PowerSchool marks are trademarks of PowerSchool Holdings, Inc. or its subsidiaries. Other names and brands may be claimed as the property of others.

*Average rating of 4.5 out of 5 from MyPowerHub beta testers.

Contacts

WE Communications for PowerSchool
WE-PowerSchool@we-worldwide.com
(503) 443-7155

Introducing BetterWayz Consultancy: Launching a Premier Study Abroad Consultancy in Dubai – PRWire

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Introducing BetterWayz Consultancy: Launching a Premier Study Abroad Consultancy in Dubai – PRWire

PRWire:

Dubai, [26th July, 2024] – BetterWayz Consultancy, a new educational consultancy firm, has officially launched in Dubai with a primary focus on offering expert study abroad consulting services. This announcement comes at a time when demand for international education opportunities is on the rise, driven by students seeking global exposure and prestigious academic experiences.

With a mission to simplify the complex process of studying abroad, BetterWayz Consultancy aims to become a trusted partner for both aspiring students and esteemed educational institutions worldwide. From guiding students through university selection and application processes to providing visa assistance and cultural integration support, BetterWayz Consultancy offers a comprehensive suite of services tailored to meet the diverse needs of its clientele.

“As global education becomes increasingly interconnected, we are thrilled to introduce BetterWayz Consultancy as a dedicated platform for aspiring students looking to pursue their academic dreams abroad,” said Govind Chaturvedi, Chief Operating Officer of BetterWayz Consultancy. “Our consultancy is designed to not only streamline the study abroad journey but also to empower students with the knowledge and resources needed to thrive in international academic environments.”

BetterWayz Consultancy stands out in the educational consultancy landscape with its commitment to personalized guidance and unwavering support throughout every step of the study abroad process. Whether students are aiming for undergraduate, graduate, or specialized programs across various disciplines, BetterWayz Consultancy leverages its extensive network and expertise to match students with institutions that align with their academic goals and personal aspirations.

In addition to assisting students, BetterWayz Consultancy collaborates closely with top global universities and colleges to enhance their international recruitment strategies. By fostering partnerships that prioritize academic excellence and diversity, BetterWayz Consultancy aims to connect institutions with talented students who contribute to vibrant campus communities globally.

The consultancy’s launch in Dubai strategically positions BetterWayz Consultancy at the crossroads of diverse cultures and educational opportunities, making it a pivotal hub for students from across the Middle East and beyond. As Dubai continues to emerge as a global education destination, BetterWayz Consultancy is poised to play a crucial role in shaping the future of international education consultancy in the region.

For more information about BetterWayz Consultancy and its comprehensive range of study abroad consulting services, please visit https://betterwayzconsultancy.com/

LogNet Systems (MaxBill) Recognised as a Representative Vendor in the 2024 Gartner® Market Guide for Utility Customer Information Systems Report. – PRWire

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LogNet Systems (MaxBill) Recognised as a Representative Vendor in the 2024 Gartner® Market Guide for Utility Customer Information Systems Report. – PRWire

PRWire:

LogNet Systems (MaxBill) is recognised in the Market Guide by Gartner as a Representative Vendor of smart billing and CRM solutions for multiutility suppliers and service providers.   

Gartner delivers actionable, objective insight to executives and their teams. Its expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s mission-critical priorities 

MaxBill represents a utility billing solution and CRM provider, supporting a full concept-to-cash cycle and empowering utility customers worldwide with automated revenue management, invoicing, and reconciliation. Companies with multiple brands can use MaxBill to efficiently handle billing and CRM needs within a single instance, thereby streamlining operations and reducing costs. 

“At MaxBill, we vividly grasp market changes and strive to develop our solutions in a way to meet modern customer demands and support capabilities across multi-utility services. Our SaaS platform and AI models allow working with new customer models and address challenges, such as bad debts and customer churn,” commented MaxBill’s CEO Kirill Rechter.   

Gartner Subscriber can download a copy of the 2024 Market Guide for Utility Customer Information Systems from here: 

https://www.gartner.com/en/documents/5487595?ref=shareSummary   

About MaxBill: 

MaxBill is B2B SaaS solution provider that delivers billing, CRM, complex  partner agreement management, invoicing & reconciliation. MaxBill multi-service delivery on multiple product lines is currently used by dozens of companies, supplying products  and services in energy, utilities, telecommunications, connectivity. 

