As part of its Corporate Social Responsibility activities, Kuwait Financial Centre K.P.S.C “Markaz” announced renewing its annual partnership with LOYAC. The cooperation between the two institutions entails several programs that aim to enhance the capabilities of youth in the Kuwaiti society to ensure that they have the necessary skills to contribute to a sustainable economy.
Photo Caption: Mr. Dirar Alghanim, Chairman of Kuwait Financial Centre “Markaz, and Mr. Manaf Alhajeri, CEO at “Markaz”, receive a certificate of appreciation from Ms. Faraa Al-Saqqaf, Chairperson and Managing Director at Loyac.
Mr. Manaf Alhajeri, CEO, "Markaz" said: "Our partnership with LOYAC comes as part of "Markaz" corporate citizenship strategy that aims at fulfilling the corporate social and economic responsibilities through three main pillars, which are a) building human capabilities, b) aligning our business environment with the principles of sustainable development, c) and promoting good governance in the business environment. Our activities within this strategy include several variety of topics aimed at sustainability, including the development of the capacities of young people who are the building blocks of the society."
Alhajeri added: “Markaz" is keen on participating with non-profit organizations interested in the development of human capacities, including LOYAC. We are proud of this Kuwaiti organization that focuses on training activities and volunteer programs in different fields where our youth can refine their abilities, prepare them for the market and enhances their professionalism. "Markaz" looks forward to the Ministry of Finance’s activation of Law No. (46) for 2006 concerning Zakat, and the contribution of Public and Closed Shareholding companies in Kuwait’s budget, which can help companies direct their funding from their financial disclosure to non-profit organizations as a part of corporate social responsibility."
Ms. Faraa Al-Saqqaf, Chairperson and Managing Director at LOYAC said: "Our partnership with Markaz had a key role in supporting us and enabling us to execute our programs in the society”.
Al-Saqqaf Added: “Our programs focused on representing LOYAC as a fully integrated academy for youths development from different age groups. We managed to create educational programs that prepare the youths for the market with our unique workshops that develop their skills. We also succeeded in providing internships and summer programs in both the public and private sectors”.
It is worth mentioning that Law No. (46) for 2006 on Zakat and contribution of public and closed companies in Kuwait’s budget gives companies the opportunity to determine the amount of Zakat directed to one of the public services that vary between: (security, justice, defense, educational services, health services, social solidarity, social affairs, media services, religious services, housing, utilities, electricity and water, and agriculture and fisheries).
Corporate Social Responsibility programs are important gateway for companies to achieve sustainable development in the community, through the company's commitment to its role in supporting and improving public services. However, corporate social responsibility programs are not properly implemented in Kuwait yet. It is still limited to some recreational activities or simple services. Given the global practices that support the various public services, the corporate social responsibility programs in Kuwait need to be more effective and innovative.
Kuwait Financial Centre K.P.S.C “Markaz”, with total assets under management of over KD 1.10 billion as of June 30, 2015 (USD 3.66 billion), was established in 1974 and has become one of the leading asset management and investment banking institutions in the Arabian Gulf Region. Markaz was listed on the Kuwait Stock Exchange (KSE) in 1997.
For further information, please contact:
Osama Al Musallam
Media & Communications Department
Kuwait Financial Centre K.P.S.C "Markaz"
Tel: +965 2224 8000 ext 1819
Dir: +965 2224 8075
Fax: +965 2241 4499
Email: [email protected]