View latest response IWM Response 7 October 2021
Gender inequality is still prevalent in many communities across the globe. Women and girls continue to share a disproportionate burden of poverty, hunger, inequality and violence, while gender imbalance persists within a vicious cycle of pain and indignity. Although several international laws have been passed and many policy measures have been adopted, gender equality remains one of the most pressing social, economic and political issues affecting modern society.
A MULTI-FACETED APPROACH
Identified by the United Nations as the Sustainable Development Goals (SDGs), women’s equality and empowerment are among the 17 SDGs that seek to end all forms of discrimination against women and girls everywhere. Gender equality encompasses women’s rights to access economic resources, financial services, justice, ownership and control over property, inheritance, natural resources, and more importantly, to get equitable pay and representation at the boardroom table. However, these goals would fail to reach any far without considering the complex and multifarious nature of a gender-equal world.
Professor Naila Kabeer from the London School of Economics Department of Gender Studies defines women empowerment as: “A process by which women gain the ability to make and enact strategic life choices. Critically, women are the agents of the change process”. Prof Kabeer contends that to be truly empowered, women must have the rights and freedom to make choices and decisions for themselves, their families, communities and environment.
Engaging women and girls in sustainable development requires a change in attitudes and behaviours towards women and girls. Societal changes are required to challenge deeply rooted norms and expectations about power and privilege, and to create an enabling environment for gender-based activism to find expression.
IT STARTS WITH FINANCIAL INCLUSION
According to Leora Klapper, Lead Economist at the World Bank and Founder of the Global Findex database, achieving any UN SDGs – poverty eradication, gender equality and quality education - begins with having a financially inclusive world.
Financial inclusion is a critical component of social inclusion and represents a fundamental global development agenda. In this regard, women’s access to financial services rightfully ranks as one of the leading sustainable development targets, forcing many countries, including Islamic countries, to adopt financial inclusion strategies.
Islamic finance can contribute meaningfully to the global reform agenda defined in SDG-5 concerning women empowerment. By its inherent nature, Islamic finance principles are rooted in social justice, inclusion, and sharing of resources to achieve prosperity and social well-being for all. The risk-sharing instruments of Islamic finance, such as musharakah and murabaha, and its social redistributive mechanisms like zakat, sadaqa and waqf, can undoubtedly bring positive and sustainable changes.
As Islamic banking and finance become increasingly widespread in the Middle East, Southeast Asia and North Africa, there are significant differences in financial inclusion and integration of women across these countries.
Whilst Malaysian and Indonesian women are making significant strides in Islamic finance, women in the Middle East have only started to see the tides changing. The situation in the Northern regions of Africa, India, Pakistan and Bangladesh is not different. It is clear that women’s access to Islamic finance varies depending on geographic spread. Islamic finance’s urbanisation also poses a challenge for its effectiveness as a valuable tool to achieve the SDGs. Rural communities, suffering significantly more from mainstream economic exclusion and deprivation, are further denied the offering that has the potential to take care of their needs.
Whilst the growth in FinTech can serve as a bridge to overcome this challenge, digital adoption across the globe is still slow and has spurred only recently because of the COVID-19 induced lockdown and social distancing. Digital finance has the potential to transform the economic prospects of women because of its ability to address a number of the daily restriction women from various backgrounds and cultures face – the limitation on free movement, the demands of family life and even resistance to engage face-to-face with males in financial institutions. However, it is not without risks. Hacking, identity theft and aggressive marketing are but some of its ills.
Along with the generally low public awareness levels on financial and technological literacy, this consumer base’s vulnerability is further compounded.
REPRESENTATION OR QUOTAS FOR FEMALE LEADERS
In September 2020, Reuters reported that women are sorely underrepresented in financial services, focusing on the Gulf Arab region. Some may challenge this point with the growing list of women in senior positions ranging from CEOs of leading banks to presidents of FinTech companies and chief advisers to the Islamic banks. Change is undoubtedly on the horizon, but there is caution against the achievement of quotas on leadership boards and advisory councils, if it serves purely as tokenism and a scorecard accelerator.
