YP Bulletin 1433/2012 1st Edition

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XEditorial

YP Graduations and Confirmations

Welcoming New YPs

Resource Mobilization in IDB: Learning About Sukuk

How Leaders Stand Out Among Managers

A Round Table With Dr. Rami Mahmoud Saeed

The Time They Are Changin’...and so should we!

Reaching the Top of Kilimanjaro

Lesson from the Somalia Drought Donation Campaign

Jeddah : The Wealth of Experience

3E Session with Cheikh Ibrahima Fall

Book Recommendations

From the Desk of the YPP Specialist

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INTRODUCTION

ARTICLES

IN FOCUS

EXPERIENCES

IN HOUSE

YP BULLETiN

Nabil Ghalleb Syed Husain Quadri

• To serve as a platform for sharing ideas, knowledge and experience to inspire innovation, shared learning and initiative in the YP community.

• To brand the YPs as competent professionals and result-oriented change agents, establishing standards of excellence, both in professional competence and personal qualities thereby setting examples for fellow Muslim professionals.

• To provide an opportunity to the YPs to express their aspirations, share their achievements and voice out constructive criticism on socio-economic, cultural and evnironmental issues.

• To connect with each other and with rest of the IDB family through intellectual discourse as well as informal discussion to promote a sense of belonging with the IDB family.

Objectives of the YP Bulletin

The Editorial Team

Shams-ur-Rehman Toor

Moustafa Abdalla Abdihamid Mao Zulekha Pirani

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EditorialDear Brothers and Sisters, As-salamu Alaykum,

As we enter the year 1433H/2012G, it is time to bring to you the latest issue of the YP Bulletin, a publication of the YP-Community in the Bank. In the past year, we have all witnessed the YP Community and the Bank at large undergo tremendous change . Not only are they both growing bigger, but they are also becoming better at making meaningful contributions towards achieving the vision and mission of the Bank

We do realize that over time the scope of the YP Bulletin readership has widened considerably. We repeatedly continue to receive a lot of positive feedback, words of encouragement and of course constructive advice from the IDB Community. This has raised the bar for us to put in more efforts to produce better quality and more innovative articles and ‘voices’ for the Bank through this platform. As always, we strongly encourage our fellow YPs to engage in constructive, healthy, and robust debate to challenge the status-quo and talk about the issues that need to be addressed. We hope that this will give a new look to the YP Bulletin and open new avenues for a healthy intellectual discourse.

Similarly, the launch the ‘Arabic Section’ of the YP Bulletin is part of our efforts to reach out to wider readership and undertake more inclusive approach in our outreach. As we move forward, we also hope to include the ‘French Section’ for the benefit or our many Francophone readers.

This issue features many interesting and thought provoking contributions, which include technical articles, opinion pieces and light natured stories, all written by YPs. We also cover an in-depth interview with one of the most prominent former YPs of the Bank, Dr. Rami Mahmoud Saeed. We had an enlightening discussion with him about issues related to the youth and development challenges of the Ummah, and the role IDB can play in addressing them.

Having produced the last three issues of the Bulletin as editors, this will be our final edition in our capacity as the current editorial team. We are now passing on the baton to the ‘new’ dynamic and capable editorial team which comprises YPs from the more recent batches. By this transition we hope that the Bulletin will flourish and grow further to reach new heights and act as the voice of the YP Community. We also take this opportunity to thank everyone who contributed to the Bulletin as Editorial Team member, author, critique, and reader.

Shams-ur-Rehman Toor and Syed Husain Quadri, Editors

(Note: The Editorial Team fully supports the free speech on issues that need a healthy and constructive intellectual discourse. However, all the contributions in this issue are completely personal views of the contributors and do not, in whatsoever capacity, reflect the Bank’s position or views of the Editorial Team)

Editorial

MuharraM - rabi i 1433h 1st issue

INTRO

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Lorem Ipsum doLores YP Graduation

Muhammad Umair Hussain

YP Program Graduate,iFs Department

Future Vision

To make significant contribution towards development of global Islamic financial sector, which is one of the strategic thrusts of IDB.

Ahsanul Kibria

YP Program Graduate,Country Department

Future Vision

To be an agent of change for serving our clients (MCs) better.

Zakky Bantan

YP Program Graduate, treasury Department

Future Vision

To contribute to the significant development of global Islamic Capital Markets in IDB member countries and non-member countries through innovative Shariah compliant instruments and proper legal framework.

Congratulations..!!On behalf of the YP Family, the YP Bulletin offers our sincere congratula-

tions and best wishes to our friends who have graduated from the YP Program!

1st issue MuharraM - rabi i 1433h

INTRO


YP Graduation

Ahmad Ompo

YP Program Graduate, aGr Department

Future Vision

To contribute to the Bank to become a sustainable and professional institution catering for the improvement of the Ummah, including the muppets, the badmintoners, the footballers and the mountain hikers.

Syed Husain QuadriYP Program Graduate,GOe Department

Future Vision

My purpose through each and every day in IDB would be to passionately contribute in a collective and concentrated effort towards our common goal of realising the Vision of the IDB.

Mohammed Faris

YP Program Graduate,GrM Department

Future Vision

To contribute to the significant development of Operational Risk Management in the IDB, safeguarding the future of IDB against failures in system, processes, and/or people.

Congratulations..!!On behalf of the YP Family, the YP Bulletin offers our sincere congratula-

tions and best wishes to our friends who have graduated from the YP Program!


INTRO


Lorem Ipsum doLores YP Confirmation

Wahyu Vijayanto

Confirmed in infrastructure Department

Future Vision

The IDB should be seen and considered as the compass for international banks, and I would like to be part of making it happen.

Mohamed Hani El-SammanConfirmed in the best Program

Future Vision

To develop myself in the current technology implemented in the Bank and to assist the organization in achieving their main noble cause of helping the Muslim Ummah.

Syed Hassan Alsagoff Confirmed in aGr Department

Future Vision

To significantly contribute to uplifting people out of poverty in IDB member countries through innovative methods and best practices.

Congratulations..!!On behalf of the YP Family, the YP Bulletin offers our sincere congratulations and best wishes to our friends for having been confirmed in the IDB

Group!


INTRO


Rajib Ahmed Chowdhury

This is Rajib Ahmed Chowdhury from Bangladesh. I graduated from London School of Economics & Political Science (LSE) in Social Policy & Development. I have another masters degree in International Development from International University of Japan. My first degree was in Finance from University of Dhaka.

Before joining the IDB YP program, I was working for the World Bank. I supported the Country Management Team at the Bangladesh office as an Operations Analyst. For a brief period I also taught at a local university in Bangladesh. Besides I had the opportunity to work for an investment bank (Lehman Brothers) and a retail bank (Standard Chartered).

I am excited to be a part of IDB YP community. I believe this is an excellent opportunity to shape my career as a successful development practitioner. During YP rotations I hope to identify areas where my skills and abilities would be best utilized. At the same time, I believe the wide range of training programs offered throughout the YP period would equip me with appropriate tools to launch a thriving career at IDB.

While developing my career at IDB, I hope to contribute to alleviating poverty from the Muslim communities through a wide range of development interventions and thereby, serve the Muslim Ummah for its future prosperity.

“ i hope to contribute to alleviating povertyfrom the Muslim communities

through a wide range of development interventionsand thereby, serve the Muslim ummah

for its future prosperity ”

Welcoming New YPs


INTRO


Lorem Ipsum doLores Welcoming New YPs

Kadir Basboga

I am Kadir Basboga from Turkey. I studied Business Administration at Bilkent University in Turkey. This gave me the opportunity to understand the fundamentals of management before seeing real management as practiced by the government in my work experience at the Turkish Ministry of Development.

Throughout my experience in the Turkish Government, I was involved in a project team which was assigned to design and manage a multi-sectoral development project in relatively less developed provinces of Turkey. I was coordinating the small and medium enterprises grant scheme component of this European Union co-funded regional development project. After gaining some work experience in Turkey, I felt the need to strengthen my academic orientation considering the semi-academic nature of development planning. I thought that Master of Public Administration program would be useful for achieving my professional development goals. With these goals in mind, I did my Masters at Cornell University in the field of public affairs.During my master’s study, I focused on international development, which helped me to see the global development needs from a wider perspective. Once I completed my master’s degree, I thought that IDB’s YP Program would be the best place to utilize my experience and skills in a very diverse environment while confronting the development challenges in IDB member countries. It is a great pleasure to be a part of this program. I wish success for everybody who is interested in applying to IDB’s YP Program.

IDB provides me with the best environment to learn more about the Muslim World while enriching my project management skills and experience in working in a very diverse environment. I believe that IDB will become the knowledge and experience sharing platform of the Muslim World with its unique project initiatives.

“ i thought that iDb’s YP Program would be the best place to utilize my experience and skills in a very diverse environment while confronting

the development challenges in iDb member countries “


INTRO


Welcoming New YPs


Kamal Helal Al-Hashedi

I hold a Bachelor of Civil Engineering from the University Technology Mara, Malaysia (2008) and an MS in Integrated Construction Project Management from University Technology Mara, Malaysia (2010).

As a young energetic engineer, I have always dreamt of being one of the contributors to the development of my country. However, I was more than fortunate to join the Young Professional Program at the IDB group so that together we would contribute to the development of the Islamic World. I am very enthusiastic about it and I pray for having a real positive impact.

“ I was more than fortunate to join the Young Professional

Program at the IDB group so that together we would

contribute to the development of the Islamic World ”

INTRO

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Volcan CelenI am a Turkish citizen, born in 1983 in Ankara, the capital city of Turkey. Following high school in Ankara, I moved to Istanbul to pursue a Bachelor of Law at Galatasaray University, which also the first and only French speaking university in Turkey. I participated in the European student exchange program and went to Vrije University, School of Law in Amsterdam during the last year of my undergraduate studies. It was a valuable experience to better understand the European Union legal system and the legal basis of the conventional finance system.Following my Bachelors, I was accepted by the School of Law at Université Sorbonne in Paris, for a Master of International Business Law degree. I lived in the City of Lights, Paris, for one year and finished my masters degree with a thesis on international transfer of head- quarters. My one year stay in Paris is definitely one of the highlights of my life and I feel truly lucky to experience studying in Sorbonne University. The intense legal discussions with the professors and students from all over the world gave me not only theoretical knowledge but also practical legal advice.Following my Masters degree, I worked in an international law firm (Herguner Bilgen Ozeke – HBO Law Firm) in Istanbul for two years. During my professional career, I have focused on large-scale project financings mostly in the energy sector and mergers and acquisitions in the banking and finance sector. Pursuing an academic career has always been a goal for me and I would like to bring my academic and professional career together. After succeeding in the PhD proficiency exams for the School of Law at Istanbul University, I successfully completed one year of PhD courses and currently enjoy conducting research and exploring new thoughts in finance law.As a final word, I believe that if one is dedicated to their profession and to innovation, then any obstacle can be overcome. I joined IDB with a goal to have a role in its noble mission. This noble mission demands us to enjoy what we do and have the determination to go till the end. During the course of my career at IDB Group, I want to see myself as a capable leader, excellent lawyer, and involved member of the IDB community. Being a lawyer at the IDB Group, I know that my commitment to professional excellence will only become more important with my personal values which are in line with the values of the IDB community. I am excited to begin the next phase of my life and know that IDB is exactly what I was looking for in a working environment.


“ i know that my commitment to professional excellence will only become more important with my personal values which are in line with the values of the iDb

community “

Welcoming New YPsINTRO


Jahanzeb Burana

I am Jahanzeb from Pakistan. I did BS in Economics from Lahore University of Management Sciences (LUMS), Lahore, Pakistan (2006) and MBA from Harvard Business School, Harvard University, Boston, MA, USA. (2010)

My work experience is mainly in private equity and double- bottom line investing, in both the US and Singapore.

Welcoming New YPs


INTRO

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Tahir Akbar

I am Tahir Akbar from Pakistan. I was born and raised in Pakistan but have travelled a lot. I completed my B.Sc. in Electronic Engineering from Ghulam Ishaq Khan Institute of Engineering Sciences, Pakistan, in 2003. Later I went on to completing a Master in Public Policy (Energy & Urban Development) from University of California, Berkeley, USA. (2007).

I was working with the World Bank office in Pakistan before joining the IDB. I am looking forward to interact with the senior YPs to learn from their experience and make my stay in the IDB beneficial towards the Bank’s goals as well as my own professional development. My previous work experience is in the areas of urban development and disaster risk management, and I am hoping to diversify my exposure through my experience in the IDB.

I like sports (cricket), travelling and hiking. I have done road trips across North America; Western Europe; Pakistan to Iran; and my latest travel was a motor bike trip along the 800 km of southern coastal belt of Sri Lanka. I am excited to join the IDB which shall be my first full time work experience outside my home country.

