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BRICS Summit in South Africa: Global South and Africa Hope for Multipolar World

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By Kester Kenn Klomegah

South Africa is hosting the 15th BRICS (Brazil, Russia, India, China and South Africa) summit August 22 to 24, but in fact, not all the current five leaders will attend.  Russian President Vladimir Putin will only participate virtually as the International Criminal Court (ICC) has issued an arrest warrant for him. This has created grounds for several arguments and multiple interpretations of the foreign policy for South Africa.

South Africa will host the summit for the third time this August 2023. It held the first late March 2013. At that BRICS summit that was one decade ago, the participants included Prime Minister of India Manmohan Singh, President of China Xi Jinping, President of South Africa Jacob Zuma, President of Brazil Dilma Rousseff, and Vladimir Putin.

On 27 July 2018, Vladimir Putin attended a meeting of BRICS leaders with delegation heads from invited African States and Chairs of international associations, held in Johannesburg. Putin noted that Africa is one of the world’s most rapidly developing regions. He went further to list various sectors where Russia has engaged with Africa, made reference to the previous BRICS summit in Russia in 2015 where members had adopted the large-scale BRICS Strategy for Economic Partnership.

One significant and useful feature is that BRICS has developed a useful tradition started by South Africa. The primary aim is to strengthen ties with geographically and geopolitically close African nations. Putin performed prominently during that BRICS summit in 2018. He addressed specially-invited African leaders, as part of the ‘BRICS OutReach’ group to the South Africa.

Interacting with heads of African leaders, Putin stressed that the BRICS group’s companies have been working actively in the African market; there was a significant growing influx of investments into various sectors in Africa’s economies, from traditional mineral extraction and farming to high technologies and banking. Together, BRICS members consistently championing the rights and interests of Africa and with other emerging economies, speaking out in favour of increasing their role and influence in the global governance system, particularly international financial and economic organizations.

“Over the course of many decades, Russia has provided direct assistance to the African continent. We have written off over 20 billion dollars in debt; we have written off far more than any other G8 nation. We plan to take additional measures to ease the debt burden, through intergovernmental agreements on debt-for-development plans for Tanzania, Zambia and Mozambique for a total of 263.3 million dollars,” he stressed there at the meeting.

Putin has the passion for erasing Africa’s debts. It is the Kremlin chorus down the years after Soviet collapse to sing the “debt chorus” during high-level meetings with African leaders. Putin cancelled Africa’s US$20 billion debts during the first Russia-Africa summit, and then last July 2023 summit. Putin said in July US$23 billion debts. The 2018 Johannesburg summit gave birth to the idea of holding a Russia-Africa summit with the participation of heads of African States.

In addition, BRICS leaders witnessed the signing of cooperation agreements on green economy, co-financing infrastructure projects in Africa, and a declaration on establishing the BRICS Business Council. Also signed was a declaration on establishing a consortium of BRICS expert centres and the issue of joint statistics publications from the BRICS members.

That summit concluded with the declaration which assesses the global political and economic situation, and reflects the BRICS countries’ common positions on current multilateral cooperation issues. The action plan outlined the BRICS countries’ work for the subsequent years and also includes some promising new areas of cooperation. It particularly pledged to support Africa using South Africa as the strategic gateway into the continent.

Analyzing BRICS development further we can say that, like each of the participating nations to have common interest in developing optimal ways for sustainable development, and an aspiration to ensure the well-being and prosperity of their peoples under guaranteed peace and security. It is also to build a fair and comprehensive partnership model that is capable of ensuring sustainable global governance in the 21st century.

Over the past one decade-and-half since its creation, BRICS has endeavored to deepen contacts beyond geopolitical and economic dimensions, and that include serious work in culture, science, education, tourism with its partners such as the African Union (AU), the Shanghai Cooperation Organisation (SCO) and the Eurasian Union (EU). It has further established such divisions as BRICS Business Council, BRICS Women Group, BRICS Youth and BRICS Network Universities et cetera.

