Silatech, Al Asmakh Charity Strengthen Support for Youth

Doha, February 09 (QNA) - Al Asmakh Charity Foundation has agreed to continue support for microenterprise and youth training solutions launched by Silatech as they continue to strengthen a partnership established in May 2012. The two organizations recently signed a Memorandum of Understanding in which 'Afif,' a non-profit Qatari development program launched by Al Asmakh Charity Foundation, will build on its initial investment of $150,000 in Silatech's Kiva Arab Youth initiative by committing another $150,000 to the fund. Kiva Arab Youth is a partnership between Silatech and Kiva, in which visitors to www.kiva.org/arabyouth can lend as little as $25 to the young Arab entrepreneur of their choice. The funds invested by Afif through a Sharia compliant mechanism operational in Palestine and Yemen are used to match online loans from individuals, maximizing impact. Since its inception in March 2012, Kiva Arab Youth has raised close to $2.5 million from more than 55,000 individuals, funding over 2,000 youth-run businesses in the Arab world. Besides support for Kiva Arab Youth, Silatech and Afif have further agreed to work together to back programs in Egypt and Yemen, which support youth enterprise through Sharia compliant investment mechanisms. The two sides said there is a clear opportunity for the creation of a broader online platform that connects charities, lenders and donors in Arab countries and globally, including Islamic charitable giving to young men and women from disadvantaged backgrounds to support their economic and social needs. Over the coming months, both partners will be carrying out research into the feasibility of such a broader solution. "Our aim at Afif is to contribute toward the economic and intellectual transformation of Arab and Islamic societies, and Silatech's Kiva Arab Youth initiative has proven to be an effective, sustainable and worthwhile program for young entrepreneurs. We look forward to exploring these additional areas of partnership with Silatech," said Mr. Ibrahim Al Asmakh, chairman of Al Asmakh Charity. For his part, Silatech CEO Dr. Tarik M. Yousef highlighted the importance of sustainable social investment, saying that "Kiva Arab Youth represents a new mode of charitable giving, one which values sustainability and return on investment." "By renewing their support for the program, Al Asmakh Charity and Afif again demonstrate their commitment to youth in the region, as well as to innovative and effective social investment strategies," he added. Founded in 2008 by HH Sheikha Moza bint Nasser, Silatech strives to promote large-scale job creation, entrepreneurship, access to capital and markets, and the participation and engagement of young people in economic and social development. It works with a wide spectrum of NGOs, governments and the private sector to foster sustainable, positive change for Arab youth. (QNA)