“ I am excited to join the IDB which shall be my first full time work

experience outside my home country ”

Welcoming New YPs


INTRO


Zain Iyad Al-Emam

My name is Zain Al-Emam and I was born and raised in Jeddah. I did my undergraduate (BA) in Economics and Banking from King Abdul Aziz University, Jeddah. After my Bachelors, I completed my Masters in Finance and Management from the University of Exeter, UK.

I am looking forward to contribute to the IDB through the YP Program, hoping to learn from it and making it a memorable experience for me as well as the teams I will join.

“ I am looking forward to contribute to the IDB through the YP Program and hence forth as much as I will learn from it and make it a memorable experience to me as well as the teams I will join.”

INTROWelcoming New YPs


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INTRO

Mohammed Fuad Ashgar

Is it possible to eliminate poverty, provide healthcare to everyone around the world, ensure that every child goes to a good educational institute? These dreams could be beyond reach nowadays but I believe they are possible!Looking at the fascinating examples of social entrepreneurs who dedicated their lives to solve critical social issues, such as Muhammad Yunus and Wangari Maathai, reveals that eradicating these problems is, indeed, achievable.

I am primarily joining the Islamic Development Bank for the exact same reason: “make the world a better place”. With will power, dedicated teams, inspiring vision, better planning and execution, we can all make history.

With regard to my educational background, I did a Bachelor in Production Engineering & Mechanical Systems Design from King Abdul Aziz University, Jeddah, Saudi Arabia and completed my Master in Business in Technology and Innovation Management from University of Queensland, Australia.

“ Looking at the fascinating examples of social entrepreneurs who dedicated their lives to solve critical social issues, such

as Muhammad Yunus and Wangari Maathai, reveals that eradicating these problems is, indeed, achievable.”

Welcoming New YPs



intrODuCtiOn

Companies have generally three important decisions to make: What to do? How to get money to finance what they decide to do? And what are they going to do with the money generated from what they have done?

The answer to the first question (what to do) is simply the Investment Policy. Each company should know its business and should select the best projects that add value for its shareholders. That is why the Investment Policy is always qualified as the engine for value creation.

The answer to the second question (how to finance the projects) is what we call in finance the Financing Policy also known as the Debt Policy (or Resource Mobilization Policy). It is a plan in which the company selects the best ways to mobilize enough resources to finance its projects.

Finally, the answer to the last question (what to do with the profits from the projects) is linked to what we call the Dividend Policy. Depending on many factors, such as the expected growth rate of the company, the availability of external funds, and the preferences of the owners, among others, each company has to decide whether it will distribute the profit generated by the projects or keep it and reinvest it in the business to finance other projects. If it decides to distribute dividends, then the next evident question would be how much? All of us have heard about the famous payout ratio, which is the dividend paid out divided by the total earnings.

In this article, I am going to focus on the second decision, the Financing Policy or the Resource Mobilization Policy.

Resource Mobilization in IDBLearning About Sukuk

resOurCe MObilizatiOn POliCY

As we mentioned earlier, the main concern under this policy is to determine how much money the company needs and when, and from where the managers can obtain that amount at the best price (i.e. lowest cost). Many people pay attention only to the second part of this exercise, i.e. to minimize the financing costs. However, having cash when it is not needed (no investment opportunity is available) or having more than what we need will be costly to the company as it has to pay the cost to the fund providers. Also, not having enough cash when required may oblige the company to pay more than what is expected or to lose good investment opportunities. That is why knowing how much money is needed and when, is critical information for any company.

Dr. hatem Ghouma

Resource Mobilization in IDB: Learning Lessons About Sukuk


ARTICLES

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sOurCes OF resOurCes

Now, let’s see where companies can mobilize resources from. In general, there are two sources to get the necessary funds to finance investments: internal sources and external sources. The internal sources are mainly the amount of money generated by the existing projects and not distributed as dividends. This is called the Plow-back ratio or also the retention ratio which is exactly the oppo- site of the payout ratio.

The second way to mobilize resources is from external markets, and here we also have two types of markets: the debt markets and the equity markets. Indeed, companies can choose to issue debt (either bank loan or a public issuance) or to raise equity capital (asking shareholders to inject more capital in the company). Each solution has its own virtues and disadvantages. For example, debt is generally less costly than equity financing (in addition to tax shields), provides the company with a higher level of flexibility in terms of control, but increases the bankruptcy probability of the company (implying what we call bankruptcy costs). Equity financing strengthens the firm’s capital but might alter the control of the company. In general, companies prefer issuing debt rather than increasing capital, mainly due to the fact that interest payments are tax deductible while dividends are not.

After going through this process (decisions on how much cash is needed and when, and how the exact amount will be secured), the manager has to calculate the cost of funds. Determining the cost of mobilized resources (also called cost of capital) is a crucial step as it impacts the Investment Policy (our first decision). This exercise is not very simple as one can imagine we may have different funds (internal and external) mobilized in different ways (debt or equity) and with different costs. In such cases, it is always advised to calculate the WACC (Weighted Average Cost of Capital). It goes without saying that any project should not be accepted unless it provides a return higher than the WACC, otherwise the company will be destroying value.

iDb resOurCe MObilizatiOn

exerCise

Since its inception, IDB has been heavily relying on its shareholders’ equity to finance its projects. The recourse to the debt markets (namely Sukuk market) is relatively recent. Since 1975, IDB went through 4 general capital increases (in 1981, 1992, 2001, and 2006). Some other special capital increases were also made to accommodate the requests of some countries to increase their shares in IDB capital. Whenever a country requests to increase its portion in the capital, other countries automatically have the right to increase their shareholdings in order to keep their pre-increase percentages. In 1975, the subscribed capital of IDB was ID 750 million only. By the end of year 1432H (November 2011), the subscribed capital exceeded ID 17 billion.

IDB has also become an important player in the Islamic debt markets due to its benchmark size Sukuk issuances. In 2003, IDB succeeded to issue its first US$ 400 million Sukuk issuance with a 5 year maturity. Then, in 2005, a new issuance of US$ 500 million, under a newly established Me- dium Term Notes (MTN) program, came to the market. This issuance matured in 2010. As of today, IDB has several outstanding Sukuk issuances as shown in the table below:

To mobilize funds from the external market, IDB is using a Wakala Sukuk Structure. An SPV (Special Purpose Vehicle) is created and incorporated in Jersey, which will act as a Trustee to the Sukukholders. The structure involves the sale of a certain portfolio of assets to the SPV (hence to the Sukukholders), and then IDB will act as a Wakeel to manage the assets.

“Over the years, iDb has shown improved control and management of the resource

mobilization process. “



ARTICLES


table 1: iDb sukuk issuances

For Shariah purposes (mainly for tradability requirements), the portfolio should be composed of a certain portion of tangible assets (AAOIFI requirement is 33%). IDB Shariah Committee requires that at least 51% of the assets should be composed of tangible assets and no more than 49% of Istisnaa and Murabaha contracts.

These Sukuk issuances, along with the IDB equity capital (including both paid-up capital and reserves) represent the main sources of funds to finance IDB projects. Over the years, IDB has shown improved control and management of the resource mobilization process. Nowadays, financial projections are the main driver of this process. We know, for a foreseeable horizon, when we need more cash and how much. But more effort should be made in the last step of the resource mobilization process, which is the determination of the cost of funds. We should acknowledge that this is an extremely complex exercise for many reasons.

First, IDB is not a listed company and is not paying dividends (at least for the time being). And of course dividends and stock prices are the main inputs to determine the cost of equity (first source of funds). This might be overcome by some sophisticated financial models, but it still remains a difficult task.

Second, and regarding the Sukuk costs (second source of funds), the situation will also be difficult as IDB’s issuances are in different currencies. To this, we add the problem of having some issuances with fixed profit rates while some others have floating ones. One could think about swapping them all into a common currency and a common type of profit (preferably fixed). But Shariah-compliant profit rate/cross currency swap markets are not that liquid to provide fair pricing. This will definitely make this task a more challenging one. But let’s be optimistic; it is difficult, yes!!! But hopefully it is not impossible!!! I am sure that, InshaaAllah, one day we will say: “Alhamdu Lillah, we did it”.



ARTICLES


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“ Most of what we call management

consists of making it difficult

for people to get their jobs done.”Peter Drucker

“Leadership” is different from “management”; many just know it intuitively but have not been able to understand this difference clearly. These are two entirely different functions based on their un- derlying philosophies, functions, and outcomes. Similarly, leaders and managers are not the same people. They apply different conceptualizations and approaches to work, exercise different ways of problem solving, undertake different functions in the organizations, and exhibit different behaviors owing to their different intrinsic and extrinsic motivations. Although being so discrete, the terms ‘manager’ and ‘leader’ are often confused and used interchangeably. In order to be competitive, organizations need to develop as many leaders as possible, but these leaders should also have sufficient management knowledge and capabilities. Organizations also need effective managers who possess adequate leadership skills for better problem solving and overall functioning in the teams. However, it is important for professionals to know what differentiates leadership from management and how leaders stand out among managers.

leaDinG Or ManaGinG

Despite the different timing of their evolution and the different contexts in which these concepts developed, leadership and management are widely used interchangeably. Although many scholars have attempted to provide a distinction, there is common confusion that leadership is similar to management and leaders are similar to managers.Some experts argue that leadership and management

are two opposing styles of employee supervision which are both popular and are still being used in the business world. Others believe that they are two sides of the same coin and complementary systems of action, each with its own function and characteristic activities. However, the majority of literary arguments support the fact that leadership and management are completely different from each other, whilst leaders are distinct from managers. According to this view, leaders may not excel at management and, what is more often the case, managers do not necessarily make great leaders. In practice, many managers perform the leadership role, and many leaders do manage. Therefore, the debate continues and the misunderstanding over the two terms persists.

Interchangeably referring to the terms ‘leadership’ and ‘management’ can engender functional complications and long-term confusion over the roles of leaders and managers. Blurring the difference between leadership and management

leadersstand out among managers

Dr. shams-ur-rehman toor

how



ARTICLES


A leader is bestWhen people barely know he

exists Not so good when people obey and acclaim him

Worse when they despise himBut of a good leader, who talks

little, When his work is done, his aim fulfilled, They will say: we

did it ourselves. Lao Tzu

will also cause difficulties in measuring, testing, assessing, hiring, developing, and promoting them. Confusing leaders and managers might even hinder programs to develop managers and leaders, which suggests that organizations may face difficulties in their efforts to develop the right talent for the right jobs. Research in business studies shows that strong differences can be drawn between leadership and management based on etymological development, definitional complexities, conceptual distinctions, behavioral difference, functional and operational divergence. However, the following sections dwell on behavioral difference and functional / operational divergence.

behaviOral DiFFerenCes

A strong managerial culture emphasizes rationality and control. Nurtured under this culture, managers tend to be problem solvers by instinct, and their energies are spent on finding solutions to the problems relating to organizational goals, resources, structures, and people. This is why, contrary to leaders, managers are more scientific in nature, structured and deliberate in their approach, authoritative and stabilizing in their behavior, and persistent and tough minded in their routine. A leadership culture, on the other hand, is open, communicative, frank, and participative. Therefore, it encourages the development and application of new ideas to approach problems. Taking the problems as opportunities, leaders seek fresh options and persuade their followers to innovatively grapple with the problems. Leaders are more rebellious in nature while managers prefer to conform to the organizational norms, rules, and hierarchy. Therefore, most leaders challenge the status quo whereas managers prefer to accept the status quo.

Good leaders understand their purpose, lead with their heart, follow their personal set of values, establish and retain connected relationships, and demonstrate the highest sense of self- discipline in their lives. Their behaviors demonstrate their deep concerns for the development of their

followers, the well-being of their organizations, and the welfare of society. In their behav-ior, managers tend to copy whereas leaders remain original and authentic. Leaders’ relationships are mostly intensive and one-to-one. On the other hand, managers establish networks and widely distributed attachments.

Leaders differentiate themselves from others in terms of the influence they exert upon the goal-setting and goal-achievement activities of the organization. They stand out different, question assumptions, are usually suspicious of traditions, and are champions of innovation. Leaders’ behaviors are directed by their inner values and are inspired by their future vision. On the other hand, managers’ behaviors are mostly others-directed, and they are motivated by the targets they want to attain.

FunCtiOnal/OPeratiOnal

DiverGenCe

Leadership is a relationship (selecting talent, motivating, coaching, and building trust) between the leader and the led that can energize an organization. On the other hand, management is a function (planning, budgeting, evaluating, and facilitating)



ARTICLES


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“People ask the difference between a leader and a boss. . . .