South Africa prepares to host BRICS for the third time August 22 to 24, President of China Xi Jinping becomes the BRICS leaders prize winner in Johannesburg. Xi Jinping attended in March 2013 and July 2018, and now in August 2023. While there are high expectations and there are also three strategic questions. From historical perspectives, South Africa and Russia have close relationships from the time of the former’s political and liberation struggle, and with later developments until it joined BRICS in 2010.

On the unofficial levels, Putin has worked out friendship with both former President Jacob Zuma and the current South African Cyril Ramaphosa. We know very well that this strategic relationship is (un)doubtlessly influencing politics between the two countries and of course, the two plus China in BRICS. Beijing sees in the BRICS expansion good opportunities to put into practice its megaproject ‘One Belt One Road’ while Russia has hyperbolic multipolar rhetorics, South Africa has close to nothing or better still extremely little.

Putin finally backed down travelling to South Africa, as widely reported by both local and foreign media, including Al-Jazeera, Reuters, Associated Press, Agence France Press and Bloomberg. The South African government previously drew international criticism in 2015, when it refused to execute an ICC arrest warrant for then-Sudanese President Omar al-Bashir, who had been indicted for war crimes and genocide, while he was attending a meeting of African leaders in Johannesburg. South Africa’s Supreme Court of Appeals ruled that the government had acted unlawfully and the ICC found that it had failed to comply with its international obligations.

Secondly, the BRICS leaders together with the BRICS National Development Bank will work on how a potential new common currency might work, including how it could shield members from the impact of sanctions. This further relates to how the bloc can win greater influence and to challenge the globally-recognized currency of the United States.

The BRICS are looking to “ensure that we do not become victims to sanctions that have secondary effects on countries that have no involvement in issues that have led to those unilateral sanctions,” Naledi Pandor, South Africa’s minister of international relations, emphasized. Proposals are being considered by officials at the New Development Bank, the Shanghai-based lender created by BRICS nations, and the bloc “will be guided to them as to what the future models might be,” Pandor said, without providing further details.

Thirdly, plans for expansion has dominated nearly all media reports. BRICS activities have expanded during the past few years, including attracting many other from Asia, Africa and Latin America to participate in the Outreach and BRICS+ segments of the organization. The prospect of adding more members was first raised at summit in China and 13 nations have formally asked to join, with at least seven others expressing interest. Now there is long list compiled for the summit, amid broader talks that have gained momentum about how the bloc should expand its membership.

South Africa believes that the bloc could be “transformative” representing those nations including from Africa that wish to play a role in world affairs, ensuring benefit to the Global South. “BRICS has acquired a very important stature in the world, with many across various continents of our world seeking to be part of it,” South African President Cyril Ramaphosa said in Cape Town.

The geopolitical tensions have added to worries about the impact on South Africa’s economic outlook. South Africa has its own internal problems deepening each passing day. The ANC is playing hard on its foreign relations with external players especially with Russia Europe and the United States. South Africa, as per stipulated guidelines and rules, holds the rotating presidency of BRICS, the organization of five made up of Brazil, Russia, India, China and South Africa. The BRICS is a model organization of genuine multilateral diplomacy. Its structure is formed in compliance with the 21st century realities.

From all indications BRICS is steadily developing its muscles since the first meeting in St Petersburg in 2005. It was called RIC, which stood for Russia, India and China. Then later, Brazil joined and finally South Africa in February 2011, which is why now it is referred to as BRICS. The acronym BRICS is derived from the members first letter in English. The BRICS (Brazil, Russia, India, China and South Africa) collectively represent about 26% of the world’s geographical area and about 42% of the world’s population.


