annual report muhanna newww:layout...

THE MUHANNA FOUNDATION

2015Annual Report

TABLE OFCONTENTS

02/Operating Highlights

03/Chairman’s Statement

04/Board of Trustees

06/ Activities During 2015

08/The MunicipalAdministration andFinance Diploma (MAFD)

10/Projects

13/ History of the MuhannaFoundation

15/ The MuhannaFoundation’s FinancialStatements

16/ Donor Benefits

THE MUHANNA FOUNDATIONA N N U A L R E P O R T 2 0 1 5

02 THE MUHANNAFOUNDATIONTHE MUHANNAFOUNDATION//

BACKGROUNDThe Muhanna Foundation created in1994, is a non-profit organizationestablished in Switzerland with a sisterorganization in Beirut, Lebanon. It isdedicated to the promotion of continuingeducation for professionals involved inmunicipalities, social security, pensions,insurance industry, and supervision inactuarially under-developed countries, ingeneral and in the Arab World & EastAfrica in particular.

The Foundation organizes conferences,seminars and trainings in a variety of fieldsincluding insurance, investment andgovernance on a regular basis in theregion of its operation. Additionally, theFoundation runs three separateDiploma Programs, one in MunicipalAdministration and Finance, the second inSocial Insurance and the third in ActuarialTechniques.

In its commitment to education, theMuhanna Foundation provides Awardsand Scholarships in the fields of Actuarial

OPERATINGHIGHLIGHTS

Science and Mathematics to students who arecompleting actuarial education in severalcountries, namely, Bahrain, Jordan, Lebanon,Oman, Qatar, Saudi Arabia, Sudan, Syria,Tanzania and Yemen. The Foundation operates as an officialexamination centre for actuarial studentssitting for professional exams of the Society ofActuaries (United States Actuarial System) andthe exams of the Institute of Actuaries (UnitedKingdom Actuarial System).

The Foundation has a long track record ofproviding services to UN Habitat, the WorldBank, private sector institution, academicinstitutions and other UN organizations. Wecombine innovation and creativity with aworld class team capable of delivering on largetechnical collaboration projects.

Finally, the Foundation publishes robustacademic studies on a variety of social andeconomic topics that serve as starting pointsfor broader policy discussions.

Further details on the Foundation’s activitiessince inception is available via the annual reportarchive http://muhanna.org/en/profiles/details/4

May N. Mounzer

Holds a BachelorsDegree in BusinessManagement fromthe Lebanese

American University; May has a solidbackground in managing a variety ofinstitutional communication and outreachprograms and projects. She currently holdsthe position of Programs Coordinator at theMuhanna Foundation and is in charge ofrunning programs pertaining to the socialinsurance and municipal world.

Rana E. Reda

Executive Master inBusinessAdministration(EMBA) candidate at the Lebanese American University; Rana has adiversified background in Building thecapacities of individuals and organizations inboth the public and the private sector. Currentlyshe holds the position of Programs Coordinatorat the Muhanna Foundation and is responsibleof the development of various programs andprojects.

MEET THEEXECUTIVE TEAM

ANNUAL REPORT2 0 1 5 /03

Dear friends and colleagues,

For over two decades, the Muhanna Foundation has successfully executed its strategyof focusing on its core mission and objective, and for the year 2015 we can proudlysay that we have implemented several value-adding projects and increased the sizeof our full-time staff. This has allowed us to continue to deliver strong programs thatdevelop and enrich our community. We aim to empower individuals, nurture theirinnate talents and develop their skills to enable them to fulfil their potential andprosper in their communities and in the world at large.

Hence, for the year 2015, the Foundation has executed several exciting projects thatwe would like to share with you:

To begin with, the Muhanna Foundation jointly with the Lebanese AmericanUniversity (LAU) graduated its second generation from the MunicipalAdministration & Finance Diploma (MAFD). In the past couple of years, we havegraduated 95 individuals (53 male & 42 female) belonging to 73 municipalities andunions from all over Lebanon. We can proudly say that we have launched our thirdsession of the program, wishing the participants in the program the best of luck intheir educational journey.

