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SEC Applauds CBN For Issuing guidelines‎ On Sukuk  

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The Securities and Exchange Commission (SEC), on Sunday expressed pleasure at the issuance by the Central Bank of Nigeria (CBN) of “Guidelines for Granting Liquid Asset Status to Sukuk Instruments Issued by State Governments”.

The commission described it as a major milestone for Nigeria as it will catalyze the development of non-interest capital market products.

According to a statement, the release of these guidelines follow diligent advocacy efforts from the Capital Market Committee (CMC) on the need to grant liquidity status to Sukuk in order to bolster its appeal as a product for both issuers and investors alike.

Sukuk, the non-interest equivalent of bonds, is becoming increasingly attractive as a capital market instrument across the globe. Annual Sukuk issuances around the world have grown from $15 billion in 2008 to over $150 billion in 2015. As the Federal and State governments seek alternative funding sources for infrastructure, these new guidelines will make Sukuk one more available option.

In 2013, the SEC had issued Rules on Sukuk Issuance in Nigeria following which the State Government of Osun raised N11 billion in Nigeria’s first Sukuk issuance which was oversubscribed. Since then, several State Governments have been exploring issuing Sukuk to raise funds for infrastructure financing and other much needed public interventions. However, the absence of a liquid secondary market had been a key concern for investors like pension funds and other institutional investors. To address this constraint, the Capital Market Master Plan had highlighted the need to push for liquidity status for Sukuk. In implementing the Master Plan, the SEC and the capital market community closely engaged the CBN to develop and release guidelines for this purpose.

With these new guidelines, Sukuk instruments issued by State governments can be discounted at CBN discount windows and can be applied by banks in their liquidity ratio computation, similar to conventional State bonds. This will facilitate the emergence of a vibrant secondary market that will encourage more issuances from State governments.

The guidelines will play a key role in broadening and deepening Nigeria’s financial system by catalyzing the development of non-interest products and enhancing financial inclusion. We wish to commend the CBN for this laudable step while appreciating the CMC sub-Committee on non-interest products for their dedicated work leading to the release of these guidelines.

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Press Release

Social media main enabler for growth among women-owned businesses

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95% of women SMEs in the region identify social media channels as the top tool to drive their business ventures

Mastercard, the Official Payment Technology Partner of Expo 2020 Dubai, and Female Fusion Network unveiled new research at the first in a series of workshops for the region’s female entrepreneurs at the world’s largest cultural gathering.

Held at Expo 2020 Dubai’s Women’s Pavilion, in collaboration with Cartier, the session focused on the power of the digital economy in enabling women-owned businesses to go online. In a study conducted among Female Fusion’s network of 20,000+ members across the region, it was revealed that 95% of women SMEs in the region identify social media channels as the top tool for their business ventures. Other channels include their own e-commerce websites (72%) as well as messaging services such as Facebook and Whatsapp (50%).

In addition, three out of four (72%) women-owned businesses said they rely on word of mouth to market their products and services. The workshop identified how SMEs can make the most of their online footprint, and better connect to their consumers in a digital economy.

Speakers included Ngozi Megwa, Senior Vice President, Digital Partnerships MEA, Mastercard, Sarah Beydoun, Founder and Creative Director of social impact fashion business Sarah’s Bag in Lebanon, Ioanna Angelidaki, co-founder of Instashop, and Maureen Hall, Founder and CEO of COÉGA Sunwear.

“The findings from the study indicate a clear need for further education and empowerment. Mastercard has long pushed for the success and growth of women as we break gender barriers around the world. Digital tools and technologies are the greatest equalizer for businesses and as the shift towards e-commerce becomes increasingly permanent, we are committed to helping women businesses go digital and grow digital as they pursue their entrepreneurial passions,” said Ngozi Megwa, Senior Vice President, Digital Partnerships MEA, Mastercard.

The recent unveiling of the inaugural Mastercard MEA SME Confidence Index also revealed that in terms of a digital footprint of the region’s women entrepreneurs, social media (71%) leads the way followed by a company website (57%).

“We are proud of the successful launch of our workshop series in partnership with Mastercard. As a growing community of ambitious women leaders, Female Fusion Network looks to support our members with access to platforms that offer simple yet effective takeaways for them to grow their business. We look forward to having more of these impactful sessions during Expo 2020 Dubai,” said Jennifer Blandos, Managing Partner, Female Fusion Network.

Mastercard has made a global commitment to connect 25 million women entrepreneurs to the digital economy by 2025 as part of its goal to build a more sustainable and inclusive world. As part of its efforts, the technology leader recently launched  ‘The Entrepreneur’s Odyssey’ a first-of-its kind digital education platform that brings together a range of world-class academic and business resources to help small businesses learn and thrive.

 

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Technology

AOC dazzles visitors with a special game room at GITEX Technology 2021

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AOC Sales Director Middle East & Africa, Carol Ann Dias (Image: Hazem Abed)

AOC, the world’s leading manufacturer of computer monitors, highlights its presence at GITEX Technology Week 2021 through their authorized distributor, Hiperdist. At GITEX, AOC is showcasing a special game room where visitors can get try out the latest lineup of gaming monitors, some of which are made for professional e-gamers.