The leader works in the open, and the boss in covert.

The leader leads, and the boss drives.”

Theodore Roosevelt

that must be exercised in any business. Leader- ship involves motivating people to contribute to the vision and encouraging them to align their self-interest with that of the organization. However, management is about allocation of scarce resources towards the attainment of an organization’s objective(s), the setting of priorities, the design of work, and finally, the achievement of results.

In managerial culture, roles are rigidly defined within the organization. Management controls the processes through the power of a small group—usually those members who take the orders directly from the top—instead of total team input. On the other hand, leadership culture empowers the employees by trust and gives them the freedom to fulfill their job responsibilities. Where leadership reframes the present employees of an organization through training and not rehiring, the emphasis of management is on rehiring resources; not reframing employees with more training.

In order to achieve better results, management strives to realize organizational efficiency, along with effectiveness within the parameters of the organization’s mission. However, leadership takes a different approach. Leadership creates and sells its visions to those who need to implement them, and evaluates whether these have been successful, along with determining what the next steps are. He uses an analogy of “trains” to describe the difference between leaders and managers. In his view, managers make the trains run on time, but it is leaders who decide the destination as well as what freight and passengers the trains carry.

Put simply, managers are more like tacticians whereas leaders are strategists. In other words, management works within the established para- digm while leadership creates new paradigms. Management operates within the established system whereas leadership improves the existing systems and establishes more and better systems.

Leaders provide vision and inspiration, and support the people to do things, whereas managers provide the resources and expect results. Leaders develop fresh approaches to longstanding problems and open issues to new options; managers act to limit choices. Whilst leaders inspire the purpose, managers are concerned about systems, controls, procedures, policies and structure. The main role of the leaders is to set a new direction for a group.



ARTICLES

Entrepreneur-‐ship Leadership

Administra2on Management

Organisa2on

Visio

n and Inno

va2o

n

Management Leadership

Strategy

Vision

People

Processes

Procedures


Table 1. Difference between leaders and managers

However, managers control, guarantee discipline, and introduce order according to established principles. Leadership is about knowing where the organization needs to go, whereas management is concerned with how to get there. At a further functional level, leaders recognize and select the talent, nurture the talent by motivating them, coach the talent, and retain the talent by building trust; while managers are task masters of planning, budgeting, evaluating, and facilitating. Table 1 presents, in the form of short summaries, the difference between leaders and managers.

hOw leaDershiP anD ManaGeMent OverlaP

Leadership and management are interrelated, may sometimes perform a similar function and achieve the same goals; but they are different and distinct. There is a sense that leadership is an aspect of managing which is overtly concerned with thinking about the long term future of the organization and fostering support for particular ideas. In this view, today’s businesses need excellent leaders and brilliant managers; visionary leadership and high-quality management. Over- emphasis on either one is neither healthy nor desirable for any kind of organization.

ARTICLES How Leaders Stand Out Among Managers



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“ Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against

the right wall.”

Stephen R. Covey

Perhaps the debate on the difference between leadership and management has been missing an important point. The point is that being a manager is not bad and being a leader is not better. Using labels such as “leader” and “manager” does not necessarily make a difference as to how organizations run. An effective executive needs a combination of both qualities: “what is needed is better management and better leadership”. In other words, an inspiring vision without structure is likely to result in chaos, while a robust structure without meaningful vision will result in complacency and perhaps catastrophe.

One could argue that rather than seeking to establish distinctions between managers and leaders, the two can be explained using the same processes and models. For example, executives could be trained for both leadership and management, hence developing skills for “managerial leadership” or as “leader-manager”. An executive who is able to strike a balance across both functions is not only futuristic, inspiring, and visionary but also good at delegating the tasks, empowering the teams, achieving the results and measuring the success. Such an executive is able to inspire the followers by developing trust, attracting and nurturing talent, and by continuous coaching and teaching. By employing a mix of leadership and management behaviors, a good executive directs the day-to-day affairs effectively (a role traditionally associated with management) while at the same time anticipates and manages change (the main role of leadership).

COnClusiOn

Much has been written on the difference between “leadership” and “management”; and between “leaders” and “managers”. There are striking parallels between “leadership” and “management” as well as “leaders” and “managers”. However, it is clear that today’s organizations need both leaders and managers. They need leaders with managerial capabilities and managers with leadership qualities. Therefore, it is important that organizations adopt strategies to systematically develop their professionals into managers who are effective leaders as well.




YP Bulletin Team(YPBT): Thank you for interviewing with us Dr. Rami. We would like to begin our discussion by asking you a little bit about yourself. What was it that made you apply for the YP Program when you joined IDB and what made you choose your line of work?

A Roundtable withDr. Rami Mahmoud SaeedYP batch of 1994

the YP bulletin team (Dr. shams-ur-rehman toor and syed husain Quadri) recently met Dr. rami Mahmoud saeed, senior advisor to the President of the iDb Group, and a veteran Young Professional. Dr. rami spoke about a wide range of topics including the development agenda of the bank, its role and relevance in the rapidly changing landscape of iDb Member Countries, and the role of young professionals in the future of the iDb Group. as a former YP, Dr. rami has not only mentored several Young Profes- sionals, he has also been actively supporting the YP Program in many ways. some excerpts from our discussion are reproduced here.

Dr. Rami: My passion towards development is mainly nurtured because of the various incon- sistencies and the potential that I saw in the Islamic world. Before being inspired in becoming a full-fledged development practitioner, I was still an IT professional in my mind. Even though being in a household where international development was frequently discussed, it was not until April 1994 when I made the decision to focus on development. The turning point was the death of my father who was a true development professional and a great inspiration for me and my brothers. I asked Dr. Abdel Aziz Moustafa, who was the then head of the YP Program, to do my third rotation in the Operations Complex. Since then I am here and still intrigued about the operations of the Bank and about what it is being accomplished for the Ummah. I was always inspired

with the ayah “You are the best nation produced for mankind” (Quran, 3:110). However, when I look at the human development indices for our Ummah, the figures are not aligned with the above expectations. As a result of this, I began to understand the importance of comprehending and implementing programs for development.

I believe that before joining the IDB, many of us have, in their own way, helped or thought about helping the Muslim Ummah in one way or another. This could be financial means, volunteering their time, educating others in Islamic Centres, giving their time back to their community and other ways. However here in the IDB, there is an unlimited opportunity to serve the Ummah and get paid for it. This is an added responsi- bility and privilege for us here at IDB. Look at how many people, who are smarter and probably more capable

Dr. Rami Mahmoud Saeed



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Dr. Rami : I must confess, our Vision 1440H is a tall order, and my generation of current Directors and Division Managers may not be able to take it forward as a whole. What we can do, however, is to create the necessary environment that is so powerful and conducive to attract and retain the right talent that can get us closer towards achieving the Vision 1440H. I believe almost everyone in this organization is striving and doing their best towards reaching the goal of Vision 1440. The changes that this institution is going through now maybe painful but necessary and overall I think we are on track, but moving slowly.

It is important that we create an environment which is so attractive to train and nurture talented people and to give them an opportunity to unleash their creativity and innovations. What we do need is to recruit the right talent, and ensure that we have a critical mass of people who have both, the right ethical and technical competencies. These two are of fundamental importance: Character and Competence. Only then we will be in a position to achieve our Vision. Otherwise, we will continue to be lagging behind other Multilateral Development Banks, and more seriously lose our relevance and importance for our Member Countries!

YPBT : Where do you see us falling short in achieving our Vision, and what are we doing to address these shortcomings?

Dr. Rami : It’s a tough question. There are many things that need to be in place. What I highlighted primarily is that in addition to the retention and empowerment of qualified individuals, we also need a higher level of support from our Member Countries, financial resources, and acceptance by Governments and other MDBs and development partners. This can only happen if we deliver results and

start making intellectual contributions in order to be truly a world-class organization.

If we have a critical mass of people who have the “can-do” attitude and spirit, they will be able to convince the Member Countries to be supportive of our needs, will be able to find ways to mobilize resources from the market, and will be able to produce intellectual contributions in the field of development, and forge strong working relationships and partnerships with governments, the civil society and other MDBs. These people can change the way we look at things. We need to focus on our strengths and hone our skills in the key strategic thrusts that we have in the IDB Strategy.

We must also realize that IDB’s comparative advantage lies in the Islamic finance philosophy and models. IDB needs to distinguish itself from the other MDBs by operationalizing effective development programs (in Awqaf for example); otherwise we will continue to be followers. At the same time we need to find or groom from within, the right calibre of gurus and experts who can represent IDB in the fields of Islamic Finance, Education, Healthcare, Poverty Alleviation, Agriculture, Infrastructure, etc. Without this I wonder how can we label IDB as a “Knowledge” Organization!

YPBT: How do you see the changing political landscape of our Member Countries affecting the development agenda of the Bank?

than us, but were not fortunate enough to have the opportunities we have to contribute to the efforts of developing our Ummah and restoring its dignity.

YPBT : Since graduating from the YP Program, we know that you have had a varied career in the Bank. Can you tell us some of the different roles and responsibilities that you have had to assume?

Dr. Rami : After two rotations in O&M and IT Department, I was confirmed in the Operations Complex of the Bank at the end of my YP Program, where I worked as a Project Officer till 1999. I was then selected to be part of a special core team (incidentally, 3 of the 6 members of the team were also YPs) that was eventually responsible for the establishment of the ICD.

I worked in ICD as an Investment Manager and then as Division Manager for Infrastructure. Then I re-joined the Bank in 2004 as a Division Chief for Infrastructure and Finance in COD-3 (MENA Region). Thereafter I became Deputy Director and then Director of COD-3. After the reform in 2009, I was appointed as Director of the Country Department, which was my last role before assuming my current position as an Advisor to the President. The transition from the Country Department to my current role enabled me to broaden my horizons and to see how all the other pieces come together and complete a bigger picture of the areas of development and challenges we face in achieving our Vision 1440H.

YPBT : With regards to the Vision 1440H that you mentioned and the challenges of resources that we have, how do you see us in the IDB, achieving these objectives?

what we do need is to recruit the right talent, and ensure that we have a critical mass

of people who have both, the right ethical and technical

competencies.



IN FOCUS


Dr. Rami : The changing political landscape will further expose the development needs of the people in our Member Countries and increase the pressure on the Bank (and other MDBs) to be more focused and responsive in order to stay relevant. The population of this Ummah has several core competencies which we should utilize. This Ummah is young (around 70 percent are under the age of 35), very passionate, and strong belief in the philosophy of living with dignity. I believe this is part and parcel of who we are. This Ummah has shown historically that it can achieve so much with so little.

Success and prosperity are common themes and we should translate these themes into elements that go into the design of our programs and projects. We need to see how this design and what we address is adding versus what other MDBs are doing. Similarly, for projects, we always need to address the context in which we are working (i.e. if we go to a village, we need to address the socio-economic challenges the village is facing instead of pre- scribing a “straight jacket solution” copied from the experiences of others or from the literature on poverty reduction, for example).

On a related point, since the launch of the Islamic Solidarity Fund for Development (ISFD), we are still unable to raise the funds that are needed in order to meet its objectives, and this is a major concern. But we need to address this concern through innovative solutions and novel ideas instead of waiting for the Member Countries to come and help. I believe efforts in this direction have begun and we hope to see the fruits soon, insha’Allah!

YPBT : In your view, what role can the Bank (and in particular the Youth in the Bank) play in

addressing the changing nature of challenges we see our Ummah is facing. Have we kept pace with this?

Dr. Rami : This will come after we have understood the development needs of the Ummah. With a new generation coming into the Bank, we need to perhaps present ourselves differently in a way to influence and shape the develop mental agenda for the Ummah. The Member Country Partnership Strategy (MCPS) should go a long way in enabling IDB to have a better contextual understanding of the problems our Member Countries are facing. For example, in countries like Egypt and Tunisia, we have started the dialogue to come up with a compre- hensive development package.

With regards to the question of the Youth in the Bank contributing to addressing the challenges we face, let me tell you that the recent successful E4E (Education for Employment) initiative sponsored by IDB and International Finance Corporation (IFC) was in fact the brainchild of one of our ex-colleagues and a former YP in IDB. He is currently a Manager in IFC. Last year, he contacted us to partner with the IFC to support this study and we agreed. So the potential of YPs for coming up with new ideas and ways of doing things is very high.

Another idea which a team of YPs will be entrusted with is organising a ‘Youth Conference’ on the margins of the IDB Annual Meeting. I believe that the Youth in the Bank can continue to grow and prove that they can foster healthy and creative work environments and gain the confidence of the Management of the Bank in order to take on more responsibilities and to play a bigger role in shaping the response of the IDB Group to the challenges of the Ummah.

this ummah is young (around70% are under the age of 35), very passionate, and strong belief in the philosophy of

living with dignity

YPBT : What about the connection between Islamic Finance and Development?

