Open-Source AI as Solution to Safeguarding AI Technology: Interview with Mark Basa

June 3, 2024

AI technology has taken the world by storm, bringing with it misconceptions about its impact on jobs and concerns about ethical implementation. In this interview, Mark Basa, an advocate of Bittensor, an open-source AI system, explains why open-source AI is the way to promote transparency, remove biases, and accelerate innovation.

What is the biggest misconception the public has about AI and its impact on jobs?

The AI narrative tends to focus too much on the idea of AI taking jobs and “killer AI”. In reality, while AI will disrupt industries and change the world, it will also create many new opportunities. Open-source AI protocols such as Bittensor enable developers to build their own AI-powered applications and sell them directly to users. This will lead to increased competition and innovation in a free market where Bittensor has the chance to compete with megalithic companies like Google and Microsoft and possibly beat them in how they incentivise their employees to develop AI. Bittensor is designed so that an engineer at a big tech company now has the chance to contribute machine learning (ML) models to subnets and receive a reward that is determined by the quality of that model. This simple solution enables an application built on Bittensor to incentivise an engineer to contribute to ethical and open-source AI, all while matching and outweighing the attractive salaries the same engineer would receive at Google.

What are the benefits of an open-source approach to AI?

Centralised AI controlled by a few big tech companies raises concerns about responsible and ethical implementation. Open-source protocols like Bittensor democratise AI by empowering independent engineers worldwide to build on top of the network. This decentralised approach promotes transparency, mitigates risks, and accelerates innovation through open collaboration. This also means that engineers from all over the world from different backgrounds get to contribute to how AI is being developed and how it provides information. This contrasts with centralised AI, which is often proprietary, not open-source, and driven by profit-oriented agendas regulated by government bodies that do not understand the technology, fueled by one outcome: the price of stocks. How can the public expect true, ethical AI to be produced if the very models that are supposed to make our lives better, are in fact not built by the very people themselves, but instead have an end goal of profit?

How will open-source AI change the way people use AI services in their daily lives?

Open-source AI will make powerful AI capabilities vastly more accessible and customisable for consumers. Instead of AI services being controlled by a few dominant players, we’ll see an explosion of diverse AI apps tailored to niche needs powered by protocols like Bittensor. People will benefit from AI-powered tools for everything from managing schedules and errands to getting personalised recommendations and insights. The key advantage of open-source protocols like Bittensor is that they offer users greater choice and control over their AI experiences. Projects like Taoshi and Corcel revolutionise various industries by democratising the development and utilisation of AI technology. These platforms empower individuals to create and contribute to a network that rewards innovation and participation. As a result, the world’s best engineers from major tech companies are incentivised to leave their positions and build independent applications. This shift fosters a competitive environment where smaller applications can challenge established giants like Google. The core disruption stems from a transition to a model where engineers directly serve and are compensated by a user-driven network, rather than a centralised corporate structure. This not only accelerates competition but also promotes a more equitable and open technological ecosystem.

Why do journalists often fail to accurately report on AI and blockchain’s ethical, safety, and risk aspects, and why should experts lead such discussions?

The rapid pace of technological change in AI presents a challenge for journalists. Many lack deep domain expertise in these complex fields. As a result, mainstream coverage often mischaracterises or oversimplifies the societal implications of these technologies. To improve public understanding, we need more specialised journalists who can responsibly translate these advances for a general audience. There is an enormous disconnect between new technologies, how the media report them, and how they are understood by the public. New technologies develop at such a rapid pace that it is impossible to remain an expert for long because new competition arises, leaving the media scrambling to find a scoop rather than provide insightful information from where the action is happening within smaller more groundbreaking AI start-ups who often have far less brand equity, and therefore they are perceived as not being experts in their field. Contrary to popular opinion, Google and Meta are no longer agile enough to be truly innovative companies. They have their gigantic core business and then acquire smaller companies with a growing market share which is in their best interest (margin-wise), to own that company, rather than enter that market, innovate, and then compete with it. This leaves the media, who often do not hire journalists with AI expertise, interviewing the big tech brands they know rather than anything else that could truly be groundbreaking and innovative. VCs have poured billions into smaller, less-known protocols, and the founders of these protocols are unfortunately often neglected when AI expertise is needed for a quote in a major story or to cover the innovative technology they are building.

How can we ensure that underrepresented communities are adequately represented in AI oversight processes, and what benefits might this bring to AI development?

There is no barrier to entry to begin using open-source AI. Protocols like Bittensor enable anyone from anywhere to develop ML models, run validators, and mine, with end-to-end support and encouragement from the community. Open-source protocols have a verbal mandate for transparency and public input processes for how the protocol is designed, managed, and scaled, where feedback is taken seriously based on the most pressing issues. This ensures that AI projects using the system are held accountable and early detection of scams, biases, and projects misleading users can quickly be illuminated as the entire community is actively seeking the growth of the system and elimination of anything that can hold it back. For example, if a bias is input in a model or miners are trying to exploit the system, they face community-driven coordination to cast out the bad actors.

Could you explain how an open ownership model for AI could contribute to safeguarding the technology for public good, rather than private gain?

Open ownership of AI systems like Bittensor could help ensure that the technology is developed and used in an ethical manner that benefits humanity as a whole, rather than being controlled by a single company or group with their own interests in mind. By distributing ownership and control across many different parties, open ownership makes it harder for any one entity to monopolise the technology or use it to exploit or harm people. Big Tech will lobby Congress to regulate AI, and the solution will of course be that the only safe and trusted AI will be the AI they own, control, and profit from. With open-source protocols, more transparency and accountability are possible thanks to the public contributing to how the AI is developed and used. At the same time, open ownership may come with challenges around coordination, governance, and ensuring quality control. But overall, I believe the open ownership model has the potential to make AI a more positive force for the world.

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Executive Profile

Mark Basa

Mark Basa co-founded a Bitcoin payment gateway between 2011-2013 that was supported by Microsoft and the Australian Government incubator programmes. He co-founded a web3 game studio backed by Japan’s largest VC and has experience as brand director of a layer-one blockchain. He has appeared on television and earned coverage such as Cointelegraph, Daily Telegraph, The Guardian, Reuters, Yahoo Finance, and Express.co.uk, to discuss blockchain.