“Being one of the largest information technology exhibitions not just in the region but the whole world, AOC would not want to miss the opportunity to participate at GITEX 2021,” said Carol Ann Dias, Sales Director Middle East & Africa at AOC. “More than making our presence felt at the show, we are now focusing on emerging markets which is why we have partnered with Hiperdist due to their strong presence in the MEA region,” she added.

Some of AOC’s well-known monitors that include the Agon and the G2 line up are all on display at GITEX. Where visitors are encouraged to try out the new displays that offer some of the best technologies that make it fit for the gaming crowd.

Already a top choice by gaming professionals, the AGON AG352UCG6 features a 35-inch display with a 120HZ refresh rate. The curved design supports a WQHD (3440 x 1440) resolution that has 2.4x more pixels than a standard widescreen monitor. It also features a lighting panel at its rear which can be customized in colours of red, green or blue.

Also on display is the AOC C27G2 gaming monitor that comes in a 27-inch size with a 165Hz refresh rate. There’s also a 1ms response time for more accurate play. And Freesync support so high-intensity games are razor-sharp without ghosting.

Visitors can join and experience AOC monitors at the Hiperdist stand in Hall 3 E1 at GITEX Technology Week in the Dubai World Trade Centre.

 

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Technology

Philips Introduces Momentum 559M1RYV 4K HDR display with Ambiglow for Xbox

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Philips 55 lifestyle in situ Xbox (Image: Supplied)

MMD, the leading display specialist and brand license partner for Philips monitors, today announced the release of the world’s first designed for Xbox console gaming monitor. Philips Momentum 559M1RYV featuring 55-inch panel size boosting 3840×2160 resolution with 4K / 144Hz, 4ms GTG response time, and many other features that will be available in the UAE, Saudi Arabia, Kuwait and Pakistan.

4K HDR display with Ambiglow 559M1RYV/01 | Philips

Philips Momentum 559M1RYV: Design and Sound

This new “Philips Momentum 559M1RYV” bears the name Momentum 559M1RYV and bears the same exterior appearance as the previous version, including the adoption of a VA LCD panel with a W-LED backlight system with Ambiglow technology that adds a new dimension to your viewing experience. Innovative Ambiglow technology creates an aura of light on the surrounding wall from behind the screen panel. Its fast processor analyzes the content of the displayed image, and continuously adapts the color and brightness of the emitted light to match the displayed image. This technology also helps reduce eye strain to enjoy the scenes, it also supports DisplayHDR 1000 standard. The gaming monitor includes a specially designed speaker enclosure from the engineers at Bowers & Wilkins, the British loudspeaker company globally renowned for their innovative designs and sound engineering, that completes the experience.

Pankaj Budhiraja, Category Manager – Philips Monitor – Middle East & Africa, said: “The new Philips Momentum monitor offers unique user experience especially for gamers who demand exceptional graphic quality display and flicker-free pictures. This monitor is a wholesome entertainment package with build-in stereophonic speakers, sharp picture quality, vibrant colors and dynamic contrast and excellent resolution”.

Philips Momentum 559M1RYV: Performance

Philips Momentum 559M1RYV including Displayport 1.4, a USB-B port along with 4 USB 3.2 ports, two of them with fast charging. The Philips Momentum Monitor delivers designed for Xbox validates performance with ultra-clera 4K resolution at a minimum 120Hz refresh rate. 3840×2160 pixels with a 16:9 aspect ratio and a good response time of 4ms, as for the brightness rate in the mode up to 750cd / m2, while in the HDR mode it reaches 1200cd / m2. As for the color weight, we will notice that it offers DCI-P3 color gamut with 95% coverage, NTSC color gamut with 104% coverage, and sRGB with 125% coverage.

“As Philips always prioritizes user health, we introduce Ambiglow technology for eye-friendly productivity and a premium sound system. The monitor been extensively tested, and validated by engineers at Microsoft and MMD to ensure perfect compatibility, Philips Momentum meet’s the high expectations of the Xbox fans, creating an integrated gaming atmosphere to enjoy.” Budhiraja added.

Key features for Philips Momentum 559M1RYV:

  • Screen size: 55-inch
  • Resolution: 3840 x 2160 UHD 4K
  • Panel type: VA
  • Refresh rate: 120Hz (HDMI 2.1); 144Hz (DisplayPort 1.4)
  • Response time: 4ms
  • Aspect ratio: 16:9
  • V-Sync method: Adaptive Sync
  • Contrast ratio: 4,000:1
  • Ports: HDMI 2.1 (x3), DisplayPort 1.4 (x1), USB-C (x1), USB-B (x1), USB 3.2 (x4)
  • Ambiglow: 3-sided
  • Power supply: Internal, 100-240VAC, 50-60Hz

 The Philips Momentum 559M1RYV monitor is available through MMD authorised distributors in the UAE, Saudi Arabia, Kuwait and Pakistan and comes with a standard 3-year warranty, and EUP in UAE AED 6999*.

 

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