Dr. Rami : We must also be prudent enough to utilize our strengths. There should not be a Chinese wall between what is going on in the field of Islamic Finance and the field of Development. The more we succeed in making this convergence between Islamic Finance and Development, the more we are true to our mission. This opportunity to bring Islamic Finance and Development together will open up many opportunities. Our greatest contribution is how we can employ innovative products in line with Shariah for the sake of development...

YPBT :...like the restricted Mudarabah model...?

Dr. Rami : ...This is an example and a step in the right direction. We have recently used this and many more soon to follow, insha’Allah. The formation of south-south development programs and reverse linkage features can play a crucial role for us. We have to remember, we don’t have big super powers in our membership (like other MDBs) and we also don›t have a notion of receivers and donor countries. We should also pay attention to operationalizing “Islamic Values” - in deeds not in words- when we present the development efforts of the Bank. Let me share with you



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a story that highlights some of the gaps that we suffer from sometimes. In 2003, we embarked on a mission in one of our Member Countries. We visited a hospital that was labelled as an ‘Islamic Hospital’. I decided to ask the hospital management, what is it that makes this hospital ‘Islamic’? With a surprised look, they told me that they have doctors who begin their operations by saying “Bismillah” and help the patients with the “Talkeen” (when someone is dying), and their nurses wear the “Hijab”, etc. Well, this is all great. However, this cannot be sufficient for the hospital to be labelled as truly Islamic. What is Islamic about a hospital if the patients are not treated with dignity, if the hospital is not clean, if they don’t have the most competent nurses and doctors, etc.? These have to be core competencies which would enable us to use the “Islamic” label. If we call ourselves the Islamic Development Bank, then we need to be true to our words, and think of the implications and manifest the behaviors aligned with each one of these labels.

YPBT : You’ve made some very enlightening points Dr. Rami, which we are sure our readers would appreciate. On a final note, what would be your three key messages for the YPs to gear up and contribute to our Vision 1440H and to be the change that they want to see in the Bank?

Dr. Rami :

1) Think of the year 1440 Hijrah (it is only few years away). Are you planning to be here? Do you want to be in a thriving organization or not? If yes, then let’s get to work and make a difference. Otherwise, don’t waste your time. Life is too short, you may be useful somewhere else!

2) Don’t be threatened by the environment, resistance to change, or sometimes the lack of enthusiasm towards your ideas. Keep Thinking. Keep Learning. Keep Contributing.

3) Be Clear. Be Accommodating. Be Humble. But be Firm and Powerful. Because the challenges we have upon our shoulders are much bigger than what we think. Just walking in this building is an “Amanah”. We will be held accountable for every dollar we spend here, because this is the money of the Ummah. We will be asked in front of Allah whether we have exhausted all our capabilities to serve this Ummah, and whether we were true to the mission that we were entrusted with.

the more we succeed in making this convergence between islamic

Finance and Development, the more we are true to our mission.

BeClear

BeAccommodating

BeHumble

Butbe Firm

andPowerful

BecauseThe

challangeswe have upon our

shouldersare

much

biggerthan

what wethink.



IN FOCUS


A little over a year ago, depending on whom you spoke to, most people would say that life in the Middle East was either seemingly ‘settled’ or tragically ‘bleak’, but one thing they all would agree on is that life in the Middle East was: ‘predictable’. Fast-forward one year later to 1433H, and the only predictable thing left in the Middle East is its ‘unpredictability’.

Together, we witnessed the collapse of some of the most unshakable regions of the Muslim world in a domino of revolutions that occurred over a remark-ably short period of time in Tunis, Cairo, Tripoli and even Sana’a to a certain extent. With youth, civil societ-ies and non-governmental organisations as its leaders, the Arab Spring is pumping fresh blood into the once-dusty veins of a number of Middle Eastern societies. Either way it goes, it looks as if this trend will continue to define the rest of this decade, not only the region but also the world at large.

Dr. Rami Khouri, Director of Issam Fares Institute for Public Policy and International Affairs captures this moment accurately: “The current youth-led cit-izen revolt across much of the Arab world reflects massive dissatisfaction with prevailing conditions; it also indicates the desire and capacity of youth to work hard to fix the problems of the past and build more productive, more equitable Arab societies...”.

WhAT pAThS WILL ThESE COUNTRIES NOW CARvE FOR ThEmSELvES?

As youth-led movements still continue across the rest of the Arab world, the development agenda for the entire region has already seen rapidly shifting currents. The notion of developing a suitable and sustainable system of leadership and governance is central to the existence of any nation, today more than ever. Sus-tainable development, as described by the Brundtland Commission of the UN, is the “development that meets the needs of the present without compromis-ing the ability of future generations to meet their own needs”.

In light of these recent events, a number of platforms, conferences, and studies have been taking place in an attempt to find the root causes of the problems faced by the region and in turn, make recommendations to foster sustainable human development. According to one such initiative, the e4e report, supported by the Is-lamic Development Bank (IDB) and International Fi-nance Corporation (IFC) and conducted by McKinsey & Company, the Middle East suffers from the highest rate of youth unemployment in the world, currently recorded at over 25%. Female youth unemployment is even higher, exceeding 30% across the Arab world. The region’s labour force youth participation rates are among the lowest globally, currently recorded at 35%, compared to the global average of 52%. In total, the economic loss due to youth unemployment exceeds US$ 40 – 50 billion annually across the Arab World, equivalent to the GDP of countries like Tunisia or Lebanon. The youth bulge has in the past surfaced in regions across Asia, and in many cases has opened up economic opportunities for the countries in question.

they are a changin’......and so should we!

-Syed Husain Quadri

The Times

The Times They Are Changin’...and so should we!


IN FOCUS


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However, today’s bulge of the Middle East is becom-ing a pool of liabilities for the region.

While the expectations of the youth have been given a big boost by the revolutions in their countries, they face a reality check. There now exists a vast expectation gap, of what needs to be done vis-à-vis what can be achieved in a particular time period. Youth of the Arab world generally come from middle-income households; they are well educated, technologically connected and impatient. What they demand is no different to what people all over the world are demanding i.e. political liberalization, economic well being, social equality and justice. Increasingly, these fresh from revolution Arab governments feel like they are walking on a tight rope with their hands tied to their backs. With all the po-litical clean up still left, they have to deliver on these almost unrealistic expectations now and in full. Unless they adopt more concentrated and strategic plans, this complex task may become impossible to achieve.

SO...WhAT NEEDS TO bE DONE?

First, recognising that fair representation, equal op-portunities, firm establishment of the rule of law and accountability, are fundamental to making prog-ress and good governance, is of vital importance. To achieve this aim, it is necessary to first establish the trust, between the civil society and the ‘transitional’ political caretakers, that due process is being followed.

Second, it must be understood that the creation of adequate number and quality of jobs for the younger

generation lies at the heart of the challenge. However, all the countries embroiled in this current quagmire are starting from vastly different bases. In some cases you either have a plethora of well-qualified educated people that have the wrong qualifications for the oc-cupations that are in demand now or you have battle-weary tribal people with little or no qualification who have not had much access to education beyond basic level. They both are in need of better prospects. Their respective governments and the international develop-ment communities urgently need to support enterpris-es (both from the private and public sector) that have been active in the region and broaden their efforts to create a more enabling environment. This requires a more practical outcome-focused approach when es-tablishing more inclusive and wholesome programs that provide for: a) vocational education and IT train-ing; b) specialised training of the trainers and teach-ers; c) modern curriculum development in schools and universities; d) adoption of mobile technology in vari-ous settings; and e) setting up of exchange programs in the higher education institutions between countries of the MENA region with rest of the Muslim world and other emerging economies.

Third, to effectively tackle this problem - all stake holders must play their part. Therefore, it is absolutely crucial for governments to gain the confidence and full involvement of the private sector. Without the in-volvement of the private sector and its direct invest-ment, there may not be sufficient resources for creat-ing the job and matching the training requirements for the youth today. This relationship between the public and private sector needs to be defined in very clear and transparent terms with common set of objectives. Special endowment grants, ability to tailor curriculum to suit the needs and current trends of the market, subsidy for offering internships and co-ops and other such incentive driven programs will enable the private sector companies to have a greater say in finding solu-tions together with the government.

The Times They Are Changin’...and so should we!

Demonstrators hold the flags of arab nations aloft during a rally in Cairo›s tahrir square. PhOtO: aFP


IN FOCUS


“We must act jointly.We must act now.

The future of the regiondepends on it.”

Fourth, we need strategies that are tailored to each country’s specific circumstances so that countries can manage their affairs and natural resources indepen-dently and internally, without outside interference. Political opportunism, both rising from within and outside these countries can derail such progressive movements. Therefore, though capacity and leadership building must be encouraged and supported across all sectors of the country, it cannot be thrust upon any-one without the full involvement and ownership of such interventions by the host country itself.

Fifth, we must realise the status and role of women in shaping the future of these countries. Women have not only taken part in these struggles, indeed, they have been very much in the vanguard – they have organized themselves into communication and action networks alongside men and have used their influence and ex-periences in conflict mediation. Today they make up over 40% of the total labour force in the Middle East; but women’s entrepreneurship represents an unex-ploited opportunity in much of the Arab world. In the Middle East and North Africa only 28% of working age women enter the labour force compared to 65% in the OECD countries. Improving the social, education, work and health and safety conditions of women will prove to be a crucial element for the success of these development proposals.

LESSONS, FOR ThE REST OF ThE mUSLIm WORLD...

Countries where youth protests have still not become the norm are also now beginning to realise that mere dispensation of attractive economic packages for un-trained local labour force cannot ward off the threat of future instability in the region. They realise, that whilst these strategies may have worked in the past, it is unlikely to remain and be seen as valid in the face of increasing expectations. The Muslim world (both Arab and non-Arab) can seize this opportunity of ‘expec-tations’ to initiate dialogue within their communities,

strengthen district and regional councils, encourage scientific learning for the creation of knowledge based economies and inculcate a real sense of patriotic pride and belonging based on the principles of justice and ih’saan.

Rich nations should use their vast economic wealth to make worthwhile investments to promote the re-newable energy sector and equip its human capital resources by creating national youth-policy based ini-tiatives and other persuasive programmes for women empowerment. Though we should always be wary of the perils associated with imported ‘western’ ideals that are not reflective of local cultures and history, it would be unwise to use this as an ‘excuse’ to stall real change and innovation. Therefore, mainstreaming quality edu-cation, encouragement of liberal arts, social media and other forms of expression emanating from the param-eters of a uniquely progressive Muslim identity, should all be viewed as indicators of self empowerment and positive change, and not as a threat to society.

And lastly, we must remind ourselves that this ‘change’, was long overdue. Heavily skewed socio-economic de-velopment resulting in the polarisation of economic wealth and resources, had made this ‘change’ inevita-ble. As the boat rocked, the once sleepy waters stirred the civil societies towards recognising that ‘change’ can be for real. We must accept that this ‘change’ which takes on vastly different meanings and connotations, is here to stay. It’s better to change our own condition before we get changed.

Disclaimer: The views and opinions expressed in this article are the Au-

thors own, and do not reflect those of his Department or the Bank in general.

IN FOCUS The Times They Are Changin’...and so should we!



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TO REACH YOUR POTENTIAL, HAVE A CLEAR/ DEFINED GOAL.

On this trip, reaching Uhuru peak was the ultimate goal for me. Having this aim and defined goal in mind made memore determined and helped me during the times when I thought I couldn’t make it or I should turn back. (Ps. Don’t be surprised if once you reach your goal, it feels like it doesn’t matter anymore. That’s how I felt when I reached Uhuru, and then I suddenly realized that it wasn’t Uhuru that was the goal, but the whole journey was truly impor-tant).TO ACHIEVE IN LIFE, YOU NEED 1. PHYS-ICAL ABILITY, 2. MENTAL WILL, 3. DI-VINE ASSISTANCE.

1. PhYsiCal abilitY

I’m not saying that if you are disabled you won’t reach your full potential; there are many examples of disabled person-alities that have achieved far more than fully abled people. However, by physical ability, I mean that you have the abil-ity to force your body to go beyond its comfort zone and reach its full potential. As I said to you earlier, I’m not an adventurous guy or a trek guy, so my body was not accus-

I don’t want to bore you with the details of the trip and how it went, but I just wanted to share some lessons I’ve learnt:

“POLE POLE”

This is the swahili phrase for “slowly, slowly”. The porters and guides kept reminding us throughout our climb that we need to walk “pole pole”. If we walked too fast, we’d be overcome by altitude sickness and forced to descend. A lesson in life was learnt here: to reach the top in anything in life, you need to go slowly. Don’t rush it, but be consis-tent and you’ll make it inshaAllah.