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Unlocking Economic Potential: Zamfara State Halal Economic Summit

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By Baba Yunus Muhammad

Zamfara State is gearing up for an unprecedented event that could potentially redefine its economic landscape – the Zamfara State Halal Economic Summit. This historic event, which is scheduled to take place in the state capital, Gusau in May 2024, represents a pivotal moment in Zamfara State’s quest for economic rejuvenation and sustainable growth, spotlighting investment prospects, harnessing potentials, and capitalizing on the burgeoning Halal economy. Set against the backdrop of socio-economic challenges, this Summit, being orchestrated by the Africa Islamic Economic Foundation (AFRIEF), an international Islamic development organization headquartered in the Republic of Ghana, and convened under the Distinguished Patronage of His Excellency, Dr. Dauda Lawal, the Executive Governor of Zamfara State, emerges as a beacon of hope, offering a strategic platform for growth and development.

At the heart of this endeavor lies a visionary approach to economic development – one that views industrialization as the cornerstone of transformation, progress, and poverty reduction. Under the visionary leadership of Dr. Dauda Lawal, the Zamfara State Government has made a strategic commitment to prioritize job creation and industrialization, recognizing them as pivotal drivers of development. This strategic agenda dovetails seamlessly with the broader imperatives encapsulated within the United Nations Sustainable Development Goals (SDGs), aiming to significantly augment industry’s contribution to employment and GDP within the state.

The Zamfara State Halal Economic Summit transcends mere rhetoric – it represents a concrete manifestation of the State’s determination to harness the power of industrialization for the collective good. More than just a forum for dialogue, this summit serves as a catalyst for action – a platform where aspirations coalesce into actionable strategies and tangible outcomes.

At its nucleus lie the ambitious plans for establishing Special Halal Economic Zone and Rural Transformation Centers across the state, envisioned as engines of innovation, productivity and trade. The Summit serves as a catalyst for identifying and capitalizing on investment opportunities across various sectors. From agribusiness to Islamic finance, the summit offers a platform for investors to explore lucrative ventures and forge strategic partnerships with local stakeholders. One of the key investment prospects of the summit lies in the Halal food industry. With an increasing global demand for Halal-certified products, Zamfara can leverage its agricultural resources to become a hub for Halal food production and export. This not only creates opportunities for local farmers and agribusinesses but also positions Zamfara State favorably in the international Halal market.

A Special Halal Economic Zone (SHEZ) holds special significance within the context of the Halal economy. By designating an area specifically tailored to accommodate Halal industries and businesses, a Halal focused SEZ provides a conducive environment for investment, innovation, and trade. It offers streamlined regulatory frameworks, infrastructure development, and incentives to attract domestic and foreign investors interested in Halal-related activities. Additionally, a Halal focused SEZ serves as a focal point for research and development, fostering collaboration between academia, industry, and government to drive technological advancements and product innovation in Halal sectors.

Moreover, by clustering Halal-certified businesses within these zones, Zamfara State can create synergies, promote knowledge sharing, and drive economies of scale, thereby maximizing the potential of the Halal economy.

Driving this ambitious agenda forward is the Africa Islamic Economic Foundation (AFRIEF), which is steadfast in its commitment to galvanizing the global Islamic finance industry and mobilizing public and private sector investments to propel Zamfara State towards industrialization. With a strategic emphasis on key sectors such as agriculture, manufacturing, and industrialization, AFRIEF lays the groundwork for a profound structural overhaul of Zamfara’s economic landscape.

To comprehend the full magnitude of the Zamfara State Halal Economic Summit, one must delve into the broader context of the global halal economy. Encompassing a diverse array of sectors including food, finance, tourism, cosmetics, healthcare and pharmaceuticals, and more, the halal industry represents a burgeoning market with exponential growth potential.

With an estimated global Muslim population exceeding 1.8 billion, the Halal market represents a significant economic force. According to the State of the Global Islamic Economy Report, global expenditure on Halal products and services is projected to reach $3.2 trillion by 2024, highlighting the immense potential for growth and innovation in this sector. With the global Muslim population on the rise and an increasing demand for halal-certified goods and services, tapping into this market presents unparalleled opportunities for economic expansion and diversification.