Visit our website: 

https://maxbill.com 

Visit social media: 

LinkedIn 

Facebook 

X 

Gartner, Market Guide for Utility Customer Information Systems, By Jo-Ann Clynch, Lloyd Jones, 4 June 2024. 

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. 

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designations. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 

LogNet Systems (MaxBill) Recognised as a Representative Vendor in the 2024 Gartner® Market Guide for Utility Customer Information Systems Report. – PRWire

theconverser.com
-
0
LogNet Systems (MaxBill) Recognised as a Representative Vendor in the 2024 Gartner® Market Guide for Utility Customer Information Systems Report. – PRWire

PRWire:

LogNet Systems (MaxBill) is recognised in the Market Guide by Gartner as a Representative Vendor of smart billing and CRM solutions for multiutility suppliers and service providers.   

Gartner delivers actionable, objective insight to executives and their teams. Its expert guidance and tools enable faster, smarter decisions and stronger performance on an organization’s mission-critical priorities 

MaxBill represents a utility billing solution and CRM provider, supporting a full concept-to-cash cycle and empowering utility customers worldwide with automated revenue management, invoicing, and reconciliation. Companies with multiple brands can use MaxBill to efficiently handle billing and CRM needs within a single instance, thereby streamlining operations and reducing costs. 

“At MaxBill, we vividly grasp market changes and strive to develop our solutions in a way to meet modern customer demands and support capabilities across multi-utility services. Our SaaS platform and AI models allow working with new customer models and address challenges, such as bad debts and customer churn,” commented MaxBill’s CEO Kirill Rechter.   

Gartner Subscriber can download a copy of the 2024 Market Guide for Utility Customer Information Systems from here: 

https://www.gartner.com/en/documents/5487595?ref=shareSummary   

About MaxBill: 

MaxBill is B2B SaaS solution provider that delivers billing, CRM, complex  partner agreement management, invoicing & reconciliation. MaxBill multi-service delivery on multiple product lines is currently used by dozens of companies, supplying products  and services in energy, utilities, telecommunications, connectivity. 

Visit our website: 

https://maxbill.com 

Visit social media: 

LinkedIn 

Facebook 

X 

Gartner, Market Guide for Utility Customer Information Systems, By Jo-Ann Clynch, Lloyd Jones, 4 June 2024. 

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. 

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designations. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 

Guardians of Our Planet: Embracing Climate Change Awareness for a Brighter Future – PRWire

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Guardians of Our Planet: Embracing Climate Change Awareness for a Brighter Future – PRWire

PRWire:

The Vital Importance of Climate Change Awareness

Imagine, if you will, a vibrant, bustling world teeming with life, from the smallest microorganisms in the soil to the majestic giants of the oceans. This is our Earth, a planet of unparalleled beauty and diversity. Yet, this incredible tapestry of life is under threat, and the source of this threat is something we must all become acutely aware of: climate change.

As we traverse the varied landscapes of our planet, from the icy realms of the Arctic to the lush rainforests of the Amazon, we can see the fingerprints of climate change etched into the very fabric of nature. Glaciers that once stood as towering sentinels are now retreating, their icy forms melting into the sea. The vibrant coral reefs, often referred to as the rainforests of the ocean, are suffering from bleaching events that leave them ghostly pale and struggling to survive.

The importance of climate change awareness cannot be overstated. It is the key to unlocking the collective action needed to preserve our planet’s delicate ecosystems. By understanding the causes and consequences of climate change, we can take steps to mitigate its effects and protect the myriad species that call Earth home.

Our atmosphere, a thin veil of gases surrounding our planet, acts as a delicate balance, regulating the climate and making Earth habitable. Human activities, particularly the burning of fossil fuels, have disrupted this balance, releasing vast amounts of carbon dioxide and other greenhouse gases. These emissions trap heat, leading to a warming of the planet that affects weather patterns, sea levels, and biodiversity.