“IT’S EASY TO CLIMB A MOUNTAIN BUT IT’S HARD TO STAY ON TOP OF IT FOR A LONG TIME..”

I remember this quote from my 4th grade teacher when I failed a few exams after I was an A student during all my school years. This advice took on a literal meaning during this journey; after reaching the Uhuru peak (the highest point in Africa), we were not allowed to stay there for more than 15-20 minutes due to fear that we would be overcome by altitude sickness. This is the Wisdom of Allah (Subha-nahu Wa Ta’ala), and it’s a strong lesson that no triumph in this world lasts forever and nothing remains high and on top except for He, Subhanahu Wa Ta’ala.

In June 2011, Allah (Subhanahu Wa Ta’ala) blessed me to undertake a memorable and life-changing adventure, in Africa: Mount Kilimanjaro, Tanzania. This 6-day trek tested me physically, mentally and emotionally, and truly taught me about the human potential.

From the Top of

Mohammed Faris

Mount Kilimanjaro

Reaching the Top of Kilimanjarov


EXPERIENCE


tomed to extreme conditions, but I forced it and tried not to listen to the voices that said “I’m too tired.”

b. Mental will

Never underestimate the power of will in all your endeav-ours.This muscle in our mind, if it’s strengthened, is the key to huge success in this life and the Hereafter. Strong mental will is saying “I can” when all those around you say “you can’t!” It’s about overpowering your physical in-ability and finding ways to reach your full potential. Call it ‘hard-headed’ if you like but it works and it’s very impor-tant to be determined to reach your full potential.

C. Divine assistanCe

Most people mention to you the first 2 qualities as the key to reaching your full potential, but I truly could not have reached the top of Kilimanjaro or even step foot on the mountain if Allah had not allowed me or helped me. Ask-ing Allah (Subhanahu Wa Ta’ala) for help throughout the journey was my spiritual booster. Divine assistance works in mysterious and amazing ways and you need to be con-scious to take notice; distances of journey are shortened, you feel strong physically and mentally, and it’s just amazing.

NEVER UNDERESTIMATE THE POWER OF FAMILY AND FRIENDS

A laugh, a cry, a hug, a du’a, or a smile are all boosters that each of us need from family and friends on our journey to reach our full human potential. (This is a special shoutout to my trek buddies who endured the Kilimanjaro journey with me and were there with me to the top of the mountain! You guys are wonderful, thank you for a wonderful experience!)

I can carry on with many more lessons and thoughts from

the trip, but I’ll leave

that for another time

inshaAllah. A special

thanks to all of you for

your support to raise

funds for Muslim Hands

as part of this Charity

Climb ; alhamdulillah we

exceeded the minimum

target and I pray that Allah accepts your

donations and all our efforts. Ameen.

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EXPERIENCE


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How will you measure your life?” This was the title of an insightful piece of writing published in Harvard Busi-ness Review (HBR) by Prof Clayton Christensen. He was sharing with HBR readers, the set of guidelines that he provided to Harvard Business School (HBS) students in order to find the meaning and purpose of life and what it entails to have everlasting hap-piness.

When I first read this article, I felt both privileged and at times humble. Privileged because virtually all the guidelines he was providing to his students are deeply rooted in our cul-ture and values: balance in resource allocation (giving to everyone due rights including parents, spouse and children), generosity and humility in one’s dealings, commitment to a well-thought life objective, focus on impact

LESSONS FROM THE

SOMALIA DROUGHTDONATION CAMPAIGN

on individuals rather than quantita-tive achievements and much more. I was also humble at the same time because despite having at hand allthese values and principles, we don’t apply them in our daily lives and tend to fall into the same trap as our highly-talented fellows that gradu-ated from Harvard. We tend to uti-lize the wrong measures to assess our achievements, and fail to “keep the purpose of our lives in front and center as we decide how to spend our time, talents, and energy”.

A few months back, we had all been exposed through the media to the hardships of our brothers and sisters facing the food crisis in the Horn of Africa. There is no doubt that every one of us has contributed in a way or another in assisting citizens that were suffering from the famine. These as-sistances included giving donations,

Salim Refas & Abdihamid Mao

making prayers, or simply sharing the news and encouraging family and friends to support the cause. May Al-lah accept all these actions from us and reward us by His Mercy in this life and the Hereafter.

Similarly, many YPs wanted to go above and beyond and sit together to brainstorm new ways to increase the

FOR A SUCCESSFUL LIFE

Live every day so that in the end your life will be judged a

success

Lesson from the Somalia Drought DonationCampaign


EXPERIENCE


exposure of our aid with the aim of having a greater impact. Many ideas were brought to the table includ-ing charity dinner, sale of ribbons, T- shirts or prize giveaways, online campaign and much more, and emails started to pour to discuss how some of these ideas can be implemented. A few days later, a suggestion was made to utilize the existing IDB-wide online donation campaign to collect and send our donations. It was a great joy to see that IDB already had such platforms in place to collect donations from staff members. Since the right mechanism and the momentum was there, the YPs

kept on encouraging each other to col-lect money, and by mid-September a few thousands of dollars in cash and through online donations were handed to the Zamzam Foundation.

Now to go back to the measurement of success, this initiative was to me a striking example about the difficulty we have to keep the purpose of our lives in front of us when we mea-sure our achievements. I was initially tempted to write about the success of the donation campaign in terms of hard cash donations. But is it really

what matters? Allah knows best what reward each of the participants will get in the Hereafter, and a single penny giv-en with the right intention can be more valuable there than millions. So defi-nitely money is not the right metric. Is it about energy and effort then? May be; but again, foolish intentions can slash the reward of thousands of hours of hard work. And on the other hand, little effort, like showing the path for good actions can bring immense reward. So how can we measure the success then?

Allah says in the Holy Quran Chapter 3, Surah Aal-Imraan, Verse 185: “Ev-ery soul shall have a taste of death! All of you shall get your full recompense only on the Day of Resurrection. Then only those will be Truly Successful, who escape the Fire of Hell and is ad-mitted to the Gardens! As regards the life of this world, it is merely a thing that deceives!”

Definitely there is no single right met-ric to measure success in this life. And we all get deceived by the pursuit of

wealth, fame and position. Yet it is no excuse to stop working, initiating new projects, motivating ourselves to or-ganize other donation drives such as the Zamzam one in the distant future. We are in need of any single action that matches the purpose of our life, however insignificant it might look to our blurred vision. As the Prophet (Peace be Upon Him) said: “Do not look down upon any good work” (Su-nan Abu Dawood). So thumbs up to our brothers and sisters who partici-pated in this successful campaign!

In the end of his article Prof. Chris-tensen recommends to “make the resolution to live every day so that in the end our lives will be judged a total success”. Every day we ought to renew our intentions and motiva-tions. We have to “stay hungry” for good actions, hungry for good work and achievements. Hungry, but not foolish: “A wise man is the one who calls himself to account (and refrains from doing evil deeds) and does noble deeds to benefit him after death; and the foolish person is the one who sub-



EXPERIENCE


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dues himself to his temptations and desires and seeks from Allah the fulfill-ment of his vain desires” (Sunan At-Tirmidhi). With this in our mind, our life will, Allah willing, be judged a success.

For more information you can go to the Zamzam Foundation website:http://www.zamzamsom.org/en/about.html

Link to the article by Prof. Christensen:

http://hbr.org/2010/07/how-will-you-measure-your-life/ar/5

Link to Zamzam Foundation : http://www.zamzamsom.org

the zamzam Foundation was founded, as a non-profit charitable organization, in Mogadishu in 1992, by a group of educated somali volunteers who responded to the humanitarian plight that existed at the time. Due to the deteriorating humanitarian conditions of the populations and the rising needs of the vulnerable communities, the zamzam Foundation expanded its humanitarian relief work to include water & sanitation, orphan and child care, education, health care, seasonal charities, construction & development and income generation for poor families.

hence, the vision of the zamzam Foundation is pioneering in the humanitarian relief & development work to advance the livelihood and humanity in the horn of africa. they are striving towards the reduction and/or eradication of poverty, illiteracy and diseases in the horn of africa through humanitarian relief and development work.



EXPERIENCE


Jeddah : The Wealth of Experience

JEDDAHThe Wealth of Experience

Coming from one of the coldest cities in the world - Ottawa, Canada - a move to Jeddah had seemed improbable but not impossible. Many views appeared opaque, but numerous vi-sions emerged to be transparent. A vision in contributing to the lives of millions, prospering the dreams of the unprivi-leged and building an everlasting friendship with people from different walks of life. That vision had become a reality

Upon my arrival to KSA, I pon-dered deeply about my new role and how I can contribute not only to the IDB Group but also to the city of Jeddah. With that in mind, I started exploring the wealth of experiences of this magnificent city. My journey started from the Rawdah Street, where the IDB compound be-came my home till I found a

ing from 1 to 10 started to take effect. Asalamu Alaikum be-came the words of friendship and the greetings of peace. The sight of palm trees became a norm and walking to a mosque after the call to prayer became a practice.

Friendship became an inte-gral part in reaching an ideal stage of euphoria. It was once said, “Much of the vitality in a friendship lies in honoring the differences, not simply in the enjoyment of similarities.” This proved not only to be correct in many ways but also provided me a feeling of familiarity, the feeling of multiculturalism.

For the first time, as I walked into the elevator in a dazzling at-tire, there was something which my eyes had never seen, my ears had never heard, and my mind had never conceived. As staff members started to come in from each floor, I started en-visioning IDB as my ideal soci-ety. A society that celebrates di-versity, respects the differences and builds bridges of reverence and understanding. I observed

permanent residence in the city. The first few days seemed lon-ger than ever with many pend-ing tasks. The clock was ticking yet I found myself envisioning the end of this colorful rainbow.

Arabic became my new lan-guage and the numeral system turned out to be my new com-rade. The importance of count-

EXPERIENCE

abdihamid Mao



Lorem Ipsum doLores Jeddah : The Wealth of Experience

the many ways of saying the simple comfortable words of “how are you”. Kayfa haaluk, comment allez-vous, habari yako bwana, nasilsiniz, ap kaise hain, kenalkan, bal ii waran, I be kayrato, siz necaesiniz and ka-mon aachen were the words ut-tered as hands were shaken and hugs were given. I tried to utter these words quietly, however it was very clear that my struggles had succumbed to my failure. I didn’t know what I was saying anymore, but I knew one thing and that it felt good.

IDB employees are known for their vast array of experiences.

From the warm climates of Asia and Africa to the blistering cold weathers of Canada, everyone strives to bring in expertise to the table. Not only can this be seen from the projects that are initiated but also from the con-versations that held in the hall-ways and meeting room. From ex-ministers to young interns, collaboration and compromise has continuously provided a means to success. Mike Ruther-ford has said “Being in a band is always a compromise, provided that the balance is good. What you lose in compromise, you gain by collaboration.”

As a result, collaboration was the main focus and that re-minded me of how we were all in together through the diffi-cult times of the financial crisis which impacted millions. I just hope that we continue to work together to improve our lives in the midst of recovery. Rest as-sured, with superior leadership and synergy with governments, high-class management from financial institutions, and strin-gent compliance procedures, we can prevent the occurrence of another financial crisis.

Despite the experiences that others shared with me prior to my arrival in Jeddah, I can be the first to say that I had not been prepared at all. The dynamics of this wonderful city has blown my mind away. Not only did I learn through the wealth of ex-periences that Jeddah offers but I also came to adore the vibrant feeling of multiculturalism in the workplace. As G.K. Ches-terton has said, “We have never even begun to understand a per-son until we have found some-thing that we do not understand. So as long as we find the char-acter easy to read, we are read-ing into our own character”.

EXPERIENCE



3ESession with Cheikh Ibrahima Fall

During a 90-minute 3E session held on 14 August 2011, twenty-some-thing YPs were inspired and enlight-ened by the insights and experiences of Br. Cheikh Ibrahima Fall.

The session started with Br. Cheikh Ibrahima Fall elaborating a bit on his background. He traced with the YPs, his career that spans more than 30 years, with time at the West African Development Bank, the African De-velopment Bank, and the World Bank; from Financial Analyst in MDB oper-ations to Vice President and Secretary General; up until his current position as Chairman of the Group Reform Im-plementation Team (GRIT) and Advi-sor to the President, IDB Group.

