Connect with us

EDITORIAL

A MEDIA PLATFORM FOR THE ISLAMIC ECONOMY IN AFRICA

Published

on

Spread the love

Following a year and a half of devastating challenges posed by a global pandemic and rising economic challenges, lockdowns and travel restrictions, we are now at an inflection point. As we work towards recovery and renewal, there is openness and hunger for a new economic paradigm.

After half a decade of effort by the Africa Islamic Economic Foundation and others worldwide, we have compelling evidence that Islamic economic approaches and models provide powerful and effective answers to the difficult challenges facing Africa today. Equally, it has to be admitted that the Islamic economy is yet to be consolidated into a revised and alternative economic paradigm. This can only be done when it is shown that the roots of the Islamic economy are deeply embedded in the Holy Qur’an and in the Sunnah of the Prophet Muhammad, upon whom be peace, which are the commonly shared sources of economic consciousness of all Muslims.

However, every change needs a climate of opinion to accept and consolidate it when it occurs. Therefore, the time has come for us to create such a climate of opinion in all parts of the continent, and move this work to scale and system-level impact. 

To answer this call, the Africa Islamic Economic Foundation is embarking on a new effort to build a media platform for the Islamic economy and a multidisciplinary academic program in Africa.  We want to work closely with allies in both the media and the academic institutions to develop a media platform and a full intellectual program of “system change studies” that can train young scholars, writers and journalists in systemic analysis and thinking, leading in turn to further and ongoing advances in public policy.

Our aim is to help lay the academic foundations for these new systems studies in Africa. This would form the long-haul basis for the deep paradigm shift in thinking that is necessary to combat the neo-liberal economic thought birthed and embedded deep within our political economies and academic institutions.

The restructuring of our weekly newsletter, Focus of Halal Economy, which has, as a result metamorphosed into Focus on the Islamic Economy, and our forthcoming bi-annual academic publication, Issues in the Islamic Economy, are all initial contributions to the intellectual work of this field. By highlighting the thoughtful, substantive, and promising works and ideas of some of the world’s key intellectuals and professionals of the Islamic economy, this platform will convene an essential conversation about the future we want.

Of course, there are many questions that have to be raised, debated and answered by this media platform, including the role of the media in the Islamic economy. As it is well known, media economics is based on advertising revenue. However, in a neo-liberalist economy intensive advertising is used to create demand for goods and services that would otherwise not be made, sold or consumed. Is competition among producers and sellers essential for the optimum use of resources? If so, what should the rules of such competition be? Is modern consumerism compatible with Islam? Can a society in which the primary concern of most of its members is to earn more, buy more and consume more be a balanced and moderate society as expounded in the Holy Qur’an? Can the role of the media primarily be concerned with reeling out profits and growth figures of the Islamic economy?

In such circumstances a media platform which has set for itself the higher goal of offering an alternative economic framework and providing a way forward is of course taking important risks and tasks. We are however compelled to take these risks because we believe the present is not an adequate guide to a bright future. However, if we are taking on this task, which is no doubt greater than our proven ability, we do so not out of sheer arrogance and opportunism but, first, out of a deep sense of commitment to make a better understanding of the Islamic economy, and secondly, to relieve ourselves of the responsibility, which weighs heavily on us as Muslim professionals and intellectuals to use our knowledge of Islam and understanding of the norms of the African society to plan and lay the foundations for a better society.

It is pertinent to mention that we are not aligned with any Government or State Institution, and therefore the writers and ideas we are interested in must be balanced, bold and represent an ethical global worldview. But we instinctively believe that the ultimate way forward may be found through a shift of emphasis: towards society not just individualism, towards responsibilities as well as Rights, and towards meaning and virtue over shallow materialism.

The Focus on Islamic Economy therefore provides a platform for debate amongst experts who wish to air their thoughts and share their insights on Halal economy, its relevance to the SDGs of the United Nations, and its potential role of providing a complementary or alternative framework for development efforts in Africa.

Published every Monday, Focus on the Islamic Economy will feature reports and features articles on Islamic finance, Fintech, Halal industry, Healthcare, Entrepreneurship, Education, Culture, Political economy, Environment and Technology. Its uniqueness probably lies in its mix of content, which provides intellectuals and professionals, policymakers, entrepreneurs and decision-makers with balanced news, reviews, research reports, commentaries and analytical insights, market intelligence, potential leads and other resource information on the Global Islamic economy.

Focus on the Islamic Economy, like all publications is not a passive vehicle; it is everybody’s opportunity to contribute and inform members of the general public about the Isla Economy, etc.  Contributions need not be too lengthy; Articles are usually more readable if the entries are concise and brief.