However, it is not too late to change the course of our future. The story of our planet is still being written, and each of us has a role to play in its narrative. By raising awareness about climate change, we can inspire individuals, communities, and nations to take action. Simple steps, such as reducing energy consumption, embracing renewable energy sources, and protecting natural habitats, can make a significant difference.

Consider the forests, those grand cathedrals of nature. They are not only home to countless species but also play a crucial role in absorbing carbon dioxide from the atmosphere. By conserving and restoring these vital ecosystems, we can help to mitigate climate change and safeguard the biodiversity they support.

In our oceans, the story is much the same. Marine life, from the smallest plankton to the largest whales, relies on stable, healthy ecosystems. Overfishing, pollution, and climate change threaten these delicate balances. By promoting sustainable fishing practices and reducing plastic waste, we can help to protect the marine environments that are so vital to our planet’s health.

One of the most powerful tools we have in the fight against climate change is education. By informing ourselves and others about the science of climate change and its impacts, we can build a movement that prioritizes the health of our planet. Schools, media, and community organizations all have a role to play in spreading this critical knowledge.

In the end, the importance of climate change awareness lies in its ability to unite us in a common cause. Our planet, with its awe-inspiring landscapes and diverse inhabitants, is a treasure worth protecting. Together, we can create a future where the wonders of nature continue to thrive, where our children and grandchildren can experience the same beauty and diversity that we have been privileged to enjoy.

So let us embrace this challenge with hope and determination. Let us raise our voices and take action to preserve the incredible tapestry of life on Earth. For in doing so, we honor not only our planet but also the generations that will inherit its wonders. Together, we can make a difference. Together, we can ensure that the story of our planet is one of resilience, beauty, and enduring life.

New Artist-Owned Music Company Fights Back to Protect Artists From AI-Music Theft. – PRWire

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New Artist-Owned Music Company Fights Back to Protect Artists From AI-Music Theft. – PRWire

PRWire:

Major Labl Artist Club has announced a ground-breaking partnership with French tech firm Ircam Amplify. This innovative collaboration enables us to become the first company to block AI music from distribution.

AI-Music is a hot topic, in recent weeks the story has moved from the tech pages to the front pages with the announcement that Universal Music, Sony Music and Warner Music are suing two AI music start-ups in a potentially landmark case.

The record labels claim Suno and Udio have committed copyright infringement on an “almost unimaginable scale” using AI software trained on their music catalogues to create new tracks without seeking prior permission.

The ability to create music in minutes without talent has led to a proliferation of music-flooding streaming services. In 2023, an estimated 170 million tracks created by AI were uploaded to Apple Music, Spotify, and Amazon Music. (Ircam Amplify).

Stopping the illegal production of AI music is one step, but equally important is being able to stop its distribution. Right now, a staggering 120,000 new tracks are being added to Spotify every day, up from 55,000 in 2020 with AI partly responsible for this growth.

In response, Major Labl Artist Club, (MLAC) a company owned by independent artists has partnered with French audio technology company Ircam Amplify. Using their technology MLAC will be able to scan up to 5,000 music tracks in under a minute, detecting and blocking AI music from distribution with an accuracy rate of 98.5%.

“We exist to ensure independent artists always get paid their fair share of music royalties from streams, sales and live, so we can’t just sit back and watch as their music is being

stolen to train AI music tools.  We are proud to be the first company to offer a real-world solution. Unlike the artists signed to Universal, Sony and Warner nobody is standing up for the independent artists.” explains Major Labl Artist Club, Co-Founder Mark Knight.

Nathalie Birocheau, CEO and Co-Founder of Ircam Amplify added. “We are thrilled to partner with Major Labl to integrate our AI-Generated Detector into their ingestion process. This collaboration comes at a crucial time when AI-generated music is flooding digital platforms. Our easy and accurate API will help Major Labl distinguish between human-created and AI-generated music, ensuring transparency and supporting human artists whose work might otherwise be overshadowed.”

—

For more information.