In other research done by the Boston Consulting Group, it is reported that women are generally offered ‘dumbed down’ products when, in reality, they want the same products as offered to men. Women want their products and investment options developed in a way that acknowledges their diversity and reflects their values and preferences, such as higher female life expectancy, interruptions in careers due to family planning so on and so forth.
As long as financial services fail to embrace these differences and do not strive to be truly inclusive and accessible, female leadership participation will remain a lost opportunity, and the industry will continue to under-serve women.
ISLAMIC FINANCE SERVING THE NEEDS OF WOMEN
Islamic finance can be one of the most powerful, liberating and enabling tools to drive women empowerment. At this critical juncture when Islamic finance is coming into its own, it must seek to balance supply-side factors with consideration for the specific demand from its various stakeholders, with a particular focus on the unique needs of women, from those in rural communities to the one urbanised and to the ones challenging the glass ceiling.
Differentiating its services with exclusive offers has already attracted many women - both Muslim and non-Muslim - and is setting Islamic finance apart to reflect the sensitivity towards cultural and religious dynamics.
If Islamic finance continues on this trajectory, it will be well placed to provide access to financial services to businesses and communities in a sustainable way. Doing so will assist in achieving SDG-5 and also many other SDGs where women, in their role as mothers, teachers, caregivers and nurturers, can play a pivotal role for sustainable development in the true sense of the word.
FINANCIAL INCLUSION IS A CRITICAL COMPONENT OF SOCIAL INCLUSION AND REPRESENTS A FUNDAMENTAL GLOBAL DEVELOPMENT AGENDA - IN THIS REGARD, WOMEN’S ACCESS TO FINANCIAL SERVICES RIGHTFULLY RANKS AS ONE OF THE LEADING SUSTAINABLE DEVELOPMENT TARGETS
The Global Good Governance Awards spearheaded by Cambridge IFA presented the South African National Zakah Fund (SANZAF) with the Transparency and Capacity Building Championship award in an online ceremony held on 25 May 2021 via livestream.
The Global Good Governance Awards or 3G Awards celebrate individuals, governments, public and private institutions and NGOs that demonstrate making governance and sustainability a strategic priority of their organisations. The awards highlights excellence in good governance and commitment to social welfare in 3 major streams: Government & Politics, Corporate Sector, and Social Sector & Philanthropy.
Since its debut, over 150 awards have been presented to some exceptional individuals and institutions drawn from more than 25 countries in different continents.
SANZAF CEO, Yasmina Francke commented that the award reflects the organisation’s 47-year commitment to changing lives and making a positive impact in the fight against poverty. She said, “through our various outreach initiatives we aim to provide the enablers to economic self-sufficiency in order to transform lives and make a meaningful difference”. She added, “our focus is on skills development, education and capacity building to ensure long-term sustainable solutions that would give rise to a dignified existence for those we serve”.
SANZAF National Chairperson, Fayruz Mohamed added, “The work we do at SANZAF is driven by our passion to assist those in need. We deliver projects and programmes that offer long-term sustainable solutions to the extremely high levels of poverty and unemployment in South Africa. This has always been done in a manner that is transparent and accountable. We are humbled to receive this prestigious 3G award for Capacity Building and thank the team at 3G Awards for their efforts in delivering on these awards, amidst the current challenges of the global pandemic that is affecting the world right now.Donate Now
No other job on this Earth is more rewarding in the eyes of Allah than that of an Imam (leaders). He works 24 hours a day, 7 days a week at the behest of the community who comes knocking at his door during the early morning hours and late in the evenings. The Imam is the most underpaid profession in the Muslim Community, yet, like the rest of us, he must see to the household expenses whilst raising a family as well.
The South African National Zakah Fund (SANZAF) in partnership with The Muslim Judicial Council (MJC) is proud to announce the launch of the Ta’awun Imamat Programme (Imam Assistance Programme) that aims to ensure that imams earn a living wage aligned with their qualifications and experience whilst empowering the community.