Building a Strong Company Culture: Why It Matters

June 3, 2024

Creating a rock-solid company culture is critical for any business aiming to stand out today. Any company and qualified professional with a Certificate in Business Administration online knows this truth well – laying a firm foundation shapes everything. By drawing in eager minds ready to contribute to creating an environment where everyone feels valued, operations run like clockwork.

In a business context, the idea of ‘culture’ is abstract but concretely quantifiable. Building a solid company culture is more than a pleasant work atmosphere; it’s about creating an environment that mirrors the organisation’s goals and values. When you get what your company stands for, leading becomes more about promoting a positive vibe.

Foundation of Company Culture

Culture is a company’s personality. It’s all about the principles, moral compass, and approaches a company adopts and shows off daily. A strong culture includes an obvious set of values that everybody, from the CEO to the latest hire, shares and values. The magic happens when all employees rally around shared principles; it heightens morale and bonds us with the sense that we’re contributing to an important cause.

Importance of Good Company Culture

A strong company culture is not simply a perk; it’s necessary. A vibrant company culture boosts how well and efficiently a business runs.

A solid company culture is vital for the following reasons:

Attracts Talent

A healthy company culture draws potential employees who share the organisation’s values. When we nail the perfect fit, everyone’s happier and sticks around longer. A positive culture might attract talent searching for a place to develop and be appreciated at your company.

Increases Employee Engagement

People who work in a cultured company report greater employee satisfaction. They’re much more apt to stand for the company’s objectives and to do more to attain them. Engaged workers are also more productive and help the company atmosphere.

Drives Performance

Engagement and ownership in the company culture will help employees perform much better. A job feels different when you know your contributions count and advancement is possible and applauded. In such places, employee engagement spreads like wildfire, lifting performance.

Promotes Innovation

Innovation blooms in environments where trust is built, and doors are open wide. A supportive workplace encourages staff members to explore new ideas fearlessly. Such a nurturing environment is where groundbreaking products and methods are born.

Supports Adaptability

The latest business environment demands adaptability. A strong culture that accepts change rather than resists it can better cope with market variations and changing industry standards.

Building a Strong Company Culture

Attaining a competitive business environment calls for a solid company culture. Happy employees and efficient workflows stem from a clear cultural vision – this same clarity also polishes your brand’s public image. Master the art of creating an atmosphere at work where everyone feels primed for success today and resilient for tomorrow.

Determine Your Core Values

The first step in developing a culture would be defining your core values. These core values ought to be more than words on a page. These actions should fit and thrive in our working days’ hustle and bustle.

Communicate Effectively

Clear and regular communication is important to a healthy company culture. Everyone within the company must know the company’s mission, values and objectives. Keeping everyone on the same page and building a solid team vibe means constantly sharing updates and having honest conversations. Capturing moments from company retreats or other team-building activities through services such as corporate events photography in San Diego can visually reinforce these elements, highlighting the company’s culture and values.

Lead by Example

Leadership decides the cultural tone of the organisation. Leading by example isn’t just a phrase—it means living out the company’s principles through choice and behaviour. If leadership does what it preaches, it signals to the organisation that its core values are important.

Recognise and Reward

Those values might be reinforced with recognition and rewards for behaviours consistent with company culture. Whether it’s formal awards, bonuses or simple public recognition, showing appreciation for employees’ efforts is essential in keeping a positive culture.

Encourage Feedback

A culture that values employee feedback is usually more efficient. Increasing feedback—via surveys, regular meetings, or open-door policies—might uncover cultural problems before they become problematic. Also, this environment champions both giving respect freely and encouraging straightforward dialogue.

The Bottom Line

A strong company culture doesn’t just happen; it’s carefully cultivated and blooms from within the team itself. When a company cultivates a vibrant culture, not only do the employees thrive with high spirits and productivity, but the company’s reputation also shines brighter in the market.

Enrolling in good courses might offer the necessary skills and expertise for individuals looking to learn these principles and direct cultural initiatives within their businesses. The right education arms you with the means to transform and influence the vibe at your workplace.

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Charting the Course of Hybrid Work

June 3, 2024

By Dr. Gleb Tsipursky

In a quest to understand the evolving landscape of hybrid work, I engaged in thought-provoking dialogues with Livia Freudl, Global Head of Human Resources and Senior Vice President HR at Varian, a Siemens Healthineers company, Alicia Pinn, Chief Human Resources Officer at The Hidden Genius Project, and Jeff Hicks, Senior Director of People and Culture at Janus of Santa Cruz. Their collective insights provide a multifaceted view of how hybrid work is reshaping the workplace.

Diverse Benefits and the Evolving Work Culture

At Varian, which was acquired by Siemens Healthineers in 2021, the hybrid work model is more than a mere policy; it’s a paradigm shift towards employee-centricity. This model recognises that productivity is not solely about the hours spent at a desk but about the quality of work and the well-being of the workforce. Varian’s approach to hybrid work is deeply intertwined with its organisational culture, emphasising the importance of life-work balance. This phrasing, intentionally placing “life” before “work”, symbolises a commitment to the holistic well-being of employees. By allowing staff to tailor their work environments and schedules, Varian fosters an inclusive atmosphere where diverse talents can thrive, sparking innovation and creativity. This approach not only enhances employee satisfaction but also drives a dynamic and adaptive business model.

The Hidden Genius Project, steered by Pinn’s vision, takes a nuanced approach to hybrid work. Recognising the critical role of flexibility in today’s workforce, Pinn links it directly to employee health and engagement. This connection is vital, acknowledging that an employee’s physical and mental well-being is paramount for their productivity and involvement in the workplace.

Hybrid work is seen as a key component of the organisation’s benefits package, enhancing its appeal in the competitive job market.

Hicks’ observations at Janus of Santa Cruz bring a unique generational perspective to the conversation. He notes that hybrid work is perceived and valued differently across various age groups within the workforce. Younger generations, who often prioritise flexibility and work-life balance, may view hybrid work as an essential aspect of their job choice. In contrast, older generations might appreciate the traditional aspects of office work but also see the benefits of a flexible model as it relates to work-life balance and family commitments. At Janus of Santa Cruz, hybrid work is seen as a key component of the organisation’s benefits package, enhancing its appeal in the competitive job market. This approach not only caters to the diverse needs of their current workforce but also positions the organisation as an attractive option for potential recruits from various demographic groups. The implementation of a hybrid model at Janus of Santa Cruz, therefore, is not just a response to the changing work landscape but a strategic move to harness the strengths and preferences of a multi-generational workforce.