Major Labl Artist Club provides everything you need to run your music career online, in one place. We are backed by the Government’s SEIS (Seed Enterprise Investment Scheme) scheme and part of Microsoft for Start-ups, with over 3,000 independent artists on our waitlist.  We’re currently raising and accepting minimum investments of £1,000 which becomes £500 with a 50% SEIS tax rebate for UK investors. For more information or to book a demo contact: Mark Knight: mark@majorlabl.com // www.majorlabl.com

Ircam Amplify is a Tech enabler, attached to IRCAM-Centre Pompidou, France’s foremost audio research institute and a major centre of music creation, to connect technology and emotion. With their audio-as-a-Service platform they empower creative industries to harness the power of audio editing and processing AI, automating pristine quality and impactful content delivery across multiple channels without upfront costs. For more information reach out to Elias Karam: elias.karam@ircamamplify.com

ClearOne and FVC Join Forces to Enhance AV Technology in MEA Region – PRWire

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ClearOne and FVC Join Forces to Enhance AV Technology in MEA Region – PRWire

PRWire:

ClearOne Partners with FVC to Revolutionize AV Solutions in the Middle East and Africa

ClearOne (NASDAQ: CLRO), a global leader in conferencing, collaboration, and network streaming solutions, has announced a strategic partnership with FVC, a leading value-added distributor known for its customer service excellence in the Middle East and Africa. This collaboration is set to transform the AV landscape in the region.

FVC, with over two decades of experience, has a proven track record of delivering state-of-the-art technology solutions to businesses across the Middle East and Africa. Their strategic positioning in the Unified Communications and Collaboration (UCC) space, combined with an extensive distribution network and technical expertise, makes them the perfect partner for ClearOne.

Grifiths Zachariah, AVP-EMEAIO region at ClearOne, expressed enthusiasm about the partnership, stating, “We are delighted to partner with FVC to enhance our reach and market penetration in the Middle East and Africa. FVC’s impressive reach in the enterprise market and well-established relationships will allow us to deliver ClearOne’s innovative solutions to a broader audience.”

This partnership will enable FVC’s customers to access ClearOne’s industry-leading audio-visual solutions, addressing the challenges faced in modern hybrid work and learning environments. The collaboration is poised to enhance FVC’s product portfolio, providing a comprehensive range of solutions tailored to meet the evolving needs of their clients.

Mr. K.S. Parag, Managing Director at FVC, commented, “ClearOne’s renowned audio performance in the conferencing space will complement the comprehensive product portfolio carried by FVC today. We are committed to empowering our partners, vendors, and clients with cutting-edge technology that yields immediate results. Our collaboration with ClearOne will further enhance value for our partners and customers.”

This strategic alliance underscores ClearOne’s commitment to expanding its global footprint and delivering exceptional AV solutions that meet the diverse needs of businesses in the Middle East and Africa. As the demand for sophisticated and reliable AV technology grows, the ClearOne-FVC partnership is set to play a pivotal role in shaping the future of the region’s AV industry.

ClearOne and FVC’s partnership promises to bring advanced AV solutions to the forefront, offering unparalleled benefits to resellers, system integrators, and end-users in the Middle East and Africa. By combining ClearOne’s innovative technology with FVC’s extensive market expertise, this collaboration is set to redefine the standards of excellence in the AV industry.

Islamic Finance Explained: Principles, Instruments, and Global Growth – PRWire

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Islamic Finance Explained: Principles, Instruments, and Global Growth – PRWire

PRWire:

Unlocking the Secrets of Islamic Finance: Ethical Banking Redefined

Islamic finance is transforming the financial world by adhering to Sharia (Islamic law) principles, offering an ethical alternative to conventional banking systems. Here’s a closer look at its core aspects and instruments.

Key Aspects of Islamic Finance

Prohibition of Riba (Interest)
Islamic finance strictly forbids the charging or receiving of interest, which is viewed as exploitative. Instead, it promotes ethical investments that benefit both parties. This prohibition ensures that financial transactions are fair and just, avoiding the exploitation of borrowers and ensuring that financiers take on a share of the risk.

Profit and Loss Sharing
Instead of fixed interest payments, Islamic finance emphasizes risk-sharing between financiers and entrepreneurs, ensuring a fair distribution of profits and losses. This model encourages partnership and collaboration, fostering a more resilient and equitable financial system where both parties are invested in the success of the venture.

