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!