Drawing on his experience as a mem-ber of IDB’s Vision 1440H Com-mission and GRIT, Br. Cheikh Fall highlighted the nine strategic thrusts behind IDB’s Vision 1440 that include a reform of the IDB Group. He went on to identify the seven important S’s that the Reform seeks to address: strategy, shared values, staff, skills, structure, systems, and style of management, along with the addition of synergy. He reminded the participants about IDB’s shared core values, captured in the acronym ‘PRIDE’ (Performance, Responsiveness, Integrity, Dedication, Empowerment), and of IDB’s institu-tional culture model, which was also distributed at the end of the session with the request for all to display it on their desks. He explained that the Reform is divided into two phases,

at IDB, in particular. He pointed out to the YPs the progress of some of their predecessors within the IDB Group, and urged the current generation of YPs to remain focused and commit-ted, and optimistic about the future. “We still have not seen the end of this wave of change.” Among other things, he advised the YPs to share their ideas and feedback through the suggestion box.

All in all, it was an enjoyable and en-lightening session with Br. Cheikh Fall. The YPs and YP Unit appreciate Br. Cheikh Fall taking out the time to meet with them.

with Phase I addressing IDB Group Strategy, Organizational Restructure, and Staff Renewal; while the second targets Operational Policies, HR Poli-cies, Business Processes & IT, and Knowledge Management

Br. Cheikh Fall, who has never spent more than 10 years in a single city and is of the opinion that it takes 10 years to fully master an organization and build a network, advised the participating YPs to set up their own “personal pa-rameters” based on what they seek to achieve in their own personal careers. He mentioned that empowerment, not compliance, builds commitment (and that consultants can alternatively be referred to as “external experts”).

Speaking about what sets IDB apart from other MDBs, Br. Cheikh Fall proudly stated the following:

• IDB is not geography / regional-centric, as other MDBs, but rather its Member Countries are brought together by the shared value of Islam

• IDB is the only AAA-rated MDB without any AAA-rated Members

• IDB’s scope is not limited to its Member Countries – it also serves communities in non-Member Countries

• IDB is the only MDB with a trade - focused arm (ITFC)

• IDB is the only MDB connected to a political organ (OIC)

Br. Cheikh Fall emphasized the impor-tant role that youth and young people have in development, in general, and

“always see the light at the end of the tunnel which shouldn’t be an

incoming train”

zulekha Pirani

3E Session with Cheikh Ibrahim Fall


IN HOUSE


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RECOmmENDEDbOOKS

By DR. MARWAN SEIFEDDINEFormer Advisor to the President

1- On Leadership

-’Be - Know - Do’ - Leadership the Army Way, by Frances Hesselbein and General Shinseki Publisher: Jossey Bass

-The Leadership Challenge, by Kouezes and Posner - Jossey Bass

2- On Management

- Managing in the New Society, by Peter Drucker - Truman Talley Books, St Martin Griffin

-The Effective Executive, by Peter Drucker—Harper Business Essentials

3- On Creativity, Opportunities, Innovation

- Lateral Thinking, by Edward de Bono - Penguin Books

- Opportunities, by Edward de Bono - Penguin Books

4- On the New Global Context

- The World is Flat, by Thomas L. Friedman

- World Out of Balance, by Paul A. Laudicina - McGraw Hill

5- On Risk Management

- Managing Bank Risk, by Morton Glantz - Academic Press

Recommended Books


IN HOUSE


IN HOUSE From the Desk of the YPP Specialist

3E (ExpEriEncE EngagEmEnt & ExchangE) SESSionS

August 11 – With Br. Cheikh Fall, Advisor to the President & Chairman of the Group Reform Implementation Team (GRIT).

Despite the changes in the scheduling of the session, the enthusiastic participation of the YPs was very encouraging. The YPs turned up in good number, ready and eager to hear the experiences and insights of Br Cheikh Fall when he shared, among other things, the IDB Group’s change initiatives. Br. Cheikh Fall then made an interesting twist to the format of his presentation and focused on the interaction with the participants. There were very good exchanges made and the lively engagement would have continued were it not for time constraints. Even so, Br. Cheikh Fall ensured that the participants were familiar with the change model and ready to explain if they drop by his office later. The session ended on a high note and we received positive feedback. The YPP Team extends its appreciation to Br. Cheikh Fall for an inspiring and interactive 3E Session and to all participants for their engaging interaction. Get ready for more details of our forthcoming 3E sessions in 1433H!

Ypp training curriculumThe structured curriculum, debuted in 1432H, was implemented in full swing. While targeted for the under-rotation YPs, several training places were also provided for the extended YP family.

a) Sept 2011 Certified Islamic Banker course conducted by CIBAFI A good number of YPs participated in the course which also comprised of other Professional staff from the Bank. The course provided a good learning opportunity and skills upgrade in Islamic Banking, sharing and interacting with the more experienced regular staff as well.b) Oct 2011 Results-Based Logical Framework Workshop by George Montalvan, Universalia, the YPs were introduced to the concept and practical applications of the Results Based Log Frame. This workshop forms part of the Core courses under the YPP Training Curriculum.

From the Desk of theYPP Specialist

Mohamad adam



Lorem Ipsum doLoresIN HOUSE From the Desk of the YPP Specialist

a) July 2011YP Family Chill Out

The inaugural YP family chill out event was organized in July as a social gathering of YPs to provide a platform to get-to-know each other and hang out. The event served as a good informal introduction to the June batch of YP recruits. The event saw a gathering of new, current and confirmed YPs getting acquainted over a decent Turkish meal and a poolside arrangement of extreme PS3 gaming!

rEcrEation and Social activitiES

YPs are expected to excel in their academic pursuit, be successful in their professional development and robust in their social and recreational achievements. The conquering of Mt Kilimanjaro by one of our YP, Br. Mohamad Faris, is a testament to this. In further ensuring that our YPs continue to be well rounded, the YPP Team has been involved in facilitating various events and activities:



c) Sept 2011YP Mission Possible: Paintball

Mission Paintball was a success despite the setbacks sustained in the planning and implementation of this challenging venture. There was blood, gore, bruises and mayhem. In the end, with the coordination of our Mission Team Lead, Br. Mohamad Ashgar, it was indeed a mission completed despite “rogue elements” vent on disrupting the smooth execution of it. Several of our YP Operatives were “taken out” by those rogue elements and were unable to come while some faced with faulty navigation. Despite the odds, we came, we shot and we conquered! Well Done YP Operatives! You make me proud, alas along with several bruises, an injured knee and a whole day of recovery! It was fun and I personally enjoyed it. My kids were LOL when they heard I got shot in the head during the shootout. As for Br. Salim, I’m watching you bro...

b) August 2011 YP Annual Iftar

In the Holy Month of Ramadan, the YPP Team organized the YP Iftar 1432H which is an annual Ramadan gathering in the honor of the Young Professionals. Under-rotation YPs, those confirmed and graduated in 1432H and those involved in the activities of the Program were invited and honored in the event. The Iftar event was held at the Inter-Continental Jeddah in the Fish Market and Spears Restaurant”, where we secured an exclusive area for IDB. There was a great turnout and participants indulged in great food and good company, with some leaving with interesting table prizes.


IN HOUSE From the Desk of the YPP Specialist


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وتصنف صكوك البنك اإلسالمي للتنمية صكوك وكالة التى يتم مبوجبها بيع محفظة من األصول إلى شركة ذات غرض خاص متثل أصحاب الصكوك ثم يقوم البنك بالقيام بدور الوكيل للتصرف في هذه األصول. ولتداول الصكوك تشترط الهيئة الشرعية للبنك أن ال تقل نسبة األصول امللموسة عن % 51 في حني متثل عقود املرابحة واإلستصناع و السلم نسبة ال تتجاوز % 49. ولتداول الصكوك تشترط الهيئة الشرعية للبنك أن ال تقل نسبة األصول امللموسة عن % 51 في حني

متثل عقود املرابحة واإلستصناع و السلم نسبة ال تتجاوز % 49.

البنك مشاريع لتمويل األساسي املصدر املال، رأس في الزيادات إلى باإلضافة الصكوك، إصدارات تعتبر اخلتام في أصبحت حيث املوارد تعبئة سياسة حتسني من البنك متكن إلنشائه األولى بالسنوات مقارنة و للتنمية. اإلسالمي التوقعات املالية أساس هذه السياسة إذ أصبح باإلمكان في الوقت الراهن معرفة املبالغ املالية التي يحتاجها البنك للفترة العمل على في أن نساهم جميعا ينبغي التي النقاط تبقت بعض أنه بيد لتكلفتها. تقديرات موضوعية القادمة مع حتسينها منها خصوصا عملية احتساب التكلفة اجلملية لألموال املعبأة. لكن يجب االعتراف أن هذه اخلطوة في غاية التعقيد ألسباب عدة و خاصة بالنسبة لبنك ذا هدف تنموي باألساس. إذ أن إحتساب تكلفة رأس مال بنك غير جتاري وغير مدرج بالبورصة وفي نفس الوقت لم يوزع أرباحا قط تعد حتديا كبيرا. أما فيما يتعلق بتكلفة الصكوك فلعل األمر يبدو أكثر تعقيدا حيث أن الصكوك مت إصدارها بعمالت مختلفة و ذات عوائد ربحية مختلفة أيضا )منها الثابت ومنها املتغير(. و حتى و لو استنجدنا مببادالت األرباح أو العمالت )Profit Rate/Cross Currency Swaps( فسنصطدم

حتما بسوق للمبادالت األسالمية تنعدم فيه السيولة األمر الذي سينعكس سلبا على أسعار هاته املبادالت.

أختم بالقول أنه مما ال شك فيه أن حل هاته اإلشكاالت ميثل حتديا حقيقيا لكن دعونا نعمل بجد و إخالص يحذونا أمل كبير في النجاح وسيكون بإذن اهلل ما نريد.

محرم - ربيع األّول 1433 هـ العدد األول

النسخة العربية

8


هذه العملية ليست بالبساطة التي يتخيلها البعض حيث أن مصادر األموال مختلفة - منها داخلية وخارجية - و لكل مصدر تكلفته اخلاصة به. في مثل هذه احلالة يتم اللجوء عادة إلى ما يسمى معدل لتكلفة رأس املال. و من البديهي أن

ال ُيقبل أي مشروع إذا كان العائد املرجّو منه أقل من معدل تكلفة رأس املال.

البنك اإلسالمي للتنمية و سياسة تعبئة املوارد املالية

إعتمد البنك اإلسالمي للتنمية منذ انشائه سنة 1975 م على رأس ماله املدفوع من قبل املساهمني لتمويل مشاريعه التنموية. جتدر االشارة أنه سنة 1975، كان رأس املال املكتتب فيه 750 مليون دينار إسالمي فقط. في حني أنه جتاوز 17 مليار دوالر بحلول نهاية العام 2011هـ ،. حيث مّت الترفيع في رأس املال أربع مرات )سنوات 1981و1992،و2001و2006(. كما مّت الترفيع في رأس مال البنك بطريقة إستثنائية في عدة مناسبات أخرى بناء على طلب بعض الدول األعضاء التي

رغبت في زيادة حصتها في رأس املال.

و يعتبر جلوء البنك اإلسالمي للتنمية إلى أسواق الصكوك اإلسالمية كمصدر للتمويل اخلارجي حديثا نسبيا. غير أن البنك يعتبر العبا مهما في السوق نظرا إلى حجم اإلصدارات التي قام بها. حيث طرح البنك أول صكوك إسالمية سنة 2003 بقيمة 400 مليون دوالر أمريكي ممتدة على فترة إستحقاق بلغت 5 سنوات. في سنة 2005، قام البنك بطرح إصدار جديد بقيمة 500 مليون دوالر أمريكي بفترة إستحقاق بلغت 5 سنوات، وذلك عمال ببرنامج إصدارات متوسطة األجل أنشأ للغرض. ويعرض اجلدول التالي تفاصيل أهم اإلصدارات )العامة و اخلاصة( التي قام بها البنك و التي لم يتم

سدادها بعد:

أهم إصدارات صكوك البنك اإلسالمي للتنمية


7 محرم - ربيع األّول 1433 هـ العدد األول


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تعبئة املوارد املالّية

د. حامت غومة

تتخذها مالية قرارات ثالث أهم من واحدة املالية املوارد تعبئة تعتبر القرارت هذه أن فيه مما ال شك و األرباح. وتوزيع تشمل الشركات مترابطة ترابطا لصيقا حيث أنه يتوجب على مديري الشركات ما يلي:

1- إختيار املشاريع املناسبة التى من شأنها أن تنّمي رأس مال الشركة السياسة هذه )وتسمى للمساهمني املرجّوة املضافة القيمة حتقق و

بالسياسة اإلستثمارية(.املشاريع لتمويل املناسبة األوقات في املناسبة التمويالت إيجاد -2

املربحة التي مت إختيارها آنفا وذلك بأقل التكاليف. 3- إتخاذ القرار املناسب في كيفّية التصرف في األرباح الناجتة عن هاته

املشاريع مع مراعاة عنصرين إثنني وهما نسبة النمّو املتوقعة في املستقبل ومدى توفر التمويالت اخلارجية على أن تراعى في نفس الوقت أولويات املساهمني. وعلى هذا األساس تقرر الشركة نسبة األرباح التي سُتوزع على املساهمني و النسبة

التي سيتّم إعادة إستثمارها داخليا لتمويل مشاريعها.