Prohibition of Haram (Forbidden) Activities
Investments in industries like alcohol, gambling, and pornography are strictly prohibited, aligning financial activities with ethical and moral standards. This focus on ethical investment means that funds are directed towards socially responsible projects, supporting industries that contribute positively to society.

Avoidance of Gharar (Uncertainty)
Contracts with excessive uncertainty or speculative elements, such as derivatives and short-selling, are avoided to ensure transparency and fairness. This principle ensures that all parties have clear information about the terms of the contract, reducing the potential for disputes and fostering trust in financial transactions.

Common Islamic Finance Instruments

Murabahah (Cost-Plus Financing)
A sale contract where the bank buys an asset and sells it to the customer at a marked-up price, with payments deferred over time. This method allows customers to acquire necessary assets without the burden of interest, making it a popular choice for financing in various sectors, including real estate and automotive. Murabahah contracts are straightforward and transparent, ensuring both parties are aware of the cost and markup involved.

Musharakah (Joint Venture)
A partnership where both the bank and the customer invest in a project, sharing profits and losses based on their contributions. This approach not only provides financial support but also brings in the bank’s expertise and resources, increasing the likelihood of the project’s success. Musharakah fosters a sense of joint ownership and accountability, leading to more responsible and sustainable business practices.

Ijarah (Leasing)
A leasing agreement where the bank purchases an asset and leases it to the customer, providing an alternative to traditional loans. This method is particularly beneficial for businesses that need to use assets without having to purchase them outright, such as equipment or property. Ijarah contracts are flexible and can be structured to suit the specific needs of the lessee, making them a versatile financing option.

Sukuk (Islamic Bonds)
Asset-backed securities that comply with Sharia principles, commonly used to fund public infrastructure projects. Sukuk provides investors with a share in the asset and its returns, offering a stable investment vehicle that supports large-scale development projects. Sukuk structures are designed to ensure that the investment remains compliant with Islamic principles, offering a secure and ethical investment option.

Growth and Significance of Islamic Finance

With assets surpassing $2.4 trillion globally and an annual growth rate of 11.4%, Islamic finance is rapidly expanding. Its alignment with ethical principles and religious beliefs makes it a compelling choice for millions worldwide, fostering socially responsible investments and inclusive financial growth. The significant growth is also driven by the increasing demand for ethical financial products from non-Muslim investors who are attracted to the transparency and fairness inherent in Islamic finance principles.

Islamic finance is gaining traction in various regions, including the Middle East, Southeast Asia, and increasingly in Western countries. This growth is supported by a robust regulatory framework and the establishment of numerous Islamic financial institutions, which ensure that financial products and services adhere to Sharia principles.

Moreover, the innovative nature of Islamic finance instruments is attracting a diverse range of investors. The flexibility and ethical foundation of these products offer an attractive alternative to conventional financial systems, particularly in times of economic uncertainty. The rise of fintech in the Islamic finance sector is also noteworthy, as technology enables more efficient and accessible financial services, reaching a broader audience and fostering greater financial inclusion.

Islamic finance also plays a crucial role in supporting sustainable development goals (SDGs). By promoting ethical investments and prohibiting activities that are harmful to society, Islamic finance contributes to the creation of a more equitable and sustainable global economy. Initiatives such as green Sukuk, which finance environmentally friendly projects, demonstrate the potential of Islamic finance to drive positive change.

Islamic finance isn’t just a financial system; it’s a movement towards more ethical, inclusive, and socially responsible banking. As it continues to grow, it offers a promising alternative for those seeking to align their financial activities with their values. By emphasizing fairness, transparency, and shared risk, Islamic finance provides a sustainable model that benefits individuals, businesses, and society as a whole. Its potential to contribute to economic stability and social welfare makes it a valuable component of the global financial landscape.

Islamic Finance Explained: Principles, Instruments, and Global Growth – PRWire

theconverser.com
-
0
Islamic Finance Explained: Principles, Instruments, and Global Growth – PRWire

PRWire:

Unlocking the Secrets of Islamic Finance: Ethical Banking Redefined

Islamic finance is transforming the financial world by adhering to Sharia (Islamic law) principles, offering an ethical alternative to conventional banking systems. Here’s a closer look at its core aspects and instruments.

