GroFin wins Islamic Economy Awards 2018 in SME Development category

GroFin is pleased to announce that it has won the 2018 Islamic Economy Award in the ‘SME Development’ category. The winners were announced at the Awards ceremony held in Dubai this Wednesday 30 October 2018.

The Islamic Economy Award was launched in 2013 under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and directed by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.

The Islamic Economy Award is managed independently by Thomson Reuters and is adjudicated by an esteemed judges’ panel based on formal, established criteria.

GroFin was represented by its Regional Investment Director for the Middle East and North Africa region, Mohamed Hawary, who collected the award on behalf of the company.

“This award is testimony to the efforts made by GroFin to ensure its products are accessible to one and all. We, at GroFin, are determined to provide our clients with financing that respects the customs and beliefs of our clients,” says Mohamed Hawary.

GroFin wins 2018 Islamic Economy Awards in the category of 'SME Development'

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, presents award to Mohamed Hawary, GroFin Regional Investment Director for the Middle East and North Africa region

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, presents award to Mohamed Hawary, GroFin Regional Investment Director for the Middle East and North Africa region

The Islamic Economy Award is held every year and has the following categories; Money and Finance, Media, Food and Health, Waqf and Endowments, SME Development, Islamic Economy Knowledge Infrastructure, Islamic Arts, Hospitality and Tourism, and the Lifetime Achievement Award.

This is the second prestigious award for GroFin this year as it also won Finance for the Future Awards in the Building Sustainable Financial Products category. Finance for the Future Awards is run by ICAEW and A4S along with their partner Deloitte.

About GroFin

GroFin is a pioneering private development financial institution specialising in financing and supporting small and growing businesses (SGBs) across Africa and the Middle East. We combine medium term loan capital and specialised business support to grow SGBs in emerging markets. By successfully combining medium term loans and specialised business support delivered through our local offices, we have invested in over 700 SMEs and sustained over 88,150 jobs across a wide spectrum of business activities within the 15 countries in Africa and Middle East that we operate in. GroFin has its headquarters located in Mauritius.

Soros Economic Development Fund commits $8 million to GroFin’s Nomou Jordan Fund

GroFin is pleased to announce that Soros Economic Development Fund has committed $8 million to its Nomou Jordan Fund.

GroFin specializes in financing and supporting small business growth across Africa and the Middle East. Its Nomou Jordan Fund provides patient capital and business support services to small and medium-size businesses (SMEs) in Jordan and thereby contributing to the growth of Jordan’s economy and the creation of sustainable jobs. The business support services include helping to position emerging SMEs to be investment ready and networking them to local and international business opportunities.

The Nomou Jordan Fund was launched in 2014 and as of 30 June 2018 has invested $21 million in 35 SMEs in Jordan, out of which $9 million was invested in 14 SMEs owned by or employing refugees. Over the next two years the Fund will deploy at least $5 million in additional capital such SMEs, which tend to be underserved by traditional lenders.

In addition to the financial investment, GroFin will also provide these SMEs with business support at pre-finance and post-finance stages, including helping to get the enterprises investment-ready and making connections to local and international business opportunities. In addition, GroFin will encourage all of the 50+ SMEs in its portfolio in Jordan to support refugees, either through employment or providing products and services to refugee communities.

The investments by the Nomou Jordan Fund have been made possible with the support of its investors including Shell Foundation, KFW, Lundin Foundation, UK Aid, GroFin Capital and the most recent commitment from the Open Society Foundations’ Soros Economic Development Fund.

GroFin CEO, Guido Boysen said:

“With this additional funding from the Open Society Foundations, Nomou Jordan Fund will be able to expand its reach and focus to make its investments in a more inclusive way, by improving livelihoods for Jordanians as well as members of the country’s substantial refugee population”