This year the SCIEF ran the ‘Financing a better world: What is Out There? 2015’ competition. Following the success of the first edition of the competition, we not only wanted to foster new ways of getting funds for projects and initiatives, but also to understand the views of youth regarding possible alternatives to present financial practices, and to help them look into new alternative ways that Islamic finance, ethical banking and other non-banking alternatives can provide for their financial future.
Since 2008, many experts believe that the causes of the financial crisis include too much leverage for banks and companies; as well as too much derivative “complex synthetic products” as the most relevant. There is therefore a social move that demands financial organization to emphasize more the real economy as opposed to the financial economy as has been the trend in the last few decades.
Thus many savers and financial consumers are looking to different ways of doing finance that will meet the financial needs of the people, taking into account, morals, ethics and need to improve the societies in which they belong to. All in order to help their communities activate economic initiatives and in this new context; alternatives such as Islamic Finance, Ethical banking as well as other Non-banking solutions are of special relevance. Ethical Banking, Islamic Finance and Non-banking solutions, they all have in common they all want to make a positive and lasting impact in their communities.
The youth are among the most affected by the situation, because they will be the ones that have to bear the excess leverage of the present generation, and they have very limited access to the financial resources needed to make their own economic ventures. Our aim was to find and support innovative strategies for financing their social impact project.
A morning breakfast was organized where the finalists selected by the jury presented their projects in IE Business School´s Area 31.
The finalist projects were:
1. GENTENG HEALTHY MARKET (INDONESIA)
2. RURAL AUSTRALIA LAUNDRY SOCIAL ENTERPRISE (AUSTRALIA)
3. THE MANJERI SCHOOL PROJECT – MIXED FARM FINANCE (AUSTRALIA)
4. JEDDAH 3D HOUSE PRINTING FOR HOMELESS BY ISTISNA’A (SAUDI ARABIA)
5. DEXINDE. UNA EXPERIENCIA DIFERENTE (SPAIN)
6. ENNOTA.COM. SIMPLE FINANCIAL MANAGEMENT FOR MENA REGION (EGYPT)
7. RECYCLOIL (SPAIN)
Thanks for everyone who made this possible and see you next year!