Key Aspects of Islamic Finance

Prohibition of Riba (Interest)
Islamic finance strictly forbids the charging or receiving of interest, which is viewed as exploitative. Instead, it promotes ethical investments that benefit both parties. This prohibition ensures that financial transactions are fair and just, avoiding the exploitation of borrowers and ensuring that financiers take on a share of the risk.

Profit and Loss Sharing
Instead of fixed interest payments, Islamic finance emphasizes risk-sharing between financiers and entrepreneurs, ensuring a fair distribution of profits and losses. This model encourages partnership and collaboration, fostering a more resilient and equitable financial system where both parties are invested in the success of the venture.

Prohibition of Haram (Forbidden) Activities
Investments in industries like alcohol, gambling, and pornography are strictly prohibited, aligning financial activities with ethical and moral standards. This focus on ethical investment means that funds are directed towards socially responsible projects, supporting industries that contribute positively to society.

Avoidance of Gharar (Uncertainty)
Contracts with excessive uncertainty or speculative elements, such as derivatives and short-selling, are avoided to ensure transparency and fairness. This principle ensures that all parties have clear information about the terms of the contract, reducing the potential for disputes and fostering trust in financial transactions.

Common Islamic Finance Instruments

Murabahah (Cost-Plus Financing)
A sale contract where the bank buys an asset and sells it to the customer at a marked-up price, with payments deferred over time. This method allows customers to acquire necessary assets without the burden of interest, making it a popular choice for financing in various sectors, including real estate and automotive. Murabahah contracts are straightforward and transparent, ensuring both parties are aware of the cost and markup involved.

Musharakah (Joint Venture)
A partnership where both the bank and the customer invest in a project, sharing profits and losses based on their contributions. This approach not only provides financial support but also brings in the bank’s expertise and resources, increasing the likelihood of the project’s success. Musharakah fosters a sense of joint ownership and accountability, leading to more responsible and sustainable business practices.

Ijarah (Leasing)
A leasing agreement where the bank purchases an asset and leases it to the customer, providing an alternative to traditional loans. This method is particularly beneficial for businesses that need to use assets without having to purchase them outright, such as equipment or property. Ijarah contracts are flexible and can be structured to suit the specific needs of the lessee, making them a versatile financing option.

Sukuk (Islamic Bonds)
Asset-backed securities that comply with Sharia principles, commonly used to fund public infrastructure projects. Sukuk provides investors with a share in the asset and its returns, offering a stable investment vehicle that supports large-scale development projects. Sukuk structures are designed to ensure that the investment remains compliant with Islamic principles, offering a secure and ethical investment option.

Growth and Significance of Islamic Finance

With assets surpassing $2.4 trillion globally and an annual growth rate of 11.4%, Islamic finance is rapidly expanding. Its alignment with ethical principles and religious beliefs makes it a compelling choice for millions worldwide, fostering socially responsible investments and inclusive financial growth. The significant growth is also driven by the increasing demand for ethical financial products from non-Muslim investors who are attracted to the transparency and fairness inherent in Islamic finance principles.

Islamic finance is gaining traction in various regions, including the Middle East, Southeast Asia, and increasingly in Western countries. This growth is supported by a robust regulatory framework and the establishment of numerous Islamic financial institutions, which ensure that financial products and services adhere to Sharia principles.

Moreover, the innovative nature of Islamic finance instruments is attracting a diverse range of investors. The flexibility and ethical foundation of these products offer an attractive alternative to conventional financial systems, particularly in times of economic uncertainty. The rise of fintech in the Islamic finance sector is also noteworthy, as technology enables more efficient and accessible financial services, reaching a broader audience and fostering greater financial inclusion.

Islamic finance also plays a crucial role in supporting sustainable development goals (SDGs). By promoting ethical investments and prohibiting activities that are harmful to society, Islamic finance contributes to the creation of a more equitable and sustainable global economy. Initiatives such as green Sukuk, which finance environmentally friendly projects, demonstrate the potential of Islamic finance to drive positive change.