Navigating Challenges: Culture, Accountability, and Equity

The journey towards a successful hybrid work environment, as elucidated by Freudl, Pinn, and Hicks, involves navigating a complex web of challenges, each unique to their organisational context and culture.

At Varian, the primary challenge in the hybrid work model is the integration of virtual and in-person interactions. Freudl emphasises the need for maintaining a robust, collaborative environment that bridges the physical distance created by remote work. This challenge is not just technological but also cultural. Varian seeks to ensure that remote employees feel as engaged and connected as their in-office counterparts, fostering a sense of unity and shared purpose. To achieve this, the company invests in communication tools and collaborative platforms but, more importantly, in nurturing a culture where every employee, regardless of their location, feels valued and heard. Regular virtual meetings, team-building exercises, and an open-door policy for feedback and suggestions are part of Varian’s strategy to maintain a cohesive and inclusive work environment.

Pinn, from The Hidden Genius Project, identifies specific drawbacks of hybrid and remote work, including reduced collaboration and efficiency concerns. To mitigate these, the organisation has adopted a tailored approach, adjusting policies based on roles and departmental needs. This flexibility allows for a smoother blending of remote and in-person work, ensuring that employees remain connected and collaborative. Trust is fostered through clear communication channels and regular check-ins, ensuring that team members are accountable and transparent about their work progress. To address efficiency, The Hidden Genius Project leverages digital tools and platforms to streamline workflows and facilitate quick and effective communication, ensuring that the remote work model does not hinder productivity but rather enhances it.

The Hidden Genius Project leverages digital tools and platforms to streamline workflows and facilitate quick and effective communication, ensuring that the remote work model does not hinder productivity but rather enhances it.

At Janus of Santa Cruz, Hicks points out the difficulty in sustaining company culture and accountability in a hybrid work environment. Given the nature of their work in mental health, the organisation faces unique challenges in implementing equitable hybrid policies. Some roles inherently require in-person interaction, creating a disparity in who can and cannot work remotely. This situation has led to equity concerns and has posed a challenge for maintaining a unified company culture. To address these issues, Janus of Santa Cruz engages in active dialogue with employees, ensuring that all voices are heard and considered in policy-making. Leadership training and development are crucial in equipping managers with the skills to lead diverse teams effectively, where some members are remote while others are in-office. Additionally, external consultants have been instrumental in helping the organisation restructure and streamline its processes to better accommodate the hybrid model while minimising the impact on frontline staff.

The Role of Internal and External Experts in Shaping Hybrid Work

The role of internal and external experts in shaping and refining hybrid work models is pivotal, as evidenced by the strategies employed by Varian, The Hidden Genius Project, and Janus of Santa Cruz. Each organisation, though they differ in their approaches, highlights the importance of expertise in navigating the complexities of hybrid work environments.

At Varian, the focus is on developing a dedicated team of internal ambassadors for hybrid work. This initiative is about more than just implementing policy; it’s about cultivating a culture. These ambassadors are chosen not just for their expertise but for their passion and commitment to the concept of hybrid work. Their role involves advocating for the model, facilitating communication between employees and management, and ensuring that the hybrid work environment aligns with the company’s goals and values. These ambassadors also play a crucial role in collecting feedback and insights from the workforce, which are crucial for continuous improvement and adaptation of the hybrid model. By investing in these internal champions, Varian demonstrates a commitment to making hybrid work a core part of its organisational DNA.

The Hidden Genius Project, under Pinn’s leadership, emphasises the adaptive role of HR and supervisors in their hybrid work model. In this organisation, HR and supervisory roles are not just administrative or managerial; they are dynamic and evolving, requiring a deep understanding of the challenges and opportunities presented by hybrid work. These internal experts are tasked with ensuring that policies are fair, transparent, and responsive to the needs of the workforce. They are also responsible for monitoring the effectiveness of hybrid work arrangements and making adjustments as needed. This approach underscores the importance of having internal experts who are not only knowledgeable about hybrid work but also flexible and responsive to the changing dynamics of the workplace.

Hicks at Janus of Santa Cruz views internal experts as crucial change agents in the adoption and evolution of hybrid work policies. However, he also recognises the value of external resources in informing and supporting these changes. This dual approach allows the organisation to base its policies on a combination of internal insights and external best practices. By leveraging data and research from external sources, Janus of Santa Cruz can ensure that its hybrid work policies are not only innovative but also grounded in proven strategies. This approach is particularly effective in addressing recruitment and retention, and enhancing the overall employee experience in a hybrid work environment. The collaboration between internal experts and external consultants facilitates a more holistic and well-rounded strategy for managing the complexities of hybrid work.

My own experience as a consultant helping clients implement hybrid work models most matches that of Hicks – myself as an external expert who provides guidance on best practices and external benchmarks to internal experts. After all, having seen many hybrid models and having helped implement over two dozen, I know where the tripwires are and also how to avoid reinventing the wheel.

Envisioning the Future: Hybrid Work as the New Norm

Looking ahead, the consensus among all three is that hybrid work is not just a trend but a fixture in the modern workplace. It’s a recruitment and retention tool, appealing to new generations of workers and adapting to various industry needs. The future of work is characterised by flexibility, innovation, and a deep understanding of employee needs across generations.

Overall, the insights from Freudl, Pinn, and Hicks offer a comprehensive view of the hybrid work model. This model balances flexibility with accountability, addresses challenges of culture and equity, and utilises both internal and external expertise for continuous improvement. As we move forward, hybrid work stands as a testament to the evolving needs of the workforce, promising a more inclusive, dynamic, and efficient work environment.

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About the Author

Dr. Gleb Tsipursky was lauded as “Office Whisperer” and “Hybrid Expert” by The New York Times for helping leaders use hybrid work to improve retention and productivity while cutting costs. He serves as the CEO of the future-of-work consultancy Disaster Avoidance Experts. He wrote the first book on returning to the office and leading hybrid teams after the pandemic, his best-seller Returning to the Office and Leading Hybrid and Remote Teams, as well as seven other books. His cutting-edge thought leadership has been featured in over 650 articles in prominent venues such as Harvard Business Review, Fortune, and Fast Company. His expertise comes from over 20 years of consulting for Fortune 500 companies from Aflac to Xerox and over 15 years in academia as a behavioural scientist at UNC-Chapel Hill and Ohio State. A proud Ukrainian American, Dr Gleb lives in Columbus, Ohio.