As part of its contribution to finding a solution to the waste management crisis inLebanon, the Foundation submitted a policy paper along with UN-Habitat on thesubject of Integrated Waste Management (IWM) to the Lebanese Government.This paper scrutinizes events leading up to the beginning of the crisis and evaluatesproposed solutions, as well as the impact of the crisis’s aftermath on Lebanon’senvironment, infrastructure, health and landscape.

As part of its role in building the capacities of managers and staff of pension funds,retirement benefit schemes and social security institutions, the Muhanna Foundationimplemented a training sessions in 2015. It is to be noted that the Foundation hasgraduated until this day more than 555 candidates from the Social Security Diploma(SID) from 27 institutions the region.

In conclusion, I can proudly say that this legacy of leadership is a tribute to the successand stability of the Muhanna Foundation, and to the belief in the importance of ourpurpose held in common with us by our donors over so many decades. Personally, Iam truly humbled to lead this organization with the trust and hope that we shallimplement more exciting projects in the year to come.

Ibrahim E. MuhannaChairman - Board of Trustees

CHAIRMAN’SSTATEMENT

04 THE MUHANNAFOUNDATION/

is the Managing Director of i.e. Muhanna& co. (Actuaries & Consultants). Since1986, he has advised insurers,governments and other clients in 38countries. He graduated from theUniversity of Michigan (1976) with a MScin Actuarial Mathematics. Since 1995, hehas been a member of the InternationalActuarial Association (IAA) Council. He hasserved as a member of the IAA ExecutiveCommittee and he was the Chairpersonof the Steering Committee of the IAAEducation Program and is currentlyactively involved in other IAA Committees& Sections. He is also the foundingmember of the IAA Health Section.Moreover, he is the vice-chairman of theactuarial technical commission of theInternational Social Security Association(ISSA). His other roles involve being thefirst Chairman of the Cyprus ActuarialAssociation, member of the SwissAssociation of Actuaries and he is thePresident of the Lebanese Association ofActuaries. He has written several paperson actuarial and insurance issues. In 2001he introduced the first financial strengthrating services for insurance companiesand municipal credit rating in the ArabWorld. In 2007, he was awarded “TheNational Order of the Cedar” by theLebanese President. The award is inrecognition of his great service & devotionto the Nation.

was the Government Actuary ofthe United Kingdom from April1989 to September 2007. Hequalified as a Fellow of theInstitute of Actuaries in 1973 andwas a member of the Council ofThe Institute of Actuaries from1985 to 1999, serving asPresident from 1994 to 1996. Hewas Chairman of theInternational Forum of ActuarialAssociations (IFAA) from 1996 to1997. He has written numerouspapers on actuarial topics and isa joint author of the bookPractical Risk Theory forActuaries with Professor TeivoPentikäinen and Dr. MarttiPesonen. In 1993 he was made aCompanion of the Order of theBath (CB) by Her Majesty theQueen. In 1995 he was awardeda degree of Doctor of Science(Honoris Causa) by the CityUniversity, London. He is avisiting professor at CityUniversity and at universities inShanghai and Beijing. He isChairman of the Pensions,Benefits and Social SecuritySection of the InternationalActuarial Association (IAA) and amember of the IAA ExecutiveCommittee.

IBRAHIM MUHANNA CHRISTOPHER DAYKIN

BOARD OFTRUSTEES


is a German scientist and politician.He is professor of health economicsand epidemiology at the Universityof Cologne. He studied humanmedicine at the RWTH AachenUniversity, University of Texas andUniversity of Düsseldorf. From1989–92 he has studied healthpolicy and management as well asepidemiology at the Harvard Schoolof Public Health in Boston,graduating with a Doctor of Sciencein 1992. From 1992–93 he has helda fellowship at the Harvard MedicalSchool. Since 1998 he has beendirector of the institute of healtheconomy and clinical epidemiologyat the University of Cologne andwas appointed adjunct professor atthe Harvard School of Public Healthin 2008. He was a member of the“Council of Experts for thedevelopment of health system”from 1999. He also was a memberof the Rürup-Kommission, acommittee of experts that wasestablished to review the financingof the social insurance systems. Hejoined the SPD in 2001. He made hisentry to the Bundestag with a directmandate by winning in his electoraldistrict the federal elections 2005,2009 & 2013.