و سيتم التركيز في هذا املقال على قرار متويل املشاريع أو تعبئة املوارد. فكما أسلفنا الذكر، تهدف هذه السياسة إلى تقييم املبالغ املالية التي حتتاجها الشركة لتمويل مشاريعها و محاولة تعبئتها.و يراعى في ذلك معيارين أساسيني وهما توقيت احلصول على التمويل و تكلفته. حيث أن احلصول على األموال الالزمة في غير وقتها سينتج عنه غالبا تكاليف اإلقتراض إلى أو األضطرار، في أحسن األحوال، اإلستثمار في مشروع مربح تنجر عنها ضياع فرصة أن إضافية ممكن

بتكلفة أعلى في صورة ما إذا متسكت الشركة باإلستثمار.

و تعتمد الشركات في الغالب على مصدرين أساسيني لتعبئة املوارد: مصدر داخلي يتأتى من إعادة إستثمار نسبة من األرباح السنوّية و مصدر خارجي يتم فيه اإللتجاء إلى األسواق اخلارجية. و بدوره ينقسم هذا األخير )التمويل اخلارجي( إلى قسمني: التمويل عن طريق الترفيع في رأس مال الشركة )أي اللجوء إلى املساهمني - جدد كانوا أو أصليني- لضّخ املزيد من األموال( أو التمويل عن طريق اإلقتراض سواء كان في صورة طرح عام )على غرار السندات( أو طرح خاص أو قرض بنكي. وإختيار احدى الطريقتني )املساهمة املباشرة في رأس املال أو اإلقتراض( يخضع إلعتبارات عدة لعّل من أبرزها إستعداد املساهمني األصليني لقبول مساهمني جدد باإلضافة إلى مستوى املديونية بالنسبة للشركة وكذلك أسعار

الفائدة.

إحتساب أال وهي املوارد تعبئة األخيرة من سياسة املرحلة تأتي املشاريع، لتمويل الالزمة األموال اثر احلصول على و اخلطوات من املال( رأس تكلفة أيضا )وتسمى املوارد تعبئة تكلفة تقييم يعتبر و املعبأة. لألموال اجلملية التكلفة

احلاسمة واملصيرية ألن تكلفة املوارد املالية املعبأة تؤثر بصفة مباشرة على سياسة االستثمار )السياسة األولى(.




بدايايت مع التحَدي اجلديد

اإلمام زين

كنت آخر من إلتحق ببرنامج املهنيني املبتدئني. وكان ذلك يوم غَرة سبتمبر من السنة امليالدَية املنصرمة . لم يكن قرار التحاقي بالبنك سهال خاصة وأنه قد ينطوي على تغيير مساري الوظيفي برَمته. ولكنه في اآلن نفسه كان ميثل حتدَيا جذابا وفرصة وجتربة مطمحا يعتبر للتنمية اإلسالمي البنك في فالعمل إستثمارها؛ من بَد ال فريدة ليس فقط من أجل السمعة البنك التي يتمتع بها البنك ورسالته الَسامية، بل التي يتمتعون بها الثقافية ملوظفيه ومزيج اخلبرات واملعارف أيضا لتعدد املشارب مما يجعل العمل في محيط كهذا فرصة هامة لإلستفادة والتعلم. العمل في البنك هو كذلك فرصة جَيدة لإلطالع على تطبيقات املالَية اإلسالمية والتعَرف، بحكم يزيد مما وثقافيا إقتصاديا مختلفة ومجتمعات دول على املؤسسة، عمل طبيعة

التجربة عمقا وثراءا.

ما هي انتظاراتي من عملي في البنك؟

من الطبيعي أن تكون لدَي آمال وطموحات كبيرة أرغب في حتقيقها؛ بانطواء هذا الشهر أمت شهري الرابع في البنك وأستطيع القول أَن الفجوة بني املأمول واملتاح ليست – إلى حَد اآلن – كبيرة غير أَن األمل يحدوني أن تزداد هذه الفجوة

ضيقا مبرور األيام.من الواضح أن للبنك ثقافة مؤسسَية خاَصة، جتمع بني دينامكَية التطَور واالمتثال الكامل للسياسات واللوائح. فالقواعد واألنظمة تقود حركة التطَور وفق نسق هادئ وثابت. وقد يكون التكَيف مع هذا النسق صعبا في البداية، ولكن باإلصرار

واملثابرة، واحترام القيم املؤسسَية والثقافَية، يصبح التأقلم ممكنا وكسب هذا التحَدي أمرا قريب املنال.

أسَرتني كثيرا روح التعاون التي وجدتها في البنك إذ الحظت أنه وفي كل مَرة أحتاج إلى مساعدة، أجد من يقَدم لي النصح والعون من حيث ال أحتسب، تساءلت هل ذاك ألنني مهنَية مبتدئة في بداية املشوار؟ غير أني أعتقد أن األرجح

أن هذا جزء من ثقافة البنك وهو ما ستكشفه لي األَيام.

كنت محظوظة، على قصر الفترة التي قضيتها في البنك، إبأن لتقيت أناسا على مستوى عال من املهنية واجلدية، متفانني التعامل معهم أن اإلميان واإلخالص البنك وأهدافه، مؤمنون برسالته، أدركت من خالل لرؤية في عملهم، مخلصني

واجلدية هي العوامل التي تصنع النجاح. أقول أخيرا أَنه يجب علينا نحن معشر موظفي البنك أن ندرك األثر الذي يتركه عملنا في حياة الناس، فإما أن نخلد إلى األرض ونقعد عما تسمو اليه النفوس العزيزة، وإما أن نواصل حمل املشعل ونكمل ما بدأه السابقون، اخليار لكم

وأمركم بني أيديكم.




Lorem Ipsum doLores

إىل األمام موريتانيا أَول مهمة معل مع البنك:

د. دمحم عيل الشيط

بدأت أكتب هذه األسطر وأنا في الطائرة في طريقي إلى نواقشط. بعد ستة ساعات ونصف في الطائرة بني جَدة و الدار البيضاء وأربع ساعات من اإلنتظار في املغرب ولم يزل أمامي ثالث ساعات أخرى حتى أصل، يا إلهي ملاذا كل هذا؟ الى

أين نحن ذاهبون؟ إلى القمر؟! آه أين أنت يا جَدة؟ كم اشتقت إليك وإلى زحامك!

أشرق اليوم الثاني ملهمتي وأنا مع باقي أعضاء البعثة في موريتانيا. لكَن رحلتنا لم تنتهي بعد إذ يجب أن نذهب إلى نواذيبو )500 كلم شماال(، مع العلم أَن وسيلة

النقل الوحيدة املتاحة لهذه الرحلة كانت السيارات.

إنطلقنا إلى وجهتنا متوكلني على اهلل وكانت احلرارة شديدة اإلرتفاع واملسافة طويلة ولم تكن السيارة مجَهزة مبكَيف لكن، وهلل احلمد، كانت املعنويات مرتفعة وكنت

في حالة ترقب ملعرفة ما تخبئه لي هذه الرحلة األولى.

دامت الرحلة أربع ساعات قطعنا فيها صحراء شاسعة قاحلة مقفرة من أي مظهر من مظاهر احلياة لم نكن نشاهد أثناء هذه الرحلة، من حني آلخر، سوى بعض البدويني البسطاءالذين يفتقدون ألبسط مقَومات احلياة الكرمية. تساءلت في نفسي ماذا يحصل لو أن احدهم مرض، ماذا سيحصل لوأن إمرأة أتاها املخاض، ماذا وماذا ثم ماذا علما وألن أقرب »مستوصف«

يبعد 200 كلم عن املكان الذي رأيت فيه هؤالء القرويني!!

بدأنا العمل إذن بعد يومني من وصولنا مرهقني من السفر. كنا في إجتماعات متواصة مع ممثلي املؤسسة موضوع الزيارة. للتنمية. كانت اإلسالمي البنك املمَولة من طرف اآلالت وتفقدنا ملعاينتها التي جئنا املشاريع زيارة إلى تنقلنا كما اإلجتماعات جَد مميزة و لكن زيارات املصانع كانت أكثر إفادة لي شخصَيا ألنها سمحت لي أن أفهم طبيعة عمل هذه املنشآت وتعلم الكثير من األشياء. طوال الزيارة، كنا نشهد الكرم احلامتي ألهل موريطانيا الطيبني، بارك اهلل فيهم، حيث

أكرموا وفادتنا ودعونا إلى مأدبة سمك لعلها من أطيب ما أكلت في حياتي.

إنتهت إذن رحلة العمل األولى ولكن صورها لن متحى أبدا من مخيلتي وستبقى الدروس والعبر املستقاة منها راسخة كذلك في ذهني. كم هي كبيرة املسؤولية امللفاة على عاتق البنك اإلسالمي للتنمية في هذه الربوع. ،سأل اهلل أن يوفقنا

حتى تكون تدخالت البنك بلسما شافيا إلخواننا وأخواتنا ممن قست عليهم احلياة في مشارق األرض ومغاربها.


محرم - ربيع األّول 1433 هـ العدد األولLOREM IPSUM DOLORES1 - 201246 MUHARRAM - RABI I 1433H 1ST ISSUE

LOREM IPSUM DOLORES1 - 201246 MUHARRAM - RABI I 1433H 1ST ISSUE


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فتح كيفية عن احلضور من املتكررة التساؤالت تلك انتباهى وأثارت حساب بالبنك أو احلصول على قرض سيارة وكذا محاوالتنا املضنية والتى استعنا خاللها مبنظمات دولية أكثر شهرة للتعريف بالبنك كنظير أو مشابه

لتلك املؤسسات.

أما عن املفاجأة الثالثة، فقد متثلت فى ضعف املستوى األكادميى والعملى ألغلب احلاضرين والذين لم تأت سيرهم الذاتية مبا يؤهلهم للتقدم لبرنامج املهنيني املبتدئيني. فإما جتد مؤهاًل ولكن بسن يتعدى احلد األقصى للبرنامج وذهلت التقدم. مع شروط يتماشى دراسى مؤهل بدون مناسبًا عمراً أو جاء والذى العمر من والعشرين احلادية ذى الشاب لهذا عندما حتدثت متسائاًل عن ما يقدمه البنك من فرص عمل ومقابل مادى وممسكًا بسيرته الذاتية لتقدميها إلى. وكلما سألته عن مؤهالته العلمية أو خبراته العملية، كانت اإلجابة »ما عليك من هذا، متوفر واحلمدهلل« وكلما حاولت جذب إلى اإلجابة. نفس ويكرر يبتسم كان للبرنامج، التقدم لشروط انتباهه الكبرى مقترنًة بتفسير ملا سبق عندما تغير وجه ذلك أن جاءت الصدمة املبتدىء للمهنى املتاحة والبدالت املادى املقابل عن أحتدث وأنا الشاب وارتسمت انتهيت. حتى كمان؟« »ايش السؤال بنفس يالحقنى وهو على وجهه االبتسامة الثانية وهى ابتسامة مختلفة عن سابقتها حتمل الكثير بالسخرية ومتبوعة بكثير من األسئلة عن شهاداتى املختلط التعجب من األكادميية وخبراتى العملية وكأنى أنا الباحث عن الوظيفة ال العكس. وملا مكترٍث غير املنضدة على لتسقط يده من الذاتية سيرته ألقى انتهيت، بها وهمس إلَي مبتسمًا »أنا أحصل على ....... كراتب شهرى أساسى وربع مَرة ميثل الرقم هذا كان وللعلم والبدالت« املميزات باقى بخالف التثبيت. كل ما سبق لم يحرك لى املبتدىء عند املهنى ما يحصل عليه ساكنًا أو يوقظ لى نائمًا ولكن ما أثار حفيظتى و غّير لتفكيري وجهته هو ما وقعت عينى عليه بالصدفة وأنا أمللم األوراق مع نهاية اليوم ألجد نفسى مذهواًل مبا متسك به يدّى. التعليم األساسى هو كل ما أكمله ذلك الشاب

من مؤهالت علمية!!