What Businesses Need to Learn About Deepfakes and how to Spot them

June 2, 2024

By Jonah Ellin

Over the last year, the emergence of deepfake technology has become a significant threat to businesses operating in today’s digital ecosystem. Deepfakes are AI-generated media that can convincingly manipulate audio, video, or images to present false information or make it appear as though someone said or did something they did not, A recent example of this is on the political stage where UK Home Secretary James Cleverly warned of UK election interference with the threat of rigging by Britain’s enemies using AI deepfakes.

If left undetected, these deceptive creations pose a significant threat to businesses, as they have the potential to erode consumer trust, consequently tarnishing the reputation that businesses have worked hard to establish.

Deepfakes can be used to facilitate various forms of fraud, including identity theft and financial scams. In some cases, fraudsters use deepfakes to impersonate an employee or executive at a company to trick others into divulging sensitive information or transferring personal funds, as we saw earlier this year when a finance worker in the US paid out $25 million after a video call with a deepfaked ‘chief financial officer’. Examples like this show just how sophisticated and dangerous deepfakes have become.

Businesses may inadvertently fall victim to these fraudulent activities, resulting in significant financial losses and legal liabilities. Recent scams such as deepfake impersonations of Taylor Swift inviting fans to enter a fraudulent competition for Le Creuset cookware pose a wider issue, negatively impacting the celebrity and product brands in addition to the consumer harm of the scam and the personal damage of having your image stolen.

To reduce these risks, companies must begin to take proactive steps. Early detection of deepfakes is critical to preventing fraud and minimising the damage to a company’s brand reputation. Businesses can start implementing specialised software that can detect deepfakes by analysing minute details such as facial expressions, speech patterns, and lighting. This technology can help to identify deepfakes before they can spread more widely and damage brands to an irreversible extent.

Ensuring regulatory compliance is also critical. Businesses must ensure that they are following regulations related to data privacy and security, which can differ between countries and certain jurisdictions, alongside this, implementing copyright laws is also important to the handling of unauthorised use of content. Enforcing personality rights laws and strengthening platform responses could offer another defence against the spread of deepfakes.

What happens if you or your business ‘deepf’

The current sophistication of deepfakes and how easily they can be produced is unsettling. Deepfakes have now gotten to a stage where even educated viewers may not immediately realise that the content isn’t authentic. Thanks to social media, the risk has gone up considerably; the quality and reach of a deepfake ‘campaign’ are now at levels where the images and videos can have a long-lasting impact, even when disproved.

As with many illegal scams and counterfeiting efforts, at this time there is currently no way to entirely avoid the problem. Platforms that host content have successfully defended in most cases that they are only platforms and therefore not the only ones responsible for the content they host. Most have taken important steps to identify offending posts and remove them as well as to provide steps for users to request the removal of content.

However, identifying deepfakes can take up a lot of time, as platforms are not equipped to deal with deepfakes. Confirming whether someone would have said or done what’s being shown is too complex for the current world of AI – in fact, human behaviour may still surprise people.

What are the first steps you should take if you fear it might have happened to your business?

If you or your brand falls victim to a deepfake, it’s important to take certain steps to disprove the fake version and prevent its spread. Since the internet has a long memory, it’s crucial to make it difficult for others to access and share the content. One way to do this is to request that search engines remove the content from their index. If the content is hard to find, it’s less likely to spread quickly.

The next step is to cut off access to the content. Major social media platforms also have search functions, which is where many people source their news. It’s important to request the removal of the content and any associated posts from these platforms. However, this can be challenging since users can post, share, and repost content even once the original post has been removed, which can multiply quickly. Therefore, it’s best to start by tackling the original post and then move on to the reposts.

The third step is to remove the sources of the content. Videos and pictures often find their way to websites that host this type of content, and these sites may link to posts on social media platforms. Removing such websites can have a broader impact since it leads users to the content. However, it can be difficult to remove content from such websites, and expert or legal advice should be sought in more complex cases.

Final Thoughts

Knowing how to detect and stop deepfakes is essential for maintaining brand integrity. With better tools and technology being introduced to the market at all times, businesses must continue to prioritise authenticity and transparency in the digital realm while also remaining vigilant and implementing effective detection systems to minimise the risks associated with deepfake manipulation.

By taking proactive measures and utilising specialised technology and expert brand protection professionals, businesses can reduce the likelihood of fraudulent activities and protect themselves against the rapidly mitigating risks, potential financial and legal consequences of deepfakes.

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About the Author

Jonah Ellin

Jonah Ellin has nearly three decades of experience in product management and technology, and now holds the position of Senior Vice President of Product Management at Corsearch. Leading a team focused on delivering product vision, R&D, and leveraging AI for brand protection solutions, including the innovative Corsearch Zeal platform to combat online counterfeiting.

Zakat for Alternative Water Financing

June 2, 2024

By Randi Swandaru

Indonesia hosted the 10th World Water Forum in Bali on May 18–25, 2024. This forum is the largest convening that invites prominent stakeholders in the water sector, including heads of state, international agencies, experts, scholars, entrepreneurs, and others.

It is also important to note that in 2021, UN Water revealed that Asia Pacific, Sub-Saharan Africa, and the Arab Region, which are predominantly Muslim-populated, are the most susceptible areas for water availability. In this sense, Indonesia can play a significant role in leading the effort to achieve water for shared prosperity by showcasing zakat as an Islamic social finance instrument for alternative financing of water.

Islamic teachings highly promote hygiene and mindful water consumption. For instance, before ritual worship, Muslims are required to perform ablution to clean themselves physically and spiritually. In the Quran, there are more than 200 verses that use the word ‘water’ and elaborate on its usage and benefit for mankind.

The Prophet Muhammad SAW also taught Muslims how to behave toward water. He forbade defecating in stagnant water, under fruit-bearing trees, or in holes in the ground. This is because it can become a vector for spreading disease or disturbing other living creatures.

He also warned his companions not to use water excessively, even if they were in an abundant water area. The practice of zakat also reflects mindful water consumption. Islam penalizes a higher zakat rate for rain-fed agricultural activities than irrigated ones. This illustrates how Islam provides incentives for responsible water usage by charging lower rates.

The practice of zakat also reflects mindful water consumption. Islam penalizes a higher zakat rate for rain-fed agricultural activities than irrigated ones.