Furthermore, the Halal economy extends beyond religious considerations, encompassing principles of ethical consumption, sustainability, and social responsibility. As consumers become increasingly conscious of the origins and production processes of goods and services, the demand for Halal-certified products continues to rise. This trend presents opportunities for businesses and governments alike to capitalize on the Halal economy’s principles of integrity, quality, and inclusivity.

From Malaysia to the Middle East, the Halal economy transcends geographical boundaries, offering opportunities for collaboration and partnership on a global scale. Through initiatives such as the Zamfara State Halal Economic Summit, stakeholders have the opportunity to leverage the power of the Halal economy to drive sustainable development, foster prosperity, and build bridges across cultures and continents.

Against the backdrop of Zamfara State’s socio-economic fabric, characterized by its predominantly rural populace and agrarian economy, the potential benefits of the summit are manifold. By fostering an enabling ecosystem for industrialization and entrepreneurship, the summit holds the promise of unlocking Zamfara State’s latent economic potential, generating employment opportunities, and improving living standards.

Furthermore, the Summit serves as a conduit for attracting both domestic and foreign investments, facilitating technology transfer, knowledge exchange, and skills enhancement. Through strategic partnerships and collaborative initiatives, Zamfara State can harness its unique strengths and resources to emerge as a preeminent hub of halal-centric industries.

Additionally, the summit serves as a platform for knowledge exchange and capacity building, equipping local entrepreneurs and businesses with the skills and resources needed to thrive in the global Halal market. This not only enhances the competitiveness of Zamfara’s economy but also positions the state as a center of excellence in Halal-related industries.

In conclusion, the Zamfara State Halal Economic Summit represents a pivotal moment in the economic trajectory of the state and the broader Islamic economic community. By embracing the principles of the Halal economy and leveraging its inherent strengths, Zamfara has the potential to emerge as a beacon of prosperity and progress in the Federal republic of Nigeria. Under the visionary leadership of Governor Dauda Lawal and with the support of the Africa Islamic Economic Foundation, this summit is poised to chart a new course towards sustainable development, transforming challenges into opportunities, and realizing the aspirations of the people of Zamfara for a better, more prosperous future.

Baba Yunus Muhammad is President of the Africa Islamic Economic Foundation, Tamale, Ghana.


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What To Expect From the Kuala Lumpur Islamic Finance Forum 2024?

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The Kuala Lumpur Islamic Finance Forum (KLIFF) 2024 is poised to be a pivotal event in the Islamic finance industry, building on the momentum of its previous editions. The forum has consistently served as a crucial platform for discussions on the latest trends, challenges, and opportunities in Islamic finance, drawing attention to the innovative strides and potential growth areas within the sector.

Key Expectations from KLIFF 2024

  • Industry Leadership and Expert Insights: The forum is expected to host a distinguished lineup of speakers from various sectors of Islamic finance, including banking, fintech, asset management, and more. Previous editions have seen influential figures such as Dima Djani, CEO of Hijra Group, and Jamaludin Bujang, Managing Partner (Malaysia) at Gobi Partners, sharing their insights, which indicates the caliber of thought leadership that attendees can anticipate in 2024​.
  • Sustainable and Ethical Finance Focus: A significant emphasis on sustainable and ethical finance principles is likely, reflecting a global trend towards more responsible investment practices. This aligns with the broader objectives of Islamic finance to contribute positively to society and the environment. Discussions may revolve around leveraging Islamic finance and social finance for sustainable future, as seen in previous forums​
  • Global Islamic Fintech Outlook: The rapid growth and innovation in Islamic fintech will likely be a central theme, given its increasing prominence in offering Shariah-compliant financial solutions worldwide. The previous edition highlighted the sector’s expansion, including the adoption of blockchain and cryptocurrency, emphasizing the role of digital banking in enhancing financial inclusion and the importance of regulatory frameworks to support industry growth​
  • Networking and Collaboration Opportunities: KLIFF 2024 will provide invaluable networking opportunities, facilitating connections between industry stakeholders, including investors, policymakers, and professionals. This collaboration is essential for fostering innovation and exploring new ventures in the Islamic finance landscape.
  • Support from Industry Leaders: The forum’s impact is underscored by the support it receives from leading entities in the Islamic finance sector. For instance, Principal Asset Management’s partnership for the IFN Investor Asia Forum 2024, scheduled in Kuala Lumpur, indicates the level of industry backing and commitment to advancing Islamic finance​
  • Innovative Solutions and Best Practices: Attendees can expect to learn about the latest innovative solutions and best practices within Islamic finance, including advancements in Sukuk, Islamic banking, asset management, and more. The event will likely showcase cutting-edge research, case studies, and success stories from around the globe.