is a self employed consultant toexecutives, banks and pensionfunds in Europe, the Middle Eastand Asia mainly. The milestonesof Mr. Schrutt’s long bankingcareer were 10 years with thethird largest Swiss bank, Bank JuliusBaer, were he was a member ofthe Group Executive Board andresponsible for the assetmanagement division worldwideand research. Before thatMr. Schrutt worked for 10 yearsin several positions with UBSwhere at the end he was theirChief Analyst, Chairman of theInvestment Committee andresponsible for portfoliomanagement. He started hiscareer as an economist at theSwiss Central Bank. A numberof board memberships andconsulting mandates are in hisportfolio currently. Mr. Schruttholds a PhD in Economics fromthe University of Basle and didteach at several Universities.

is head of Client Coverage for TPGCapital in the Middle East andNorth Africa, responsible formanaging relationships withinvestors in the region. Prior tojoining TPG, Anthony spent sixyears with Morgan Stanley, andheld the position of Vice Presidentand Head of Sales for MorganStanley Investment ManagementSaudi Arabia. He has also workedin the asset management divisionof Global Investment House inKuwait from 2005-2007. Anthonyholds a degree in businessadministration with a financespecialty from the AmericanUniversity of Beirut.

KARL LAUTERBACH LEO THOMAS SCHRUTT ANTHONY MUHANNA


its electronic library and is continuouslydeveloping the scope of programs givento professionals.

CONFERENCES

The Foundation organizes world-classconferences of which the annual pensionand social insurance conference is themain one. Each year, this conferenceaddresses retirement scheme issues inboth technical and non-technical termswith distinguished international lecturersand is attended by a large spectrum ofpension professionals from the region.The events are organized under theauspices and presence of presidents,prime ministers and ministers.

In 2015, the foundation has sponsored& participated in various conferences,workshops, and seminars such as

20 – 23 April: Konrad AdenauerStiftung, Ankara, Turkey- SocialMarket Economy and DemocracyWorldwide – The Case of MuslimDominated Countries.28 Sep – 2 October: IAA Regional

Seminar in Azerbaijan.6 – 8 December: Platinum sponsor inJordan’s “Credit Rating & EnterpriseRisk Management” Seminar; in whichthe Foundation discusses theimportance of Insurance FinancialStrength Rating in the Arab World.June 27 – 28: The first actuarialMoscow Forum in Marriot AuroraRussia discussing the topic of Pension& Actuarial Consulting.June 15 – 17: Donated a paper andlectured in “Implementation ofStrategic Projects and ParticipatoryApproach” Seminar in Tripoli -Lebanon.

ACTIVITIESDURING 2015

Over the past 21 years, the Foundationhas grown into a multidimensional activeplayer in the fields of municipal, socialinsurance, actuarial, and continuingeducation for professionals. In thiscontext the Foundation is an activemember of the International SocialSecurity Association (ISSA), InternationalActuarial Association (IAA) and theGeneral Arab Insurance Federation(GAIF). Moreover, the foundation, as anNGO, is a member of the United NationDepartment of Public Information(UNDPI).

In its Endeavour to make knowledgeaccessible, the Foundation has expanded


SEMINARS/WORKSHOPS AND COURSES

The seminars of the Foundation cover avariety of subjects of a municipal/actuarialor technical nature. The seminar on theRole of the Actuary, essential to thepromotion of the actuarial profession forexample, has already been held inLebanon, Jordan, Turkey and many otherlocations. The trainings have beenvaluable tools in communicatingpractical experiences ranging frominsurance supervision, life insurance,and financial strength rating toretirement benefits. Attendees usuallyvalue the unique opportunity theMuhanna Foundation offers them tostrengthen their technical aptitudes.Moreover, the Foundation holds workshopson municipal credit rating worthiness. Thelast one was held in Jordan in 2014.

Courses cover mainly insurance inintensive lectures and meet a hugedemand. The courses in insurance forexample deal with sophisticated issues (e.g.IBNR estimates, reserving and accountingstandards) of which the understanding isessential for insurance executives.