Islamic finance isn’t just a financial system; it’s a movement towards more ethical, inclusive, and socially responsible banking. As it continues to grow, it offers a promising alternative for those seeking to align their financial activities with their values. By emphasizing fairness, transparency, and shared risk, Islamic finance provides a sustainable model that benefits individuals, businesses, and society as a whole. Its potential to contribute to economic stability and social welfare makes it a valuable component of the global financial landscape.

Offa launches ultra-quick buy-to-let Islamic finance for British expats – PRWire

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Offa launches ultra-quick buy-to-let Islamic finance for British expats – PRWire

PRWire:

Offa launches ultra-quick buy-to-let Islamic finance for British expats

  • Modern, paperless service disrupts traditional British Islamic finance 
  • Attractive investment proposition for UAE-based Britons, family offices or other investors with a preference for bricks and mortar as a halal place to invest, with demand outstripping supply in the UK.

Dubai, United Arab Emirates, 11 July 2024 – Offa, the UK’s first Shari’ah-compliant bridge finance fintech, has today launched an innovative new buy-to-let finance (BTL) service providing fast funding decisions for British expats, delivered via a modern paperless process.

Powered by next-generation technological innovation, Offa’s BTL service replaces legacy  finance systems with its flexible and ethical Islamic property finance solutions, and end-to-end digital processes making it fast and easy for expats to apply and get a quick decision.

These Islamic BTL products are available to new and seasoned British landlords living in the Gulf Cooperation Council (GCC) states, Australia, the European Union, Canada, Singapore and Brunei.

Sagheer Malik, Offa’s Chief Commercial Officer and MD of Retail Finance, said: “I have met many British expats who need Islamic buy-to-let finance, but who struggle to cope with the onerous paperwork and old-style systems that they typically face. Our modern, ultra-fast, paperless buy-to-let finance solves that problem.

“With our team’s decades of industry experience and a streamlined digital application process, we are bringing 21st century Shari’ah-compliant BTL finance to our customers.”

UAE-based Gulf Islamic Investments group (GII), a leading Shari’ah-compliant global alternative investment company with over $4.5 billion of assets under management, took a majority stake in Offa in mid-2022. 

GII’s co-Founders and co-CEOs, Mohammed Alhassan and Pankaj Gupta, said: “This latest market innovation from Offa brings additional investment opportunities in UK property to Britons resident across the Arabian Gulf and further afield. We applaud Offa’s initiatives to attract further expatriate capital to the UK’s vibrant property market as an exciting alternative asset management strategy.”

Instead of using interest, Offa follows the Islamic finance principles of co-ownership-with-leasing. Customers acquire the property in partnership with Offa and make monthly payments to increase their share, over time owning it.

Another key feature of Offa’s BTL product is that where a customer’s rental income is not sufficient for the required affordability criteria for the BTL finance, Offa allows them to make up the difference with their personal monthly income (commonly known in the industry as top-slicing).

The service is available to anyone purchasing property in England and Wales aged 21 or over, either under their personal name or as a limited company, and where the property’s value is between £60,000 and £1 million. First-time landlords can also apply, and Offa’s BTL solutions are also available for houses in multiple occupancy (HMOs).

Offa provides an ethical finance model designed in accordance with Islamic finance principles, which means not charging interest and investment into sectors deemed harmful to society – such as alcohol, tobacco, and the arms trade.

In April, Offa announced a £100 million credit line for its bridge finance arm from a fund managed by GII. The credit line is the largest of its kind outside of the Gulf, creating significant capacity for the Birmingham-headquartered business to expand and diversify its financial propositions in the UK property market.

About Offa, offa.co.uk

Founded in 2019, Offa is the UK’s first bridge finance provider operating in accordance with Islamic finance principles. Faith is at the core of Offa’s vision, brand and service, enabling British Muslim property investors and others seeking ethical capital to access Sharia-compliant finance and realise their potential as they move up the property ladder. Offa’s experienced senior team are among the leading names in UK Islamic finance, bringing innovation to the market by creating a faster, smarter, and easier service through direct and broker channels to meet this large and previously unfulfilled demand. Gulf Islamic Investments took a majority stake in the Birmingham-headquartered company in 2022. 

Media Enquiries

For more information about this story, Islamic finance, or OFFA, please contact:

Damien Fletcher
damien.fletcher@offa.co.uk
+44 7413 141 160

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