KEY FOCUS AREAS
The Foundation shall focus on the priority areas outlined below. These priority areas will provide the cornerstones for the social plans and interactions with under privileged individuals and communities. Priority areas will be reviewed every 3 years to ensure that they are relevant to individual and community needs.
The Foundation shall focus on providing bursary sponsorship to the underprivileged, needy and the poor as stipulated in the Gulf African Bank Foundation Education Program. Bursary sponsorship focus on Secondary to University/College education levels as well as vocational education.
The Foundation shall provide financial and non-financial assistance to the underprivileged children, youth and elderly who suffer from well defined sickness/illness/diseases/disabilities as outlined in the Foundation’s Health Program in order enable them live happily and comfortably.
Supporting society through Income generation and job-creation programs/projects, with the primary focus on youth, women, orphans and people with disabilities. Skills development in communities with the objective to earn a living and be self-sustaining as outlined in the Foundation’s Social-Economic Program.
The Trustees will not commit the Foundation’s funding to the following:
- Political organizations unless the projects run by the organization will benefit the whole community irrespective of political affiliation.
- Paying conventional bank or SACCO Debts.
- Sports Events.
- Marketing campaigns.
ROLES AND RESPONSIBILITIES
Board of Trustees
- Formulate strategies and policies for the management of the Foundation.
- Approve Foundation Programs.
- Ensure the Foundation has a clear, shared vision, mission and objectives and that it has effective ways to achieve them.
- Ensure the Foundation remains active and effective in achieving its objectives, including oversight of financial status.
- Monitor and act to mitigate risks that could affect the Foundation, its activities so that it can remain active and effective.
Shari'ah Supervisory Board
- Review documentation and operations of the Foundation to ensure Shari’ah compliance.
- Provide an annual report on whether or not the Foundation carried its operations in line with established Shari’ah guidelines issued from time to time.
- Advise the Foundation’s Board of Trustees on all matters related to the Foundation as and when requested by Board of Trustees.
- Implement policies and programs of the Foundation.
- Report on regular basis on the performance of the Foundation.
- Receive and appraise application/projects from deserving applicants/projects for assistance.
- Keep proper and updated records for all beneficiaries/projects of the Foundation.
- Undertake day to day activities as per the Trust Deed in furtherance of the objects of the Foundation.
- Maintain books of accounts in which details of all monies, investments and other properties and assets received and paid into and out of the Foundation.
Gulf African Bank's Management
- Ensure the Bank’s CSR activities are undertaken under the umbrella of Gulf African Bank Foundation.
- Provide Gulf African Bank Foundation with adequate resources to undertake its day to day activities within the Bank’s premises.
- Keep proper financial records for the foundation and advice foundation on financial and tax matters.
All cases where 91% to 100% sponsorship or assistance is recommended must be reviewed and approved by a majority of the Trustees in a scheduled meeting or via circulation. However, the chief executive of the Foundation shall have power to approve up to 90% of the amount requested under Education and Health programs. All Social- Economic programs must be reviewed and approved by members of board of trustees. Decision of members of board of trustees is reached by simple majority rule.
The following shall apply upon approval:
Gulf African Bank's Management
- Under the Education Program, fees will be paid directly to the bank account of the respective educational institution. For continuing students, payment will be done only after receiving the progressive results for each term/semester. The amount approved will be divided equally according to the number of terms or semester per year.
- Under the Health Program, payment will be done after receiving the most recent medical bill in regard to the applicant.
- Under the Social Program, payment shall be done depending on the project at hand as the Foundation deems fit.
PARTNERSHIP WITH OTHER FOUNDATIONS
Gulf African Bank foundation chief executive shall examine and recommend to the board of trustee other foundations that shares same objectives with Gulf African Bank foundation for the purpose of alliance or strategic partnerships towards implementing Gulf African Bank foundation programs.
In order to sustain its operations and meet its expenses, Gulf African Bank Foundation shall explore investment opportunities to raise additional funds for the Foundation. The Foundation shall retain up to 50% of the funds coming into the Foundation subject to availability of funds to support current and ongoing applications.
Governance Statement Reveiw
This governance statement shall be reviewed annually or as and when the need arises by the Board of Trustees in consultation with the Bank’s Shari’ah Supervisory Board.