The head start of zakat utilization for water financing in Indonesia was the issuance of fatwa No. 001/MUNAS-IX/MUI/2015 by Majelis Ulama Indonesia. It allows zakat, infaq, and waqf to finance water and sanitation. The fatwa represents the spirit of achieving water for shared prosperity. In this sense, zakat redistributes the wealth excess to gain fair water access and proper sanitation for the poor.

The fatwa issuance was then followed by an agreement signed between the Ministry of Development Planning, UNICEF, BAZNAS, and BWI in 2017 to increase access to safe drinking water and reduce the open defecation rate. Since then, various projects have been kicked off to improve universal access to water and sanitation.

First, zakat is structured to finance community-based water provision projects. In this regard, zakat institutions involve the community in doing preliminary program assessments, building water provision facilities, and conducting capacity building to maintain the premises. BAZNAS has established community-based water provision facilities at more than 21 locations in Java, Sumatra, Sulawesi, and Nusa Tenggara by utilizing zakat funds.

Then, zakat plays an innovative financing instrument for reducing open defecation rates through sanitation programs. In 2017, Bappeda NTB and BAZNAS NTB started a collaboration to improve sanitation access in 10 regencies, namely Kota Mataram, Kota Bima, Bima, Dompu, Sumbawa, Sumbawa Barat, Lombok Timur, Lombok Barat, Lombok Utara, and Lombok Tengah. During the three years of project implementation, $920,000 (IDR 13.9 billion) has been allocated for this initiative. The program benefits 7,776 people in 36 villages in the form of 645 renovated houses and 888 latrines.

Zakat is also used to reduce the impact of severe droughts on underprivileged communities. For instance, Dompet Dhuafa uses zakat funds to help poor families access fresh water so that it can reduce their spending on obtaining water. Dompet Dhuafa Disaster Management Center stated in its El Nino mitigation report that in 2023 it distributed fresh water to 11,134 people in 11 locations covering areas in Java and Kalimantan.

Moreover, zakat and donations have also been used for water conservation. In 2015, the Zakat Organization Forum (FOZ) established 900 infiltration wells to increase water discharge in springs in Mojokerto. Through this program, it is estimated that around 392 million liters of water can be reserved back to the ground annually.

The Zakat Organization Forum (FOZ) established 900 infiltration wells to increase water discharge in springs in Mojokerto.

During the COVID-19 pandemic, zakat was widely used to provide handwashing facilities in public spaces and improve community awareness of good hygiene practices to inhibit the spread of the virus. This initiative has attracted the Islamic Development Bank to amplify the impact by donating their funds to establish handwashing drives in 78 schools, benefiting 19,000 students.

Furthermore, capacity building and training activities have been conducted to improve the quality of zakat distribution for clean water and sanitation programs. In 2020, BAZNAS collaborated with UNICEF and Bappenas to launch zakat distribution technical guidance for financing water and sanitation.

Moreover, BAZNAS published the BAZNAS Index for Sustainability of Clean Water and Sanitation (BI WAS). This is a standard measuring tool that calculates the progress and achievements of the zakat distribution program for clean water and sanitation. The main measurements in this index are measurement regarding water facilities, public toilet facilities, cleanliness, and behavior. This index helps zakat institutions conduct impact measurement beyond the physical aspect and also recognize community behavioral change aspects.

From the observed best practices above, zakat has three main advantages for becoming an alternative water financing instrument. First, the fatwa issuance on the permissibility to use zakat for water financing gives much more flexibility to zakat compared to the highly bureaucratic government budget. This flexibility becomes much more relevant in times of disaster when immediate help for safe water access and proper sanitation is needed. Second, zakat becomes much more impactful because it targets low-income families. This arrangement may complement the government’s program for poverty alleviation.

Thirdly, community involvement during the project implementation may increase the sense of belonging to the facilities. The recipients of the program will tend to preserve the facilities because the development of infrastructure acknowledges their voice and aspirations, not merely constructed by a third party that is outside of the community. In addition, it also increases transparency and trust, which can ignite more donations from the public to replicate the program.

Despite the progress that has been made, several improvements can be suggested. First, it is important to widen the fatwa socialization of zakat permissibility for water financing. Because there is quite a significant part of society that still believes that zakat can only be allocated for basic needs like staple food.

Second, it is necessary to improve the capacity of zakat institutions to disburse zakat on water and sanitation programs. They should have the capacity to run monitoring and evaluation programs as well as produce impact reporting to increase public trust in this initiative.

Lastly, embracing international collaboration is worth considering. In 2019, the World Zakat Forum endorsed each of its members to strengthen international collaboration with UNICEF and UNDP to achieve the SDGs. Now, as the host of the 10th World Water Forum, Indonesia should step forward to emphasize potential collaboration between zakat institutions and international agencies and entrepreneurs for water financing to achieve shared prosperity.

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About the Author

Randi Swandaru

Randi Swandaru is a PhD candidate in Islamic finance at INCEIF University, Malaysia. Former Deputy Director at BAZNAS and INDEF School of Political Economy Alumni.

Boosting Europe’s FDI after a Post-Pandemic Downturn

June 2, 2024

By Julie Linn Teigland

Following a year of slow economic growth, soaring inflation, surging energy costs and an ongoing precarious geopolitical landscape, Europe has just recorded its first decline in foreign direct investment (FDI) since the pandemic.

This perfect storm has created a climate of caution among investors, with the recent EY Europe Attractiveness Survey finding that European FDI dropped by 4% in 2023 compared with the previous year, with FDI levels now 11% lower than in 2019, just before the pandemic struck.

Looking at individual countries, France secured the most investment despite a 5% annual decline in the number of projects, the UK ranked second, bucking the overall downward trend with a 6% increase in FDI projects. Germany came third following a 12% fall in investment.

Given that foreign investment increased in other parts of the world during the same period, these figures should worry European policymakers. Foreign investment helps the economy by creating jobs, stimulating innovation and boosting exports. Policymakers and businesses must therefore urgently prioritize working together to create the conditions where investment can flourish and Europe thrives.

A mixed picture across sectors

The number of FDI projects in software and IT services and business and professional services — traditionally and still Europe’s largest sectors for investment — fell by 19% and 27% respectively. Both are suffering from the effects of purse-tightening on the part of their clients and a general decline in outsourcing.