INTERNATIONAL CONFERENCES

The Foundation participates regularly ininternational events. Most relevant to thisproject is that our Chairman has beeninvited as a panellist & keynote speaker inthe following conferences:

UN Habitat World Urban Forum WUF7 Medellin in 2014 -http://wuf7.unhabitat.orgSmarty City World Congress -Barcelona in 2014 -http://www.smartcityexpo.com/web/smartcityexpo/program/-/gaagenda/actividad/1/18/274Smart Village is a healthy village - LaHague in 2015 -http://www.pcsi2015.org/programme/keynote-speakers/


THE MUNICIPALADMINISTRATION

AND FINANCEDIPLOMA

THE MUNICIPALADMINISTRATION AND FINANCEDIPLOMA-GRADUATION DAY

Under the patronage of H.E. Mr. NouhadMashnouk, Minister of Interior &Municipalities, The graduation of forty-sixparticipants from 35 municipalitiesacross Lebanon joined the MunicipalAdministration and Finance Diploma washeld at the Lebanese American University.

His representative, Judge Omar Hamze,stressed on the importance of themunicipal program highlighting its rolein building the capacities ofmunicipalities across Lebanon.

The Muhanna Foundation would like tothank and extend its deepest gratitude tothe program’s main instructors Judge ElieMaalouf and Engineer Abdallah AbdulWahab and all other parties who arecontributing to the continuous success ofour program.

CERTIFICATES OF HONOR AND HIGHDISTINCTION

We are pleased to have witnessed tencandidates who assume the functions ofheads of departments and divisionswithin unions of municipalities andmunicipalities graduate with the“Certificate of Honor”.

In addition to Mrs. Rida Bakri from theMunicipality of Tripoli who exceptionallygraduated with “High Distinction”. Shealso received The Muhanna FoundationMAFD 2015 Prize.

We congratulate MAFD’s class of 2015 fortheir hard work and dedication; as theyrepresent a special category of learnerswho strive to evolve constantly.


LAUNCHING THE MUNICIPALADMINISTRATION AND FINANCEDIPLOMA PROGRAM FOR THE 3rdYEAR - 2016

As part of its integral role in societal andnational development, and within itsscope of continuing education, theMuhanna Foundation is launching theMAFD jointly with the LebaneseAmerican University (LAU) for the thirdyear in a row with the objective ofbuilding the capacities in variousmunicipal institutions across Lebanon.Proper financial and administrativetraining and education in line with keygovernance and strategic insight on theworkings and the essence of themunicipal work will contribute inopening on the modern financialadministration tools and provide waysto finance projects and programsthrough empowering municipalities togain direct access to the capital markets,also reassuring donors. In the past couple of years, we havegraduated 95 individuals (53 male & 42female) belonging to 73 municipalities& unions from all over Lebanon. It isworth noting the program has beenendorsed annually by the Ministry ofInterior and Municipalities.

CANDIDATES

Candidates are employees who assumethe functions of heads of departmentsand divisions within unions ofmunicipalities and municipalities.

INSTRUCTORS

The tuition material has been deliveredbased on international best practice andcustomized for Lebanon. The instructors

are dedicated professionals who havebeen experts in their field of practice forat least 10 years each. The maininstructors are Engineer Abdallah Abed AlWahab and Judge Elie Maalouf.

PROGRAM

Module 1: General and Legal Framework

Module 2:Administration

Module 3:Finance


Moreover, the paper thoroughly analyzesLebanon’s “waste profile” and benchmarksit against a spectrum of countries to furtherunderstand global trends in wastemanagement and treatment in comparisonwith Lebanon’s capacity, capability andpotential in the field.

Basing the study on a holistic policyanalysis, the paper looks at thegovernance, health, social, financial andtechnical aspects of what is available andwhat is required; not just to resolve the2015 Waste Crisis, but to transitionauthorities from a “reactive crisis mode”into “proactively implementing a Zero-Waste Integrated Waste ManagementPlan” or “Wasteless Lebanon 2022”

The Task Team members, of the UN-Habitat and the Muhanna Foundation,would like to express their sinceregratitude and appreciation to all whocontributed information, providedvaluable insight and helped in thisendeavor. The Task Team namely thanksthe Minister of Agriculture, H.E. Mr.Akram Chehayeb for his patronage in thelaunching of this report and the colleagueswho played an essential role in thepreparation of this Policy Paper.

We at the UN-Habitat and the MuhannaFoundation hope that this Policy Paperserves as the foundation of a bridge tosupport the nation in its transition from“2015 Waste Crisis Management” into “Sustainable Integrated WasteManagement”.

