Bangladesh set to receive US$22.7 million from UNHCR Refugee Zakat Fund. The United Nations Refugee Agency (UNHCR) launched its Refugee Zakat Fund as a new structure of its zakat program that was founded in 2016. The fund has already surpassed its US$26 million target for 2019, raising just over US$38 million in the first half of the year. Most of this came from donors in the United Arab Emirates, Saudi Arabia, Qatar, the United States, and Egypt. The fund has already disbursed over half a million dollars to benefit 670,000 Rohingya refugees in Bangladesh, which is set to receive a total of US$22.7 million. The UNHCR Director of the Regional Bureau of Asia Pacific noted that Islamic philanthropy has yet to realize its full potential within the global humanitarian sector and underscored the important role zakat can play.
Simon and Eleanor Kwok donate HK$5.2 million to injured jockey Tye Angland. According to Hong Kong Tatler, one of Hong Kong’s most prominent horse racing aficionados, the Kwok family, recently announced a HK$5.2 million (approximately US$700,000) donation to jockey Tye Angland. After a jockeying accident in Hong Kong last November, the Australian suffered career-ending spinal injuries which left him a quadriplegic. In an interview with Sky Sports Radio, Angland responded to the donation with gratitude, noting that it will be going into three different trusts for his children’s education and life expenses. The former jockey has been overwhelmed with support from the racing community and hopes to be a role model for others living with disabilities.
Levelling up: shattering myths about philanthropy in Asia. Asia is home to more billionaires now than any other region, and this article explores the intricacies of giving among Asia’s fastest-growing economies. CAPS’ Chief Executive Ruth Shapiro weighs in, noting the difficulties of gathering data in this space as most giving is done through companies and often without proclamation. The article discusses the findings of CAPS’ Doing Good Index 2018, including the trust deficit in the social sector and the important role governments can play. As the region witnesses growing inequality, governments are increasingly looking to private players for support. With more wealth than ever before, Shapiro concludes that Asia has enormous potential to be a world leader in philanthropy.
The Philippines’ Aboitiz Group supports young robotics enthusiasts. The Aboitiz Group has long supported STEM (science, technology, engineering, and mathematics) education in the Philippines, and it recently reinforced its commitment through the launch of the ‘Kabataan Inyovator: An Aboitiz Robotics Competition.’ The competition aims to encourage innovation in solving community problems through robotics. Together with Davao Light and Power Company, the Aboitiz Foundation led the competition launch on August 12 in Davao City. Pinoy Robot Games offered training sessions on robot programming, and project ideation and evaluation, for 20 Davao City public elementary and high school teams. The winning team will have its prototype deployed in its host community, and represent the Philippines in the World Robot Olympiad in Canada.
Macronix donates NT$420 million to National Cheng Kung University to build Macronix Innovation Center. Macronix International, a global manufacturer of integrated non-volatile memory components headquartered in Taiwan, has made a generous donation to Taiwan’s National Cheng Kung University (NCKU). The NT$420 million donation (approximately US$13.5 million) will be used to build the Macronix Innovation Center, a historic new space on campus that will leverage the talent of Macronix and NCKU collaboratively. Miin Wu, the founder and chief executive officer of Macronix is an alumnus of the university, where he studied electrical engineering. Macronix hopes the new creative space will foster new talent as well as demonstrate the company’s dedication to corporate social responsibility. The Macronix Innovation Center adds to NUCK’s nine existing schools by housing the School of Computing, modeled after the Massachusetts Institute of Technology (MIT) College of Computing.
Volunteer-based emergency response system offers solution to road traffic accidents in Bangladesh. Featured in Stanford Social Innovation Review, TraumaLink’s pragmatic model shines a spotlight on volunteer-based emergency response systems. In Bangladesh, road traffic injuries (RTIs) are the leading cause of death and disability, with nearly 25,000 road traffic deaths in 2016 according to the World Health Organization. In 2013, TraumaLink co-founders Jon Moussally, an instructor at the Harvard T.H. Chan School of Public Health, and Mridul Chowdhury, CEO of mPower Social Enterprises, introduced a volunteer-based solution. TraumaLink enlists local volunteers, who live or work along the highway, to provide more immediate first aid to RTI victims. As of mid-2019, almost 2,000 patients have been treated by nearly 500 TraumaLink volunteers.
Thailand’s Bank of Ayudhya to issue first private-sector gender bonds in Asia-Pacific. The IFC (International Finance Corporation) and DEG (Deutsche Investitions und Entwicklungsgesellschaft) have agreed to subscribe to the first private-sector gender bonds in Asia, set to be issued in the amount of up to US$220 million by Thailand’s Bank of Ayudhya. These gender bonds are supported by the Women Entrepreneurs Opportunity Facility, a join initiative of the IFC and Goldman Sachs’ 10,000 Women initiative. Together they aim to increase access to finance for as many as 100,000 women in emerging markets. This inaugural gender bond issuance will help expand credit lines to women-led small- and medium-sized enterprises in Thailand, as well as promote the transparency and integrity of Asia’s nascent social bond market. The Bank of Ayudhya is expected to issue the bonds this October.
Japan’s MUFG Bank joins ESG wave with new unit. Japan’s Mitsubishi UFJ Financial Group (MUFG) will set up a department specializing in environmental, social, and governance (ESG) funding to develop financial products for companies focused on responsible investing. This sustainable business office will encourage customers to work on ESG issues and provide financing to companies based on ESG ratings and benchmarks. With an aim to improve its ESG performance groupwide, MUFG Bank has already taken concrete steps itself, such as sourcing all power for its Tokyo headquarters from hydroelectric sources. Further, by signing on to the Principle for Responsible Banking which will be launched by the United Nations this month, MUFG Bank will also set publicly disclosed environmental and social impact goals.