Our survey did find some bright spots. Investment in tourism and culture, the 17th largest sector for investment, increased by 130% in 2023. The sector continues to rebound as consumers return to spending on leisure and travel, free from pandemic-induced restrictions.

Investment in manufacturing also proved resilient, declining 1%. Businesses maintained manufacturing investment to ensure they can meet future consumer demand, which is expected to rise. Ongoing efforts to reorganize supply chains and relocate production bases to Europe also helped maintain manufacturing investment levels.

Foreign investment could surge, but risks remain

Despite the challenges, there is cause for optimism about the future. The survey found that 72% of businesses plan to expand or establish operations in Europe within the next year, up from 67% in 2022. A similar proportion (75%) are optimistic about Europe’s prospects over the next three years. Europe clearly still matters in current and future business plans.

Expectations of recovery are partly driven by pent-up demand for projects after a long period of low investment and difficult economic conditions. Whether it’s the war in Ukraine, soaring inflation or difficult financing conditions, the past three years have been marked by shock after shock. These challenges have not gone away, but they have eased to the extent that organizations now feel ready to invest again.

However, serious risks remain, and they need to be addressed. Our survey identified the top three threats to Europe’s attractiveness over the next three years:

The increased regulatory burden: Europe has pioneered new regulatory initiatives in areas including carbon disclosure, supply chain due diligence, data protection and the safe use of artificial intelligence (AI). Regulation is important for helping build trust and accountability in business. But investors are worried that an expanding regulatory framework could stifle European business growth and agility.
Energy prices and supply issues: These represent the second biggest threats to Europe’s attractiveness, reflecting concerns about the energy crisis of the past two years.
Political instability in Europe: Executives are concerned about uncertainty in the run-up to the European elections and rising social tensions and political radicalism.

Securing the recovery

There is no room for complacency on any of these issues. The reality is that Europe is facing increasingly stiff competition from the US and Asia, so policymakers must take bold and decisive action now.

A change in public policies at the European and local level would encourage foreign investors to invest more. That means addressing a number of key questions, including how to harmonize regulation, restore confidence in the energy supply, alleviate the most immediate barriers to investment, facilitate access to capital and design long-term industrial policies.

European leaders must prioritize these questions and lean into the continent’s strengths to boost its FDI attractiveness and remain competitive in the years to come.

The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.

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About the Author

Julie Linn Teigland

With nearly three decades of experience in professional services for international clients, Julie Linn Teigland‘s focus is on transformation processes, in particular on the challenges of digital transformation, and is committed to the sustainable development of capital markets and their framework conditions. Julie has served as lead partner for several Fortune 500 clients

The Benefits of Switching to Managed Accounting Services in a Digital Age

June 1, 2024

Are you overwhelmed by the complexities of handling your business’s finances? You’re not alone.

In today’s fast-paced, digital world, many business owners are seeking smarter solutions to manage their accounting needs. Managed accounting services can be a game-changer, offering expertise, efficiency, and peace of mind.

This article will talk about how moving to outsourced bookkeeping services can help your business grow in the digital age, give you more time, and make you less stressed.

Cost Efficiency

You can save money with outsourcing accounting services for small business. By outsourcing your financial work, you don’t have to hire as many people, which saves you money on wages. Also, these services often come with high-tech tools that help you stay away from mistakes that cost a lot of money.

Managed accounting services also give you correct information about your money. This accuracy helps you make smarter business choices, which can help you save even more money. There’s an easy way to make sure your money is in order.

Access to Expertise

You can access seasoned professionals through managed accounting services. These professionals know all about the newest rules and laws in accounting. They can make it easy for you to do difficult cash jobs.

When you use controlled accounting services, you get advice from professionals that is specific to your business. This knowledge makes sure that your financial records are correct and up to code.

Scalability

Managed accounting services can grow with your business. As your business expands, these services can easily adjust to handle increased financial complexity. This flexibility ensures that your accounting needs are met at every stage of growth.

You won’t need to hire additional staff or invest in new systems. Managed accounting services can scale up seamlessly to support your business.

Data Security

Your data security is prioritized by Managed Accounting Services. The way they keep your banking information safe is through clever encryption. This keeps your private information safe from people who shouldn’t have access to it.

Also, these services follow strict rules set by the government. High levels of security are kept up by doing regular checks and changes.

Efficiency and Automation

Managed accounting services use high-tech tools to do jobs automatically. This technology makes things like billing and payments go faster. It also makes mistakes less likely to happen.

You can work on other important parts of your business when you automate many of your accounting chores. The business is now more productive and efficient. If your business seeks streamlined processes and automation to boost efficiency, consider this accountant in Missouri for tailored digital solutions.

Embrace the Future With Managed Accounting Services

In conclusion, managed accounting services offer numerous benefits that can transform your business operations. By embracing managed accounting services, you can focus on what truly matters-growing your business and achieving your goals in the digital age.

Don’t let the complexities of accounting hold you back. Make the smart choice today and see the difference it can make.

If you gained new insights from this article, be sure to explore our blog for more enlightening content.

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Humbling Perspectives: Kimberly Gire’s Journey Focusing on Vulnerable Communities as Co-Chair at the Centre for Disaster Protection

June 1, 2024

With an extensive career operating in the fields of banking, finance, and strategic philanthropy, Kimberly Gire brings an impressive skill-set to the role of Board Member and Co-Chair for the Centre of Disaster Protection (the Centre). As part of the World Financial Review’s Power Influencer Series, Kimberly shares some valuable insights into how she carved out her impressive career and why she was inspired to join the Centre’s Board.

Kimberly Gire, Board Member and Co-Chair of the Centre for Disaster Protection, brings together a blend of experience in structured finance, risk management, and philanthropy. It’s not often you find someone with such diverse expertise, but Kimberly’s unique skill set has enabled her to contribute to developing financing solutions for global public goods on a significant scale.

From early on, Kimberly’s profession was centred within the global financing and banking sector, where she worked in the international capital markets with Citi, before holding several senior executive roles, including CFO for the retail, business and private banking divisions of Westpac Banking Corporation.

Kimberly’s true passion, however, lies in philanthropy, and in 2000, while on sabbatical in Hong Kong, she found herself available to seek out opportunities for undertaking charity work – the start of a journey that would not only enable her the space and opportunity to do something with more of a sense of purpose and community impact, but would enable her to choose her own path. Guided by her own experience in philanthropy in her youth, and as a mother, Kimberly explored opportunities with children’s charities, a route which led her into the education sector, and, more specifically, helping to raise corporate funding for charities supporting children at risk.