Link for the Integrated WasteManagement (IWM)” Policy Paper:http://muhanna.org/uploads/studies_research/b33d31e7bf614c07908cef9d7062decf.pdf

PROJECTS

THE MUHANNA FOUNDATION &UN-HABITAT’S “INTEGRATED WASTEMANAGEMENT (IWM)” POLICYPAPER

On November 30 2015, and under thepatronage of the Minister of Agriculture,H.E. Mr. Akram Chehayeb heading theministerial committee in charge of 2015Waste Crisis Management, the UN-Habitat Lebanon Program and theMuhanna Foundation organized a pressconference at the Higher Economic andSocial Council, to launch a jointlyprepared Integrated Waste ManagementPolicy Paper, entitled “Wasteless Lebanon2022”, and discuss its mainrecommendations.

In the absence of a clear national plan forIntegrated Waste Management (IWM),and due to various political andgovernmental issues, Lebanon has had toface a serious waste crisis in 2015.Subsequently, the Muhanna Foundation& the UN-Habitat Lebanon Programjointly prepared a policy paper aboutIntegrated Waste Management (IWM)that scrutinizes events leading up to the17th of July 2015, and the impact of itsaftermath on Lebanon’s environment,infrastructure, health and landscape.

11ANNUAL REPORT2 0 1 5 /

WAFFIR

Waffir is a friendly tool that enablesresponsible citizen empowerment throughthe use of smart phones. It is designed tocreate anonymous reporting of wrongly litstreetlamps during the day with the leastpossible effort and at no cost to thereporters wherever they are, in real time.Waffir, on a weekly basis, notifies eachmunicipality through email fax with theinformation regarding the streetlamps thatwere lit during the day with the Name ofthe Street, Date & Time. In order to holdmunicipalities accountable for their actions(or lack thereof), Waffir shall notify themedia if three weekly reports were sent toa municipality regarding the same streetand the streetlamps continued to be lit atthe wrong times of the day. AlthoughWaffir was launched in Lebanon, theapplication is designed to work in anycountry. The Muhanna Foundation waspleased to donate Waffir and its back officemodel to the UN Habitat to distribute to anyorganization that is willing to act asAdministrator in its Jurisdiction undercurrent terms and conditions, i.e.administering for free. In addition, aFacebook page was created for Waffir inorder to keep citizens updated on allactivities occurring.

SOCIAL SECURITY DIPLOMA

2015’S SESSION - OMANAs part of its role in building the capacities ofmanagers & staff of pension funds,retirement benefit schemes & socialsecurity institutions, employees ofinsurance companies, training units innational social security institutions,representatives of key ministries involved inthe development & administration of socialprotection, such as the ministry of Labor,Health, Social Affairs, Planning & Finance,social partners & other non-governmentalorganizations concerned with socialprotection; the Muhanna foundationimplemented a training session for thePublic Authority for Social Insurance inOman between the months of May andJune 2015. It is to be noted that theFoundation has graduated until this daymore than 555 candidates from the SocialSecurity Diploma (SID). Participants aregiven a solid theoretical background insocial protection, sessions provide aplatform for the exchange of experiencesand information between those involved insocial security and pension funds work inthe Arab world.

We, at the Muhanna Foundation place aspecial emphasis on creating a personalizedrelationship with the participants thatenable us to follow them throughcontinuing education and knowledge.

WHAT THEY SAID ABOUTOUR COURSES:

“The Muhanna Foundationwas able to produce a newgeneration in the Arab Worldcapable of understanding thepension issues. TheFoundation’s social &educational approachgenerates credibility amongparticipants from ArabCountries”Mr. Awni Obaidat, Legal Advisor -Abu Dhabi Retirement andBenefits Fund, United ArabEmirates

“Thank you forcommunicating yourknowledge in a smooth andclear way”Mrs. Maha Al Bin Ali, Supervisorin Finance Directorate - GeneralOrganization for SocialInsurance, Bahrain

“I enjoyed the practicalexamples that were very closeto my line of work…”Mrs. Buthaina IbrahimMohammad Saleh,Administrative Manager - TheNational Pensions Fund, Sudan

“We had a closer look at thework of an actuary.. Reallyinteresting & mostly needed inour organizations…”Mr. Sami Al Zadjali, PensionServices Manager - Civil ServiceEmployees Pension Fund, Oman

