WORLD ASSEMBLY OF ISLAMIC CITIES (WAIC)

Towards a Prosperous Urban Future For All

Registration information

Title:Islamic Cities Impact Fund INC.
Headquarters:Toronto, Canada
Registration number: 982781-1
Executive office: Belfast, Northern Ireland

Definition: Impact Fund
Impact investing refers to investments "That carry out by companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return. Impact investments can be implemented in both emerging and developed markets, and target a range of returns from below-market to above-market rates, depending upon the circumstances. Impact investing tends to have roots in social, urban environment and environmental activities.

Vision

  • To establish Bank of Islamic Cities
  • To expand the Fund's scope of activities from Islamic countries confine to global scale


Target population

  • Municipalities
  • Urban development organization
  • Private sector
  • Credit and financial institutions
  • Banks
  • Investor's natural persons


Defintion of Islamic Cities Impact Fund
The Islamic Cities Impact Fund is aiming at establishment a strongly financial-economic and nonpolitical organization which tends to provide the opportunities for development in Islamic cities. The Fund was established during the conference jointly organized by the World Assembly of Islamic Cities (WAIC) and United Nations Human Settlements Programme (UN-Habitat) at UN headquarters in Vienna in 2015.

The final horizon for Fund is to establish the bank of Islamic cities which will be achieved in a 3-5 year programme. Various opportunities for establishing and developing the Fund are as follows:

Whereas WAIC was found in collaboration with UN-Habitat and in connection with City Prosperity Initiative (CPI) and as one of the main agenda of city mayoral forum of Islamic countries. Based on CPI's structure, this collaboration accounts more for mayors, keynote leaders, investor organizations, and private sector and it accelerates the process of establishment.
The establishment of Fund as a developmental goal related to sustainable development goals (SDGs) is the effective measure for easily partnership of other international organizations and networks of urban, economic and financial management.  
The formation of Fund in collaboration with UN-Habitat makes better use of this organization's opportunities in order to more and better partnership invitation of cities, local governments, investors and mayors, urban development organizations, private sector, credit and financial institutions of banks, etc. In the process of establishing and developing, the Fund initiates its activity through forming special centers for certain projects:

  • UN-Habitat headquarter in Nairobi, Kenya
  • United Nations Headquarters in New York, Vienna and Geneva
  • International Secretariat of the World Assembly of Islamic Cities, Toronto
  • Headquarters of International City Leaders (ICL) and City Prosperity Initiative (CPI), Toronto – Canada


Opportunities for attraction the resources of cities with regard to certain projects including subset of city prosperity initiative (CPI) that of the most important is signing the MOU among cities, local and central governments of Islamic countries and United Nations which are formed and developed through Fund, and the Fund plays an important role regarding the sign of this MOU and gains its resources.

The most important key role of Fund in the year of establishment and following years after it, is that it can, in practice, move and encourage a number of financial means of cities toward the United Nations, so that UN can make use of existing funding opportunities and the Fund can develop itself at the same time.

According to work done with economic sector of UN and effective partnership in line with development of these activities with regard to launch the urban Davos congress and provide a platform of the key economic project of global cities and special communication, it has been effective in enlarging the domain of all cities from the scale of Islamic countries to global scale, and provides the special facilities for Fund.
Once cities of Islamic countries are offered some key projects of development, and they have been satisfied with experts' viewpoints and approved by UN as well, and also observed by global valid universities and from economic perspective, they have been consulted with leading economic and financial advisors worldwide, the possibility for admission of a lot of cities will be happened in the light of convergence space of World Assembly of Islamic Cities (WAIC), especially when WAIC makes use of specific capacities for developing these situations and branding.

Objectives

  • The Fund is formed for pooling financial and spiritual possibilities of Islamic cities and with regard to World Assembly of Islamic Cities (WAIC) with aiming to move on realization of sustainable development and promotion of the quality of the urban life.
  • The Fund is a financial-economic institution which tends to gain the benefits through access to international investment opportunities.
  • The Fund tends to gain certain short-term, mid-term, and long-term effects through empowering itself as a strategic financial institution in promotion the economic state and in flourishing the business climate for Islamic cities.
  • The Fund will be a good and appropriate pilot toward designing and implementing urban projects using professional and scientific values of academic knowledge and reviewing international successful examples.
  • The Fund, through one specific timetable, tends to make effective and active connection with economic organizations at a global level, and increases partnership from the basic level to the serious and pervasive cooperation.
  • The Fund provides the opportunity for admission and attendance all cities towards sustainable development.
  • The Fund makes clear and precise relations with Islamic cities towards developing its own working network.
  • The Fund is an active economic organization which never has political orientation in its plans and goals.