“Having worked in banking, structured finance, treasury, and risk management, I understood the tools of the trade, and importantly, the potential of corporate philanthropy; however, this particular not-for-profit children’s charity in Australia had few connections in this space,” Kimberly explained. “The key to success – as with many things in life – is about knowing the right people, and I knew the right people who were willing to connect with this children’s education charity. I was able to put my contacts and relationships to good use, to be that bridge between the different sectors. I was in a position where I could instigate what I call the “triangle of ask”, which is where you find that one person who you can trust, not only to become involved, guide and assist, but to sit alongside your organisation as a neutral actor. It was an empowering experience that yielded great results for children at risk.”

The key to success – as with many things in life – is about knowing the right people, and I knew the right people who were willing to connect with this children’s education charity.

Working with the children’s charity as a pro bono volunteer partner was not only a rewarding experience for Kimberly, but it opened up new opportunities to her within the humanitarian space – including a journey supporting the Australian Red Cross. Here, Kimberly founded and ran a highly impactful women’s giving circle, and as part of that journey she was able to explore women’s philanthropy with the International Committee of the Red Cross (ICRC) based in Geneva; a move which led her to discover more about the financial instruments the funding team were developing, and the subsequent lack of pro bono, impartial expertise that was available to guide them through a complex, first-time transaction.

“Having access to impartial expertise does not have to sit inside every humanitarian organisation – and nor should it; but when deciding on whether a certain tool is the right fit for an organisation, having someone impartially deliver that analysis and review of design is critical,” Kimberly explained. “Making sure that a tool can provide an effective solution is paramount.”

With her financial background and expertise, Kimberly leveraged her skills and connections to assist the International Committee of the Red Cross to complete the world’s first humanitarian impact bond.

“It wasn’t long after the funding and close of the humanitarian impact bond that I was introduced to Colin Bruce, now my Co-Chair at the Centre,” Kimberly said. “Together we began exploring how we could help call for a ‘trusted space’ of financial and risk expertise for humanitarian and development organisations. Before long, I met Daniel Clarke at a convening at Harvard University, and I became involved with the strategy for the Centre. Over the last 5 years, I have worked closely with Daniel and the Centre team, and it was a proud moment when I was invited to join their board in 2021.

A centre of trust

Combining her philanthropic and development-humanitarian experience with philanthropy, risk management, finance and banking know – how, means Kimberly understands financial systems and what effective product and systems design looks like. Her skills complement her fellow Board members, who each bring different skills to the table, such as lived experience in countries the Centre advises and supports. As Kimberly highlighted, such diversity of skills and experience is crucial for ensuring greater expertise, and importantly, lived perspective.

“It is all about building strong, complementary, partnerships between the Board members and the Co-chairs,” Kimberly said. “We are here to help drive growth, to broaden the expertise, the perspective. With our Board working closely with the Centre leadership,, and with the expertise of its team, the Centre is now at this stage.

Disasters are increasing in both frequency and impact, and the architecture of the current system is too fragmented and complex to deal with the impending consequences.

“The team here are highly motivated professionals, they are experts in their fields, and I love working with them,” Kimberly continued. “But what is important is that they are trusted; they know what they are talking about. Their deepest knowledge can be used to leverage decision-making, to bring management and country leadership along, to bring people together; they can get people on-board with the understanding of the potential of disaster risk finance as an effective and efficient means to help the most vulnerable people and communities around the world.”

As Kimberly pointed out, encouraging buy-in to tools and instruments around crisis and pre-arranged finance is no easy task; there is sometimes an initial wariness of working with the private sector, and perhaps an unawareness of the potential of alternative risk and financial instruments outside of insurance, risks leaving the sector shrouded in an “us versus them” mentality.

“Times, however, are changing,” Kimberly said. “The readiness to buy into this concept is growing, and there have been several successful, innovative transactions in recent times, but we all need to work together to accelerate change. Disasters are increasing in both frequency and impact, and the architecture of the current system is too fragmented and complex to deal with the impending consequences.

“This is where the Centre comes in,” Kimberly stated. “They have the right team of purpose-led experts, which combines both the technical and personal skills required to explain what can be complex concepts and advise organisations on new tools and instruments. The team is unique in that it has grown up from need; because of this they are able to hold the mirror up to the financial world and challenge the process, they can challenge the architecture of the current system, they can see what can be done, and what is possible. They can see what needs to be changed and have the heart and expertise to work with all stakeholders to make it happen..

“The Centre is poised to generate a real leverage effect,” Kimberly continued. “They have the right model in place, they are working from best practice, and they have learnt from past experience. It is a combination of all these different elements which means their expertise and advice can be trusted. That is why I am proud to dedicate my time to co-chair the Centre Board.”

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About the Author

Kimberly Gire

Kimberly Gire – as a strategic philanthropist, Kimberly donates her professional skills and experience in capital markets, treasury, structured finance and philanthropy to support humanitarian, development and environmental organisations. She contributes to developing financing solutions for ‘global public goods’ at scale by collaborating with the leadership of humanitarian, development and environmental actors, multilaterals, philanthropists, and the private sector.

As well as being Co-Chair of the Centre for Disaster Protection, she is the Founder of Global Women Leaders Strategic Philanthropy, the Chair of the Centre for Global Equality at Cambridge, the C0-Chair of the Advisory Board for the Global Schools Forum, and a member of the Editorial Board for the Women’s Forum for the Economy & Society Global Meeting.

Her pro bono work has led her to taking on multiple humanitarian and development advisory roles, including Special Advisor to the EJS Presidential Centre for Women and Development, the International Committee of the Red Cross (ICRC), Swiss Cross Foundation, and as a member of the High-Level Steering Group for the Education Outcomes Fund hosted by UNICEF. She was also an Advisor to The World Bank’s collaborative Famine Action Mechanism, and a member of the B20 Saudi Arabia Advocacy Caucus.

To round off her impressive list of accolades, Kimberly is also a Member of the Australian Institute for Company Directors, has a Graduate Diploma in Japanese from Macquarie University in Sydney, and a Bachelor of Arts in Sociology, with a specialisation in Business Administration from the University of California,Los Angeles (UCLA).

