RIYADH, Kingdom of Saudi Arabia, March 7, 2022/ — The Islamic Corporation for the Development of the Private Sector (ICD) J.P. Morgan and Nafisa Shams Academy and incubator are announcing the official launching of a joint program for training and incubation in the fashion sector in Saudi Arabia (the “Program”).
The Program is dedicated to women entrepreneurs with the objective of developing their business skills and making them more effective, efficient and impactful in the management of their businesses.
According to World Bank’s recent data. The female Labor force is 20.9% of total labor force in Saudi Arabia. In response to this challenge, it is appropriate to identify and support new programs or initiatives designed to develop and improve the creativity of women so as to develop their own businesses or improve their access to jobs and become effective contributors to domestic production and growth of their country’s economy.
This program is expected to train and develop the capacity of a total of 105 entrepreneurial startups led by female entrepreneurs in the fashion industry in the Kingdom of Saudi Arabia. Approximately, with an average of 3 workers for each enterprise, the program is expected to develop the capacity of a total of 315 women and consequentially create additional jobs for women in the Kingdom of Saudi Arabia.
The ICD, with the funding support of its principal partner, J.P. Morgan Foundation, is working together with Nafisa Shams Academy to implement the Program. The main sponsor of the Program is J.P. Morgan Foundation whereas the implementing agency is Nafisa Shams Academy. The Program is tailored and designed to build the capabilities and skills of the participating women entrepreneurs, in particular, their technical and managerial skills, and financial accounting, reporting, and management skills, at both the individual and institutional levels.
On this occasion, Mr. Ayman Sejiny, the CEO of the Islamic Corporation for the Development of the Private Sector, said, “ICD always participate and support all programs that help in achieving the UN sustainable development goals (SDGs) such as those related to reducing inequality, promoting equal opportunities and financial inclusion, women empowerment, and innovation. All these goals are manifested and expected to be achieved in this tailored capacity building program.”
“We are delighted to support such an important initiative in the Kingdom of Saudi Arabia,” commented Bader Alamoudi, Senior Country Officer for Saudi Arabia at J.P. Morgan. “This programme is very much in line with our values at J.P. Morgan, including supporting women and equality, entrepreneurship and education.”
The training Program composes of several bootcamps, workshops, and competitions to be organized in the Riyadh Region of the Kingdom of Saudi Arabia. It is scheduled to commence in March 2022 and end in December 2022. The main training modules will include but not limited to the following: e-commerce, e-marketing, trade exchange, money management, ideas and innovations management, financial accounting and resources management, and maintaining sustainable quality standards. Clearly, these are important training modules and skills set that will help and develop the capacity of participating women and entrepreneurs to become more effective and efficient in their business operations.
About ICD:
The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is a member of the Islamic Development Bank (IsDB) Group. ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies, and encouraging cross-border investments.
ICD is Rated A2’ by Moody’s, ‘A-’ by S&P and, A+ by Fitch. ICD establishes and strengthens cooperation and partnership relationships with an aim to establish joint or collective financing. ICD also applies financial technology (Fintech) to make financing more efficient and comprehensive.
For more information, visit: www.ICD-PS.org.
About JP Morgan:
J.P. Morgan is a global leader in financial services, offering solutions to the world’s most important corporations, governments and institutions in more than 100 countries. J.P. Morgan also leads volunteer service activities for employees in local communities by utilizing our many resources, including those that stem from access to capital, economies of scale, global reach and expertise.
JP. Morgan is dedicated to developing products and services that observe and respect Sharia-compliant ethical principles. The main goal is to provide Islamic banking solutions to clients with increasingly sophisticated financing needs.
JP. Morgan has two operating licenses in Saudi Arabia, providing access to a comprehensive range of products and global banking capabilities for clients in the country. JP. Morgan is regulated by the Saudi Arabian Monetary Authority and the Capital Market Authority.
By leveraging the firm’s unique structuring platform, J.P. Morgan has developed a range of Sharia-compliant products to address the needs of this growing market. Our Sharia-compliant product offering today spans debt and equity capital markets, investor products, cash management, and Murabaha liquidity products, risk management, and asset management funds.
About Nafisa Shams Academy:
The Nafisa Shams Academy of Arts and Crafts was established and established in 2006 AD, as one of the important steps to advance training and artistic and craft production within the Kingdom of Saudi Arabia.
Its main objective is to provide Saudi girls and women with a distinguished profession, regardless of their different educational levels Professional and craftsmanship, with the aim of practicing it in the local community, achieving a productive society, and moving away from the specter of unemployment to the prospects of creative work.