This means that it tries to do not according to political framework in order to form investment opportunities or to take opportunities as well as provide conditions for developmental activities for everyone equally. 

Besides targeting Islamic cities, municipalities, urban development agencies, private sector, credit and financial institutions, the Fund addresses banks and investor's natural entities. In other words, whatever are urban amenities, will be of interest and scope of activity of the Fund.

Plans

  • The Fund as a developmental goal related to sustainable development goals (SDGs) is the effective measure for support of other international organizations and networks of urban, economic and financial management in order to provide different services for sustainable development of Islamic cities.
  • The Fund, based on certain projects including subset of city prosperity initiative (CPI) will take resources from through signing the MOU among cities, local and central governments of Islamic countries and United Nations.According to work done with economic sector of UN and effective partnership in line with development of these activities with regard to launch the urban Davos congress and provide a platform of the key economic project of global cities, the Fund will play a crucial role.
  • The Fund supports the projects of sustainable urban development by holding large festivals and exhibitions regarding the introduction of Islamic cities in the international situations and by making branding.  


Partners

  • World Assembly of Islamic Cities (WAIC)
  • Investors
  • International City Leaders (ICL)


The Fund has signed MOUs with different groups whereby different collaboration and commitments for the parties to achieve short- and long-term goals have been emerged. According to this MOU, the parties have to encourage groups and other partners to invest the Fund.

In this regard, World Assembly of Islamic Cities (WAIC) and International City Leaders (ICL), will launch the relevant international networks by absorbing investments and attracting companies in order to ensure the success and achieve the goals of the Fund.

Implementation process
World Assembly of Islamic Cities (WAIC)
WAIC has granted a concession of establishment and launch of Fund to the investor.
WAIC recognizes the head of Fund as a supervisory member of executive council of World Assembly of Islamic Cities (WAIC).
WAIC has considered and introduced the Fund as a part of its working organization.
WAIC supports the notification, call for, registration and establishment process of Fund as a financial-economic organization of its affiliate.
WAIC, based on tripartite protocol to UN-Habitat and ICL, is undertaken to invite municipalities of Islamic countries.
WAIC should provide mayors of Islamic countries with all packages of notification on launch and establishment of the Fund. However, based on existing capacity, and the need to communicate with the audience in stages, WAIC will interact with about a hundred cities.   
WAIC will make use of the capacities of its international office in Canada (Toronto) for communication and it, based on an executive protocol, shares these capacities with the investor.
WAIC will take full advantage of its MOU with Asian Cities Forum in order to give information and sign up the member cities.  
 Based on MOU with Economic Cooperation Organization (ECO), WAIC will take advantage of capacities of this organization and member states in order to expand the Fund.
About Iran, WAIC will activate its capacities based on signed MOUs with Ministry of Interior, Ministry of Housing & Urban Development, Department Of Environment, Iran Cultural Heritage, Handicrafts and Tourism Organization, and Civil Commission of Parliament Resolution for Admission of cities.
Based on working capacities with UN-Habitat, WAIC will exploit them at the global level.
WAIC will review the proposals of investor regarding capacity building and making new cooperation platforms with specialized organizations and other international agencies, and it will try to implement them.
WAIC will have the certain projects with regard to holding large festivals and exhibitions in connection with introduction to Islamic cities in international locations. Accordingly, the Fund can be entered economically effective as of the branding of Assembly, and provide great opportunities in terms of economic opportunities.

The emphasis on unity in Islamic world and on introduction of historical and civilizational        values for Muslim lands, is a common point to support cities, local governments and Islamic countries governments with the activities of Fund and WAIC.  

According to the key role of International City Leaders (ICL), the Fund will take advantage of this opportunity in a practical and effective way in order to advance its higher goals.

Fund structure
The Fund is managed by a Board of Directors with the following structure. Board of Directors consists of the chairman, members, and managing director of the Fund.

  • Chairman of the Board: the President of the Assembly.
  • CEO: In a three-years period will be appointed by the investor.
  • Members: Included eight people


Note: The investor has one representative apart from the Board of Directors in the Fund.

Islamic Cities Impact Fund