Thirty years ago, Mohammed Al Moammar – who passed away March 2008 – founded Al Moammar Information Systems, today one of the most successful IT companies in the Middle East. In his memory, his son – an RRU graduate – has created the university’s first microcredit award. ____________

Young entrepreneurs with promising plans for a potential business could be eligible for much-needed funding to get their ideas off the ground.

RRU grad Fahad Al Moammar has donated $40,000 to the university to create the Mohammed Al Moammar Microcredit Fund Award.

"When I was a BCom student at Royal Roads, I came to know many potential entrepreneurs who had fantastic ideas for future businesses but no source of investor funding to help them make their visions a reality," says Fahad. “It is for this reason that I have decided to make this offer to my university.”

There is another reason Fahad has made this offer as well. His father, Mohammed Al Moammar, passed away in March 2008. Throughout his life, he was an inspiration to Fahad and a successful entrepreneur who always saw opportunity where others saw risk. 

"Thirty years ago, my father created Al Moammar Information Systems, today one of the most successful IT companies in the Middle East," says Fahad. "He is a perfect example of what can be achieved when people combine entrepreneurial thinking with perseverance to reach their vision.”

The Mohammed Al Moammar Microcredit Fund Award will go to students in RRU's on-campus Bachelor of Commerce in Entrepreneurial Management program with the most promising entrepreneurial project business plans by the end of their program.

Three winning teams will be selected through a series of panel adjudications and an assessment using all grading from the beginning of the Entrepreneurial Project course. What do the winners win? They will be able to apply for an interest-free loan, valued between $2,000 and $5,000, from the Langford branch of Vancity.

Fahad's lead donation of $40,000, along with other contributions to the Mohammed Al Moammar Microcredit Fund, will be invested in a term deposit at the credit union and used to secure or "guarantee" the loans.

"One of the added benefits of this donation from Fahad is that he enabled us to develop another great partnership - this one with Vancity," says Dan Spinner, vice-president and chief development officer at RRU.  "We also were delighted to learn that both of the Vancity employees with whom we were working have strong connections to Royal Roads."
 
Jeremy Meckler, the branch manager, is enrolled in the MBA program and Erin Robinson, microfinance program manager is Chancellor Peter Robinson's daughter.

"Recent changes in the global economy have affected the choices of many investors and, as a result, it is becoming increasingly difficult to find investors willing to support entrepreneurs," says Fahad. "For many, obtaining financial support is a major factor in the success or failure of their business."

The Mohammed Al Moammar Microcredit Fund Award, in addition to helping turn exceptional entrepreneurial ideas into realtity will provide real-life learning with respect to loans management and responsibility.

"The promise of financial resources to help students actually launch their businesses and turn concepts into reality will also, we believe, go a long way toward promoting even greater creativity and increased effort to produce the best plans possible," concludes Pedro Márquez, dean of the faculty of management at RRU.

Fahad Moammar was at fall convocation November 6 to receive his Bachelor of Commerce degree. Now living in Saudi Arabia, he is head of marketing strategy for a major IT company.