The Ultimate Guide to Finding the Best Manufactured Home Loan Rates

June 1, 2024

Are you on the hunt for the best manufactured home loan rates? Finding the right loan can seem overwhelming, especially with so many options available.

In this guide, we’ll break down everything you need to know to secure the most favorable rates. Whether you’re a first-time buyer or looking to refinance, understanding the ins and outs of manufactured home loan rates will save you money and stress.

Let’s dive in and simplify the process of finding the perfect mobile home rent to own for you.

Improve Your Credit Score

Improving your credit score is an important step in securing the best manufactured home loan rates. Start by checking your credit report for errors and disputing any inaccuracies. Ensure that you pay all your bills on time, as payment history greatly impacts your credit score.

Reducing your overall debt also boosts your credit score. Focus on paying down high-interest credit cards and loans to lower your debt-to-income ratio.

Save for a Down Payment

Saving for a down payment is crucial for securing a good loan rate. Start by setting a clear savings goal and building a budget that allows you to set aside money regularly. Consider opening a separate savings account to keep your down payment funds secure and organized.

A larger down payment can lower your interest rate and reduce your monthly payments. This financial preparation can also strengthen your position as a borrower to lenders.

Compare Lenders

One important thing to do to find the best rates on a mobile home loan is to compare lenders. Do some online study on different lenders and read customer reviews to get an idea of how well-known they are.

Get a loan quote from each lender so you can easily compare the costs and advantages of each choice. By looking at a number of offers, you can discover which lender offers the best terms for your specific financial position.

Explore Government Programs

If you are looking for rates on prefab homes, government programs can be very helpful. Most of the time, these programs offer better terms and lower interest rates than standard lenders. The Federal Housing Administration (FHA) and the U.S. Department of Agriculture (USDA) both have schemes that could help you.

The goal of FHA loans is to help people who have bad credit or no down payment. People who meet certain income requirements can get USDA loans to buy mobile homes in rural areas or suburbs.

Consider Manufactured Home-Specific Factors

When considering manufactured home-specific factors, it’s important to understand the differences between these homes and traditional homes. Manufactured homes are built in a factory and then transported to their final location, which can affect financing options.

Manufactured Home Mortgages may have different requirements and terms, so it’s essential to research these specifics before applying. Make sure to discuss these details with potential lenders to ensure you get the best mortgages for your situation.

Unlock Your Dream Home With Unbeatable Manufactured Home Loan Rates!

Finding the best manufactured home loan rates doesn’t have to be complicated. By taking steps such as improving your credit score, saving for a down payment, comparing lenders, exploring government programs, and considering manufactured home-specific factors, you can set yourself up for success.

Remember, preparation and research are key. With the right approach, you’ll be well on your way to unlocking your dream home with the most favorable rent to own mobile homes loan rates available.

If you gained new insights from this article, be sure to explore our blog for more enlightening content.

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The Aftermath of a Bus Accident: Coping with Injuries and Trauma

June 1, 2024

A bus accident can be a traumatic event, leaving survivors with both physical injuries and emotional scars.

An accident aftermath requires a comprehensive approach to healing and recovery. Understanding how to cope with injuries and trauma is crucial for victims and their families.

This article will explore the steps to take after a bus accident. It will focus on managing physical injuries. It will address emotional trauma. It will find cheap health insurance to cover medical expenses. Read on!

Seeking Medical Attention

The first step after a bus accident is to seek medical attention. Even if injuries seem minor, it’s crucial to get checked by a healthcare professional. Some injuries, like internal bleeding or concussions, may not be immediately apparent. A quick medical evaluation can prevent problems. It ensures all injuries are treated.

Documentation and Legal Steps

Documenting the accident is essential for both medical and legal purposes. Take photos of the scene. Get witness statements. Keep detailed records of medical care and costs. Contacting a lawyer can help with the complexities of insurance claims and possible lawsuits.

Follow Medical Advice

Following medical advice is key. It is crucial for recovering from injuries from a bus accident. Following prescribed treatments helps. So does attending follow-up appointments and finishing physical therapy. These things can greatly improve recovery.

Managing Pain and Discomfort

Pain management is a critical aspect of recovery. You can manage pain with over-the-counter medications and prescription pain relievers. You can also use alternative therapies like acupuncture or massage.

Rehabilitation and Physical Therapy

Rehabilitation and physical therapy play a crucial role in recovering from severe injuries. These treatments help restore mobility, strength, and function. They allow people to regain their independence. Consistency and dedication to the prescribed rehabilitation program are vital for successful recovery.

Recognizing Emotional Impact

The emotional aftermath of a bus accident can be just as debilitating as physical injuries. It’s essential to recognize signs of accident trauma. These signs include anxiety, depression, and PTSD. Acknowledging these feelings is the first step towards healing.

Seeking Professional Help

Professional counseling or therapy can provide invaluable support in dealing with emotional trauma. Therapists can offer coping strategies. They help process traumatic memories and guide people to emotional recovery. Support groups can also provide a sense of community and shared understanding.

Self-Care and Support Networks

Doing self-care activities, like exercise, meditation, or hobbies, can manage stress. They can also improve mental well-being. Leaning on support networks is key. These include family and friends. They provide emotional comfort and practical help during recovery.

Navigating Insurance Claims

Dealing with insurance claims can be a complex and frustrating process. You should understand health insurance coverage. You should explore more options if needed. For those seeking the most affordable health insurance, comparing plans and providers can help. It will help them find the best fit for their needs.

Managing Financial Strain

A bus accident can lead to significant financial strain due to medical bills and lost wages. You can explore options like financial aid, disability benefits, or community resources. They can help reduce this burden. Legal settlements from insurance claims or lawsuits may also provide financial relief.

Navigating Life After a Bus Accident

A bus accident can mess with someone’s body and mind. Getting medical help quickly is key. So is sticking with therapy and getting the right support. Plus, having affordable health insurance can ease the money stress of treatments. Overall, bus crash survivors can start piecing their lives together by tackling recovery from all angles.

Keep going! Feel free to delve into our wide array of articles covering various topics.

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CFO's new mandate. CFO explaining the presentation

The Performance and Transformation Orchestrator: The CFO’s New Mandate in the Age of AI

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By Terence Tse CFOs are evolving into AI-driven transformation orchestrators, balancing finance, technology, and strategy while upskilling teams, managing risks, and driving measurable business value. A key insight from this year’s AI for CFOs event, organized...