Three Imams and their committees have been chosen to pilot this project and will be paid a salary from the Imam Assistance Fund account. This account is managed by SANZAF, who produce annual audited statements.
The Programme aims to:
- Provide a living salary to Imams from areas in and around the Western Cape where the respected regional masjid committee does not have the resources to provide a monthly salary to the Imam.
- A medical aid (Hospital Plan).
- Providing financial stability for the Imam so he may focus completely on servicing his community in which he is employed and therefore providing an added benefit to that community.
Your contributions will go a long way in sustaining this long awaited initiative. Please help us #GiveHope by supporting the Imam Ta’awun Programme.
Contact 021 447 0297 for more information.
It’s time to reflect, recover and rebuild our nation
Dear Honourable Minister Mboweni
You face the nation during troubled times. The COVID-19 pandemic has plunged our beloved country into further despair. Before the virus reached our shores, we had experienced only 0.4% growth and an unemployment rate of nearly 40%. South Africans were crying for so many different things all at once: jobs, economic growth, service delivery, land, decent housing, water, reliable energy, education and social stability. And now added socio-economic effects of COVID-19 and the lockdowns have worsened already dire situations.
SANZAF has been a source of hope to those in need. SANZAF works in a proactive way in sectors such as welfare and development, education, emergency relief, food aid, and shelter to the needy.
As part of our portfolio of welfare projects, SANZAF Gauteng has been providing relief to families impacted by the Covid-19 pandemic. SANZAF provides food vouchers to needy families to assist with groceries and other household goods. Since October 2020 SANZAF has reached out and distribute 4951 food vouchers throughout the province. SANZAF believes that through short-term relief, and medium-to-long-term recovery programming, that we can help these families recover. SANZAF donated 200 food vouchers to the Teddy Bear Foundation for families in need.
SANZAF is honoured to share our resources with the Teddy Bear Foundation and The Teddy Bear Clinic and we commend them for the phenomenal work that they do in the fight against the sexual abuse of children.
Bambisanani! Working hand in hand we can all make a difference. It’s time to Reflect, Recover and Rebuild!
What’s Going On?
The current financial year ends on 28 February 2021, which means tax payers only have a month to ensure they get a tax benefit from making a donation to an approved non-profit organisation.
How Do I Get a Tax Benefit from Making a Donation?
SANZAF is registered as a Section 18A Public Benefit Organisation (PBO number 930001714). As a result of this registration, SANZAF is authorized by SARS to issue its donors with a Section 18A tax certificate/receipt upon request. This will allow the donor to claim their donations as a tax deduction. In this way, as a donor, you are able to assist SANZAF help those displaced from their businesses and homes and also obtain a tax benefit in doing so.
How does it work?
Donors can obtain a tax deduction (limited to 10% of their taxable income in a fiscal year) in respect of the total donations made to approved organisations such as SANZAF. In order to do so the donation has to be supported by a receipt from SANZAF.
As an example, if a donor earns R100 000 taxable income per annum and during that year had donated R10 000 to a PBO then the donor qualifies for a tax deduction of R10 000 from their total taxable income. This means that in this example, the donor would not have to pay tax on R100 000 (total taxable income for the year) but rather R90 000 (R100 000 – donation of R10 000) for that year.
What Do I Do?
- Make a contribution to one of our many projects or programmes which change lives locally.
- One of our dedicated staff from the accounts department will be sure to send you your section 18A certificate.
- This can be used when filing your tax return to claim your deduction as a tax benefit
Remember only contributions made to local causes and projects qualify as a tax deduction, any gratuitous cash or in kind donation made to SANZAF for the undertaking of qualifying public benefit activities within South Africa can be claimed as an income tax deduction by the donor. Donations to an organisation that uses the money for a cause outside of Africa do not qualify for a Section 18A certificate. Your contribution must have been made in the current financial year to qualify as a deduction on upcoming tax return.
What Does This Mean?
Not only are you able to assist SANZAF to #GiveHope but also claim a tax benefit for your contributions!