The Focus on Islamic Economy is your e-publication and we want to share the exciting progress the Islamic Economy is making in Africa!


Spread the love
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

EDITORIAL

Celebrating a Decade of Resilience and Impact: Our Journey in Fostering Islamic Economics in Africa

Published

on

By

Spread the love

On the 13th of December, 2023, the Africa Islamic Economic Foundation (AFRIEF), clocked ten years as an organization. Surviving as an organization in itself speaks volumes about our strength, resilience, determination, and adaptability. Despite facing various challenges, we have remained steadfast in our commitment to promoting Islamic economic principles and sharing news and developments in the Islamic economy.

Against all odds, we have continued to actively engage with the Islamic economy community, fostering connections, promoting dialogue, and contributing to the intellectual growth of the field. This accomplishment is a testament to our vision, perseverance, and commitment to its mission.

Over the past decade, we have successfully established a presence and created a platform for dialogue across the continent. Through conferences, seminars, and workshops, we have brought together scholars, experts, and stakeholders from various African countries to exchange ideas, share experiences, and promote a better understanding of Islamic economic principles.

We have been instrumental in advancing research and scholarship in the field of Islamic economics. Through rigorous academic studies and publications, we have contributed to the body of knowledge surrounding Islamic economics, addressing both the theoretical and practical aspects. These research publications have not only enhanced understanding but also provided valuable insights for policymakers and practitioners.

Last November, we held a virtual and impersonal Summits on Islamic finance and healthcare financing in Abuja, Nigeria. These summits are not only innovative and noteworthy achievements but demonstrate our commitment to exploring new avenues within Islamic economics to addressing critical sectors, such as finance and healthcare. What is more, these summits serve as a testament to our forward-thinking approach and commitment to driving positive change in crucial sectors. Through such innovative initiatives, we have established ourselves as key players in promoting Islamic economics, influencing policy discussions, and contributing to the sustainable development of Africa

The publication of the news website and the weekly e-newsletter, “Focus on the Islamic Economy,” is another testament to our dedication to disseminating valuable information to Islamic economy intellectuals and professionals worldwide. Through quality and unbiased journalism we have been able to establish a platform for knowledge-sharing and keeping the community updated, thus becoming a trusted source of insights, trends, and advancements in the field.

Recognizing the importance of education, we have prioritized capacity building initiatives like training programs, workshops, and online courses, and empowered individuals with the knowledge and skills necessary to navigate the intersection of Islamic principles and economic practices. This has resulted in a growing pool of professionals equipped to contribute to the development of Africa’s Islamic economic sector.

We have also played a vital role in fostering entrepreneurship and economic development within Africa, through our flagship initiatives, Innovate Africa Program (IAP) and the Halal Business Transformation Program (HBTP). This support for innovative business ideas and providing access to funding, mentorship, and networks, is nurturing a thriving ecosystem of Islamic-inspired entrepreneurs and ventures in the Continent. These initiatives have not only contributed to economic growth but also emphasized ethical business practices aligned with Islamic values.

As we celebrate our  tenth year anniversary, it is an opportune moment to reflect on the remarkable journey of survival and the positive impact we have made in the Islamic economics landscape in Africa and beyond. May the coming years bring even greater achievements and continued success to the Africa Islamic Economic Foundation.


Spread the love
Continue Reading

EDITORIAL

COP OUT

Published

on

By

Spread the love

The world’s leaders are not coming to save us. That was the message in brilliant technicolor from the 28th COP meeting that concluded in Dubai about a fortnight ago.

Yes, COP28 was a catastrophic failure, but that failure is not down to the individual frailties of the negotiators present. It was preordained. COP can’t work while the global balance of forces remain as they are.

With no mechanism to force the rich countries of the North to pay to support the South to both adapt to climate change and for the loss and damage they suffer from climate breakdown, targets for finance and technology transfers will never be met. That’s why the global commitment to raise $100 billion per year for climate finance is pushed back every year and the much touted Loss and Damage fund, which is projected to need over $200 billion per year by 2030, has amassed only $700 million in commitments – not even hard cash. The US pledged just $17 million to the fund. Compare that with the $14 billion of weaponry for Israel to pursue its campaign of murder and destruction in Gaza.

$100 billion dollars sounds like a lot of money – and it would be for Southern states adapting to the worst impacts of climate breakdown – but it is just around one tenth of one percent of global economic output. But COP’s biggest structural flaw isn’t even the stingy hypocrisy of the Global North. It’s the overweening power of Big Oil in the global system.

This dominance was on full display in Dubai, giving satire its second death after Henry Kissinger’s Nobel Prize. The conference was presided over by the CEO of an oil company and was lousy with fossil fuel lobbyists, whose number quadrupled to 2,400, making them the largest delegation by far.

