EVENTS & ANNOUNCEMENTS

Gulf – Central Asia Summit and the Chinese Belt and Road Initiative

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10 months ago

July 24, 2023

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By Dr.Nadia Helmy

A popular proverb in the Chinese Shaanxi Province says: “He who sows diligently reaps gold”, as the Central Asian saying goes, “He who sows will reap, he who sows will reap. Let us strive shoulder to shoulder and actively push for common development”. This is the focus of the importance of the Gulf rapprochement with the countries of Central Asia for China after the Gulf summit with the countries of Central Asia. The Gulf Summit with the Group of Central Asian Countries comes after the first joint ministerial meeting of the strategic dialogue between the Cooperation Council and the Central Asian countries, which was held in the Saudi capital, Riyadh, in September 2022, with the participation of foreign ministers from both sides. Here comes the first Gulf summit with the group of Central Asian countries in Jeddah, Saudi Arabia, in conjunction with the (18th consultative meeting) of the leaders of the Gulf Cooperation Council, which is a new shift in relations between the Arab Gulf and Central Asia. The summit will be attended by the leaders of the GCC countries and the leaders of Central Asian countries, namely: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. This summit aims to strengthen the relations of the GCC countries with the countries of Asia, based on the principles and objectives of the Cooperation Council stipulated in the Statute of 1981, and to create a kind of partnership and develop mechanisms to ensure the sustainability of consultation and dialogue among all its parties.

The Gulf summit will discuss with the Central Asian countries, known as the “Five Stan” files, issues of cooperation in trade, investment, energy, education, scientific research, industry, agriculture, tourism and culture, in addition to regional and international issues, including support for stability, Strengthening the foundations of security in the Gulf and Central Asia, the Palestinian cause, Islamic solidarity, and confronting extremism, terrorism, and Islamophobia. It is expected that the Jeddah Gulf Asian Summit will endorse the joint action plan 2023-2027, which includes political and security dialogue, economic and investment cooperation between its parties, as well as strengthening communication between peoples, and establishing effective partnerships between the business sector in the GCC countries and Central Asian countries, at both bilateral and multilateral levels.

The strategic importance of the Central Asian countries for the Gulf and for China as well, because it has become a place of competition between the major powers, in particular Russia, China and the United States of America. Russia is the most prominent player in the region by virtue of its neighborhood and historical and cultural relations within the framework of the former Soviet Union. Three Central Asian countries of (Kazakhstan, Kyrgyzstan, and Tajikistan) are members of the Collective Security Organization, which is a “Mini-NATO” led by Russia. Moscow also has military bases in Kyrgyzstan and Tajikistan. China is also among the five largest trading partners for each of these countries, which is an indication of its geopolitical ambitions in that region to enhance its influence within the framework of the Chinese Belt and Road Initiative. As for the history of relations between the countries of the Gulf Cooperation Council, Central Asia and China, diplomatic relations between them were established after the independence of those countries from the Soviet Union in the early nineties, and the historical and cultural relations between them go back several centuries, as that region was the focus of attention of Arabs, Muslims and Chinese as well. With the existence of links between Arab, Islamic and Chinese culture, as well as the cultures of Central Asian countries and their penetration into a number of ethnic groups in China, which were known in Islamic history as the country beyond the river, and had a great influence on the Islamic and Chinese cultures.

Here we find that the Gulf Summit with the Central Asian countries supports China’s projects in the Belt and Road Initiative, as it mainly helps in ensuring food security in the Central Asian countries, and provides jobs for its citizens. countries with access to sea lanes through China. By implementing the initiative and the relations of Central Asian countries with the Gulf, China can deliver goods through the lands of Central Asian countries to the Middle East and southern Europe, while Central Asian countries can supply products to Southeast Asian countries, the Middle East and the Arabian Gulf through Chinese ports.

The importance of the Central Asian countries in relation to the Gulf and China together comes in view of their possession of huge reserves of minerals, oil, natural gas, coal, and even water. Gas reserves in the countries of Central Asia and the Caucasus amount to 35% of the global total and the largest discoveries were in the countries of Turkmenistan and Kazakhstan. The state of Tajikistan also has the largest water sources, as it reaches 60% of the water sources in Central Asia, which benefits the countries of the Gulf Cooperation Council and China with them in the framework of their economic relations with them, if we link them to the (global development initiative) put forward by China. Where China takes into account the opinions, desires and characteristics of all countries of the world in the framework of its development initiatives around the world, including the Arab Gulf countries and Central Asia.

Here, the relations between the Gulf and Central Asia provide an important opportunity for China to connect them all through a large and wide network of roads and lines, such as: the highway crossing the Tianshan Mountains that connects China, Kyrgyzstan and Uzbekistan, and the highway that connects China and Tajikistan through the Pamir Plateau and the crude oil pipeline between China, Kazakhstan, and the existing China-Central Asia natural gas pipeline that cuts through the vast desert, which is considered the contemporary “Silk Road”. Here comes the importance of Central Asia for China and the Gulf, given its distinct geographical advantages, in addition to the foundations, conditions and potential to become an important hub for communication and interdependence between the Eurasia region and the world, ending with its contributions to the exchange of goods, civilizational communication and the development of science and technology in the whole world, which supports its relations with China and the Gulf Cooperation Council countries together in order to bring about a development boom through China’s Belt and Road initiative to link all these countries together.

Courtesy: Modern Diplomacy

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EVENTS & ANNOUNCEMENTS

Unlocking Economic Potential: Zamfara State Halal Economic Summit

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1 month ago

April 9, 2024

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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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EVENTS & ANNOUNCEMENTS

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

Published

3 months ago

February 12, 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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5 months ago

December 24, 2023

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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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