للمهنيني كممثاًل إلختيارى انتابنى الغامرة بالسعادة شعور السنوى »جناح 2011« التوظيف منتدى فى بالبنك املبتدئيني أكتوبر. من 20-17 الفترة فى املتحدة العربية اإلمارات بدولة ومنذ اللحظة األولى، مت إعداد خطة عمل لهذا احملفل القومى وكذا صياغة استراتيجية تتركز على عدة محاور أهمها اجتذاب أنسب زيادة مع البنك فى للعمل واملؤهلة املختصة البشرية الكوادر

املعرفة مباهَية وأنشطة البنك فى الدول واملجتمعات اإلسالمَية.

فى طريقنا إلى أبوظبى ،حيث مقَر املنتدى، خالطتنى العديد من من للخروج وطموحات- بآمال مدعومة واملقترحات- األفكار مخيلتى فى يدور كان واملكاسب. النتائج بأفضل احلدث هذا )حيث اجنلترا فى التوظيفَية للمنتديات املعتاد املشهد هذا حصلت على تعليمى األكادميى( واجلموع العريضة من الشباب الذاتية سيرهم واملتخمة بالطموح عيونهم املمتلئة والشابات لنيل علنَى وحتٍدَ شرسة منافسة فى العلمية الشهادات بأفضل

الوظائف فى املنظمات الدولية والشركات العاملية.

الشديد واحلماس للحدث االفتتاحى اليوم ومع األولى وللوهلة لهذا التحدى، كنا على موعد- أنا واألخ/آدم أخصائى برنامج الثقيل العيار ذات املفاجآت من العديد مع املبتدئني- املهنيني أولها ضعف اإلقبال الشديد على البنك مقارنة ببقية املؤسسات والهيئات احلكومية واخلاصة املشاركة. وبالرغم من استخدام كل ما هو متاح من مواد مقروءة ومرئية إلجتذاب العابرين- إن جاز الذى األمر املرجَوة. بالنتائج احملاوالت تلك تأت فلم التعبير- اضطرنا لتغيير االستراتيجية والبدء فى أخذ زمام املبادرة والتحدث إلى املارة دون االنتظار واالكتفاء بتبادل النظرات واإلمياءات من آٍن آلخر. وبالفعل بدأ تدفق الزائرين فى التزايد ملعرفة ما ميكن للبنك

أن يقدمه من فرص عمل.

املفاجأة وقت جاء املنتدى، فترة مدار وعلى اللحظة هذه وفى الثانية والتى لم أكن أتوقعها كوافد جديد لم يكمل عامه األول بالبنك أال وهى عدم معرفة أٍى من الزائرين مباهية البنك كمنظمة دول مختلف فى العديدة التنموية وأنشطتها ثقلها لها دولية العالم. استوقفتنى هذه احلقيقة الدامغة التى أبى أن يقبلها عقلى فى كل يوم من أيام املنتدى وأصبحت متلهفًا ملقابلة أى شخص

على دراية بالبنك اإلسالمى ولكن دون جدوى.

آمال ومطوحات أم واقع وحتّديات!! برناجم املهنّيني املبتدئني ىف اخلليج العرىب:

د. مصطىف عبد اهلل




Lorem Ipsum doLores

محرم - ربيع األّول 1433 هـ العدد األول


وإذا كان الشباب هم الترياق الذي يحافظ به البنك على شبابه وعنفوانه متجّددين على الّدوام فإنه ال يخفى على لبيٍب حاجة احلديد إلى النار ليلني ويصير منافع للناس وحاجة كرمي األحجار إلى الّصقل والّشحذ حتى ُتِشّع بريقا يسحر األلباب، وكذلك هم الشباب فطاقتهم بحاجة إلى ترشيد وقيادة وطموحهم بحاجة إلى توجيه وبصيرة، فال ِغنًى لنا عن من سبقونا باإلميان والعمل نستلهم منهم ونقّر بفضلهم وُننزلهم املنازل التي يستحقونها من اإلحترام والتوقير ونتعلم من جتاربهم ونأخذ من سمتهم ونثني لهم الّركب تواضعا

وتعلما.

ولئن كان الطموح محمودا فإّن اجلامح منه قد يؤّدي إلى ما ال يحمد من العواقب لذلك كان الّصبر من أعظم الفضائل، فلنتحلى معشر الشباب بالّصبر واإلخالص واملثابرة ولندرك أّن احلياة زرع يليه حصاد وملن صبر فإن ذلك من عزم األمور ولن يضيع اهلل أجر من أحسن عمال، ولو بعد حني. هذه بعض الرسائل أردت توجيهها لنفسي بداية ثّم إلى زمالئي من املهنينّي الشبان لعلها تذكر ناسيا

أو تنّبه غافال.

وألّن اإلستعمال واإلستبدال سنن ماضية ال حتابي أحدا، فإن إخوانكم في هيئة حترير نشرة "املهنينّي الشّبان" يتخلون طواعّية عن مهامهم بصدور هذا العدد ويسلمون ملن خلفهم من زمالئهم أمانة يحسبون أنهم أرجعوها أفضل حال مّما أخذوها، راجني لهم متام التوفيق واعدين إّياهم بالدعم واملؤازرة متى احتاجوا إلينا وتلك سّنة احلياة ولن جتد لسنة اهلل تبديال ولن جتد لها حتويال إمنا هي أيام

تتداول بني الناس.

وألّن أصعب األمور بداياتها، نستهّل هذه العدد العربّي األّول بنذر يسير من املشاركات الطّيبة وهو عدد “جتريبي” أردنا من خالله أن نرى مدى تقّبل القّراء لهذه الفكرة ومدى استجابة الزمالء وإقبالهم على املشاركة في هذا اجلهد بكتاباتهم وآرائهم. ويحتوي هذا العدد الوليد على أربع مقاالت حيث يستعرض بداية د. مصطفى عبد اهلل في مقاٍل شّيق األسلوب جتربته كمشارك وممثل للبنك اإلسالمّي للتنمية فى منتدى التوظيف السنوي "جناح 2011" بدولة اإلمارات العربّية املتحدة. أّما د. محمد علي الشطي فاختار أن يقّص علينا في مقاله الذي جمع بني اجلدّية والطرافة وقائع أّول مهّمة عمل –إلى موريتانيا- يشارك فيها منذ إلتحاقه بالبنك. كما تشاطرنا األخت زين اإلمام بعض التأّمالت حول جتربتها احلديثة مع البنك إضافة إلى اآلمال التي تعلقها كمهنّية "شاّبة" على هذا التحّدي اجلديد. أخيرا وليس آخرا، يشارك د. حامت غومة مبقال تعليمّي نافع حول سياسات تعبئة املوارد املتبعة في عالم املال واألعمال معّرجا فيه على سياسة البنك اإلسالمّي للتنمية في هذا املجال مستعرضا باملناسبة أهّم إصدارات الصكوك التي قام بها

البنك.

وال يفوتنا في هذه اإلفتتاحّية أن نتوّجه بأخلص التهاني إلى زمالئنا مّمن أكملوا برنامج "املهنّيني الشبان" وثّبتوا في اإلدارات التي إختاروها أومّمن إرتقوا في السلم الوظيفي متمنني لهم دوام التفّوق والنجاح.

أخيرا، نُثني على كل من ساهم، من قريب أو بعيد، في إخراج هذا العدد بحلته اجلديدة التي ترون، آملني من صميم الفؤاد أن يحوز على رضاكم، راجني من اهلل أن تستمر نشرة “املهنيني الشّبان” لبنة خير في صرح خير، متألقة كما عهدناها دوما.

دمتم على محّبة د. نبيل غالب

املشرف على النسخة العربّية لنشرة “املهنّيني الشّبان”

تنويه: المقاالت المنشورة تعبّر عن آراء كتابها وال تعكس بالضرورة وجهة نظر البنك اإلسالمّي للتنمية.

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افتتاحّية العدد األّول من نشرة' “ املهنّيني الشّبان ”'

لرحيم ا ْحَمِن لرَّ ا اهلل بسم للعاملني رحمة اهلل رسله أ لذي ا على لّسالم وا لّصالة وا

حتّية طّيبة وبعد،

إنه ملن دواعي الفخر واإلعتزاز أن أخط بقلمي إفتتاحّية العدد األّول من النسخة العربّية لنشرة »املهنينّي الشّبان«، شّبانا سّميتهم ال مبتدئني ألّن الشباب لم يكن أبدا مقرونا بالنقص ولنا في أسامة بن زيد رضى اهلل عنه عبرةً ومثال.

اإلسالمّي البنك في وتخاطًبا ً القرآن كتابة لغة إنسجاًما مع رسمّية ً تأتي حقيقة العربّية باللغة الناطقة النسخة هذه للبنك، كيف ال الثقافّي املشهد ثراء وتنّوع لتعكس اللسان األعجمّي لنظيرتها ذاِت أردناها مكّملًة للتنمية، نسخًة

وأكثر من ستني جنسّية متأل مكاتب البنك وأروقته في متازج بديع ترى الّدين فيه جامًعا.

نسخة ٌعربّية قد تتبعها قريبا أخرى فرنسّية لتكون نشرة »املهنّيني الشّبان« جامعًة مجّمعة ومنبرا لهذه الفئة من املهنينّي، التي أعتّز أمّيا إعتزاز بالإلنتماء إليها، ومتنفسا للتعبير عن آرائهم ومقترحاتهم وجتاربهم باللغة التي يشاؤون.

وإذا نسيت فلن أنسى أبدا صباح ذاك اليوم من أّيام خريف مدينة جّدة منذ ما يزيد عن سنتني خلتا عندما وطأت قدماي مقّر البنك اإلسالمّي للتنمية ملباشرة وظيفتي كمحلل مالّي »شاّب« قادم بعيون حاملة وطموحات هّدارة ورغبة جامحة في اإلجناز. ومّرت األّيام مرور الّسحاب، أو تكاد، وأنا أرى البنك يجتهد ليطّور أداءه في سعي دؤوب ال يكّل وعزم وإرادة واضحتني يحدوه األمل في ذلك لإلرتقاء إلى مصاف نظيراته من املؤّسسات املالّية الدولّية وعيون القائمني عليه شاخصة نحو أفق زمنّي )1440 هـ( يراه غيرهم بعيدا ويرونه قريبا، لم يتبّق منه إاّل القليل، إذا قورن بحجم اإلجناز املروجّو حتقيقه.

ال يستطيع منصٌف أن ينكر أّن البنك تطّور نحو األفضل وبدأ في جتديد دمائه وحتديث أسلوبه ليتكّيف مع تغّيرات متطاحنة يُؤّز بعُضها بعَضا، أْملت واقعا دولّيا جديدا تتبعه حتّديات جسام ال مناص من التأقلم معها. يواصل البنك إذن مسيرته التنموّية زارعا ضوء األمل أينما حّل وارحتل في ربوع أّمة هي في أشّد احلاجة إلى األمل مستعينا في ذلك، بعد

اهلل، مبال هو قوام األعمال وعلم ينير ظلمة اجلهل، مال وعلم قال فيهما الشاعر:

**** لم ينب مجٌد على جهٍل وإقالِل باملال والعلم يبني الّناس مجدهم

وألّن خزائن الّسماوات واألرض ُفتحت على هذه األّمة لم يكن املال عائقا في ذاته في حني كان العلم حتّديا واجهه البنك بحصافة فسعى منذ تأسيسه إلى إستقطاب كفاءات هذه األّمة، و ما أكثرها، فكان أن إستحدث برنامج “املهنّيني الشّبان” وهي بّوابة التوظيف الرئيسّية للبنك مراهنا بذلك على الشباب املسلم املتعلم الطموح املؤمن برسالة التنمية وما أروعها من رسالة إذا شفعت بنّية. ولم يندم البنك في تقديري إذ أبلى هؤالء الشباب البالء احلسن وكانوا الّسواعد التي ال تكّل والطاقة الهّدارة املتفّجرة التّواقة إلى معالي األمور. بل ومنهم من تدّرج في املؤّسسة حتى بلغ فيها من التكليف ما يشّرفنا نحن املهنّيني الشّبان ويحثنا على اإلقتداء بهم والسير

على دربهم رغبة في حسنة في الدنيا ومثلها في اآلخرة.


ىو

تحمل

ا

االفتتاحّية.................................. 1

برنامج املهنّيني املبتدئني فى اخلليج العربى: آمال

وطموحات أم واقع وحتّديات!!.................... 3

أَول مهمة عمل مع البنك: إلى األمام موريتانيا....4

بداياتي مع التحَدي اجلديد........................5

تعبئة املوارد املالّية .............................6

املهنينّي املبتدئني

Documents

YP Bulletin 1433/2012 1st Edition