“An interesting and educatingexperience”Mr. Nadim Hani Kheireddine,Group Pensions Manager -American Life InsuranceCompany - Sharjah


UAE OMAN KSA BAHRAIN QATAR LEBANON TANZANIA JORDAN SUDAN KUWAIT SYRIA

PARTICIPANTS BY COUNTRY UNTIL 2015150140130120110100

908070605040302010

0

YEAR MODULE SCHEDULE PARTICIPATING COUNTRIES2006 1,2,3,4 Jordan 2007 1,3,2,4,3 Bahrain, Oman 2008 2,4,1,3,1,3 Bahrain, Beirut, Oman 2009 1,2,5,5,1,3,6 Bahrain, Beirut 2010 3,1,2,3,4,5,1,1,2,3,4 Bahrain, Beirut 2011 1,1,2,3,5,1,4 Beirut 2012 1,3,5,1,2,3,4,1 Abu Dhabi, Amman, Beirut, Doha2013 1,3,1,3,1,2,1,2,3,3,4 Abu Dhabi, Muscat, Amman, Tanzania, Manama, Doha 2014 1,2,3,4; 2,4; 1,2,3,4 Abu Dhabi, Bahrain, Oman 2015 1,2,3 Oman

INSTRUCTORS

We would like to thank our professionaland dedicated instructors:

Mr. Iyad Hourani, who has activelyparticipated in the development anddelivery of several specialized trainingprograms.Ms. Mona Auji, who is an integral partof the instructor’s team.Mr. Mohammad Bani Amer, who is oursoft skills speaker.Mr. Said Kaakour, who is specialized ininformation systems.

In addition, several experts are invited ona regular basis to share their experience.


DIPLOMA

Actuarial Diploma Program (1994 – 2010)

Health Administration & FinancingDiploma Program (2009)

Municipal Administration & FinanceDiploma Program (2013 – 2015)

HISTORY OF THE

MUHANNAFOUNDATION

Over the course of twenty years, TheMuhanna Foundation had held anextensive array of activities ranging fromconferences, seminars, workshops, andsponsorships. Many of which are entitledas the “Insurance Training Courses forExecutives”, “Award of Merit”, “FinancialStrength Ratings for Insurance Companies”,“Retirements Benefit Technical Workshop”,“Assessment of Private Universities inLebanon”, “Employee Benefits”, “ActuarialProfession, Education & Opportunities” .

Moreover, the foundation has organizedand conducted conferences andseminars in a variety of fields such as the“Regional Pension & Social Insurance”“Cyprus Regional Conference”, “TechnicalSeminar for Social Security Actuaries &Statisticians”, “Compliance with LebaneseInsurance Regulation”.

SPONSORSHIP

8th ECASSA Social ProtectionPolicymakers Conference –Zanzibar (2015)

7th ECASSA Social ProtectionPolicymakers Conference – Lusaka(2014)

6th ECASSA Social ProtectionPolicymakers Conference – Mombasa(2013)

5th ECASSA Social ProtectionPolicymakers Conference – Kigali(2012)

4th ECASSA Social ProtectionPolicymakers Conference – Kampala(2012)

Overthe

course oftwenty years,

The MuhannaFoundation had

held an extensivearray of activities ranging

from conferences, seminars,workshops, and sponsorships.


Furthermore, the foundationgranted an award entitled as“The Muhanna FoundationMathematics Award ofExcellence at the University ofJordan” for the past twelveyears to students who havegraduated with high distinction.

2015 Mr. Bashir Assaad Shaya2015 Mr. Rami Mohamad Soubra (2015)2015 Ms. Maya Ata Zorkot (2015)2014 Ms. Lory Hagop Aintablian (2014)2013 Mr. Njteh Harout Mkhsian (2013)2011 Mr. Mohamad Ali Khalil (2011)2010 Ms. Abir Habbal & Mr. Nadim Restom (2010)2009 Ms. Marya Tarek Bazzi (2009)2008 Ms. Farah Samir Oubari (2008)2007 Ms. Jessy Michel Haykal & Mr. Zaher Jawdat Hani (2007)2006 Ms. Nagham Sayour & Ms. Iman Itani (2006)2005 Ms. Dina Shibl & Ms. Layan El Hajj (2005)2004 Ms. Sara Abu Diab (2004)2003 Ms. Rayya Younes & Mr. Francois Noujaim (2003)2002 Mr. Mahmoud Abbas Hammoud (2002)2001 Ms. Leila Issa (2001)2000 Ms. Ola Mneimneh & Mr. Hadi Maktabi (2000)1998 Ms. Monique Azar (1998)1994 Mr. Sami Ibrahim Shbaro (1994)1993 Ms. Natalie Kondourojian & Mr. Mazen Nabih Bu Khuzam (1993)