So it should come as no shock that COP28, like all previous COPs before it failed to agree on the need to phase out fossil fuels and to set a deadline for doing so. Instead, the final document suggests that states may – with no obligations – “draw down” fossil fuel production. The demands from over 120 countries to completely eliminate new fossil fuel production were ignored.

Climate breakdown cannot be averted without addressing the first order issue: fossil fuels power our global system. That has to change. Increasing investment in cleaner energy sources alone won’t do the job. COP28 agreed on tripling renewable energy capacity by 2030, but, as we’ve seen with the policies of Joe Biden, President of the world’s biggest oil producer, expanding clean energy investment is compatible with expanding fossil fuel investment.

Investment in fossil fuels continues to soar because it is profitable and we live under capitalism. As we have seen in the past two years, rising prices have meant bumper profits and therefore increased investment in fossil fuels. While rising interest rates puts downward pressure on renewables investment, which is much more capital intensive at the front end.

The world system as it is won’t save us, but rather condemns us to live on a planet that becomes less and less hospitable to human life as we know it. 2023 has been a year of catastrophic extreme weather, from monster heatwaves in Europe to a flooding emergency in Libya and a continental inferno in Canada. January to October was 1.43 degrees above pre-industrial average. Next year will be worse, breaking new records as El Niño accelerates global heating to above 1.5°C, a threshold that risks setting off a cascade of irreversible tipping points.

Next year’s COP 29 will be held in another oil-producing state with no interest in ending fossil fuels, Azerbaijan. This is the dilemma: humanity is trapped in an overheating train helmed by fossil capitalists structurally obliged to fan the flames. Our task is to unite and organise the social forces that can seize the engine room and pull the emergency brake. No more cop-outs.


Spread the love
Continue Reading

EDITORIAL

Tribute to Prof Dr. Syed Khalid Rashid

Published

on

By

Spread the love

We dedicate this week’s editorial to celebrate the life and legacy of our brother and friend, Prof Dr. Syed Khalid Rashid, a renowned academic and expert in Islamic law, who passed away on December 15, leaving behind a remarkable legacy of scholarship and contributions to the field of waqf development.

With a heavy heart, we bid farewell to a true visionary, scholar, and mentor. Prof Rashid was a beacon of knowledge, dedicating his life to the pursuit of learning and the sharing of wisdom. His passion for education was unparalleled, inspiring countless students to embrace their curiosity and immerse themselves in the pursuit of knowledge. His contributions to his field were immense, leaving an indelible impact on the academic community.

Professor Rashid was a prolific writer and researcher, authoring several books and articles on Islamic law and Waqf. His most notable works include “Waqf (Laws and Administration)” and “Muslim Law,” which are considered essential references for scholars and practitioners in the field.

Professor Rashid’s work on waqf is particularly significant in light of the growing importance of waqf as a tool for social and economic development in Muslim societies. waqf has been used to fund a wide range of projects, including mosques, schools, hospitals, and other charitable institutions. Professor Rashid’s scholarship has helped to provide a sound legal framework for the establishment and administration of waqf, ensuring that these charitable endowments are used effectively and in accordance with Islamic law.

In addition to his academic contributions, Professor Rashid also played an active role in waqf development through his involvement in various waqf organizations and initiatives. He served as a member of the board of directors of several waqf foundations and was a frequent speaker at conferences and workshops on waqf. It is significant to mention that the Africa Islamic Economic Foundation (AFRIEF) missed him debuting our monthly colloquium.

Through his groundbreaking research, Prof Rashid opened new avenues of understanding, pushing the boundaries of knowledge and fostering innovation. Beyond his professional accomplishments, Prof Rashid touched the lives of those around him with his kindness, compassion, and unwavering support. Most of us, including his students and colleagues would remember him as a mentor who nurtured our potential and encouraged us to reach for the stars.

Prof Rashid’s legacy lives on through the countless minds he shaped, the research he conducted, and the knowledge he imparted. He was a pillar of wisdom and a true inspiration to all who had the privilege to learn from him.

Today, as we bid farewell to Prof Sayed Khalid Rashid, let us not mourn his loss, but instead celebrate the incredible life he lived. May his memory serve as a constant reminder to embrace knowledge, nurture curiosity, and always strive for excellence.  Prof Syed Khalid Rashid, though you have passed on to the glorious life of eternity, your contributions to knowledge will forever be cherished, and your light will continue to guide future generations. May Allah SWT grant him Aljannat ul Firdaus.


Spread the love
Continue Reading

Trending

Copyright © 2023 Focus on Halal Economy | Powered by Africa Islamic Economic Foundation