The Kuala Lumpur Islamic Finance Forum (KLIFF) 2024 is set to be a landmark event, highlighting the growing importance and dynamism of the Islamic finance industry. With a focus on sustainability, technological innovation, and global collaboration, KLIFF 2024 will offer attendees a comprehensive view of the sector’s current state and future directions. By gathering experts, thought leaders, and practitioners from around the world, the forum will continue to play a crucial role in shaping the Islamic finance landscape, promoting development, and addressing the evolving needs of the global economy.


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OIC Secretary-General Calls on OIC Member States to Invest More in Critical Sectors of the Economy

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On the 4th of December 2023, the President of the Republic of Türkiye, His Excellency Recep Tayyip Erdogan, inaugurated the 39th Session of the OIC Standing Committee for Economic and Commercial Cooperation (COMCEC), in Istanbul. The ceremony was attended by the OIC Secretary-General and Member States’ concerned ministers.

In his Statement, President Erdogan highlighted the grave situation in Gaza and the rising trend of Islamophobia and emphasized the need for all OIC Member States to have a unified position to address current challenges facing the Muslim Ummah.

He also underscored the importance of implementing the Trade Preferential System among OIC Member States as well as supporting the OIC Arbitration Centre, developing small and medium enterprises (SMEs) and halal industries towards promoting sustainable socio-economic growth in OIC Member States.

Speaking at the Opening Ceremony of the 39th Session of COMCEC, H.E Mr. Hissein Brahim Taha, the Secretary-General of the Organization of Islamic Cooperation (OIC), acknowledged the continued support of President Recep Tayyip Erdogan, the Chairman of COMCEC, towards the realization of various economic programs and projects of the OIC.

Referring to the tragic massacres taking in Gaza and Palestine generally, the Secretary-General called upon the international community to intervene urgently to put an end to Israel’s criminal aggression and murder of Palestinians. While highlighting the activities of OIC and its institutions in the economic domain during the last one year, the Secretary-General emphasized the need to further enhance intra-OIC cooperation in the vital sectors of the economy.

Especially in the food and agriculture sector, to build more resilient food systems, share knowledge and best practices in order to help develop domestic production capacities in OIC Member States. Accordingly, he called for greater cooperation, harmonization, and synergizing of efforts toward addressing the developmental challenges of OIC Member States.

The Opening Ceremony was also addressed by Ministers in charge of trade from Qatar, Senegal, and Kazakstan in their capacities as representatives of Arab, African, and Asian groups

The 39th Session of COMCEC is being attended by Ministers in charge of trade and economy of the OIC Member States as well as OIC institutions and international organizations. The Session will review the status of implementation of various projects under the COMCEC in the areas of trade and investment, agriculture, tourism and financial development, Private Sector, and poverty alleviation among others. The theme of the 39th COMCEC Sessions is “Improving E-Commerce Capacities of the OIC Member Countries”.

COMCEC is an OIC Standing Committee for Economic and Commercial Cooperation, which meets annually to review OIC activities in the economic and trade development domains.


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