THE MUHANNA MATHEMATICS AWARD OF EXCELLENCE

AWARDS

The Muhanna Foundation is now famousfor the awards it offers to mathematicalstudents. In doing so it encouragesacademic excellence in the fields ofactuarial science, insurance andmathematics.

The Muhanna Foundation has so farestablished: The Muhanna mathematics award ofexcellenceThe Muhanna award of excellence is asymbolic amount (of maximum $1000)awarded to the most at the AmericanUniversity of Beirut (AUB)

FINANCIALSTATEMENTS


BALANCE SHEET FOR THE YEAR 2015All figures in US$

ASSETS 2015 2014

Non-current assetsTangible assets 456 672 Patents & Licenses 52,500 60,000 Total non-current assets 52,956 60,672

Current assetsAccounts receivable & other current assets 59,281 58,724 Cash at bank & in hand 373 1,023 Total current assets 59,654 59,747

Total Assets 112,610 120,419

LIABILITIES AND EQUITIES: 2015 2014

Current liabilitiesAccounts payable 10,750 16,494 i.e. Muhanna & Co. 42,319 34,629 Total liabilities 53,069 51,123

Total Equity 59,541 69,296

Total liabilities and shareholder’s equity 112,610 120,419

STATEMENT OF SOURCES AND USES OF FUNDS FOR THE YEAR 2015All figures in US$

SOURCES AND OF FUNDS 2015 2014

Donors 117,250 59,000 Seminars & Conferences & Diplomas 117,125 306,664 Other Sources - (81)Total Sources of Funds 234,375 365,583

USES OF FUNDS 2015 2014

Seminars & Conferences & Diplomas 101,783 282,166 Projects & Workshops 45,058 599 Donations 4,842 11,889 Administrative expenses 92,446 69,639 Total Uses of Funds 244,130 364,293

NET Surplus(loss) of the year (9,755) 1,290


The Foundation is supported by six formsof sponsorship. i.e. Muhanna & co.(Actuaries & Consultants) created theFoundation, and has hence acted as itsParent Sponsor. External support of theFoundation is derived from five sources:

1. Professional Donors contributematerials and expertise to theFoundation’s overall operations;

2. Donors-at-large (by invitation) isreserved for those who provideextraordinary service and financialsupport by contributing annually$25,000 and above to theFoundation’s overall operations;

3. Corporate Donors are corporationsand foundations that make one ofmore gifts of $5,000 or more;

4. Membership in the MuhannaFoundation Development Circle isavailable to both institutions andindividuals:Individual - Annual Membership is $250Institution - Annual Membership is$2,000

5. Project sponsors contribute funds,materials or expertise directly tospecific events and Programs.

BENEFITS

Through selected briefs and our website, we keep Donors, Members andSponsors apprised of our internationallyacclaimed work. They all also receiveinvitations to special events organizedby the Muhanna Foundation.

For the Muhanna Foundation, thefinancial support of our members is aninvaluable resource. It allows us topursue what we believe are the criticalissues. Only an institution such as theMuhanna Foundation in the Arab Worldcan take on topics ranging fromactuarial education, demographicchanges & social security reform tostrategies in the insurance industry. Thefinancial support of our membersmakes this work possible.

Sponsors are listed on all the events’promotional materials and in prominentmarketing locations. Sponsors also have thebenefit of a complimentary participation ofone member of their organization in theevent that they are sponsoring (conference,summer session, etc.).

SPONSORS

Parent Sponsors Professional Sponsors Corporate Sponsors

DONORBENEFITS

THE MUHANNA FOUNDATIONClemenceau / John Kennedy St. /Alameddine Bldg / 1st floor /Beirut - Lebanon / Tel: 00 961 1 371 611 /Fax: 00 961 1 361 611 /

www.muhanna.org

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