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Dr. Muhammad Sulaiman Al Jasser:  The Man behind the Name

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Dr. Muhammad Sulaiman Al Jasser is the new president of the Jeddah based Islamic Development Bank. Born in Buraidah, Saudi Arabia 65 years ago, Dr Muhammad Sulaiman Al-Jasser had all his advanced education in the United States of America, First, at the San Diego State University where he obtained his Bachelor’s degree in Economics with honors in 1979. He then proceeded to the University of California where he obtained his Master degree in Economics in 1981.  He would later in 1986, from the same University, receive his Doctorate degree in Economics.

Dr Al Jasser began his career in 1981 as Head of the Financial and Economic Analysis Unit in the Budget Department of Saudi Arabia’s Ministry of Finance and National Economy, and was appointed Acting Deputy Minister of Finance and National Economy for Budget and Organization in 1995. While at the Ministry, he supervised the operations of the World Bank Mission in the Kingdom of Saudi Arabia from 1981 to 1983 and 1986 to 1988 and participated in many intra and inter-ministerial committees.

In 1988, Dr. Al-Jasser joined the International Monetary Fund (IMF) as Economic Advisor to the Executive Director for Saudi Arabia, was promoted as Alternative Executive Director in 1989, and was selected to become Executive Director at the IMF in 1990, a post he held until 1995. During his stay at the IMF, he participated in the annual World Bank / IMF meetings as well as conferences and symposia on economic issues. He prepared a large number of research papers and studies on fiscal and monetary policies. He also took part in several permanent committees formed by the Executive Board of the IMF, namely, the Budget Committee, Committee on Relations between the IMF and the World Trade Organization (WTO), Committee on Administrative Policies, Committee on Admission to Membership of the countries of the former Soviet Union, Committee of Eritrea’s membership, among others.

After almost 15 years as Vice Governor and Vice Chairman of the Board, he became Governor of the Saudi Arabian Monetary Agency (SAMA), the Central Bank of Saudi Arabia (SAMA), which he joined in 1995. Dr Al Jasser was instrumental in devising the Saudi Central Bank’s strategic reaction to that decade’s oil price rally, an onslaught of currency speculation in 2007 and, most recently, its reaction to an oil price slump and credit crisis.

Dr Al-Jasser was named the first chairman of the Gulf Monetary Council in March 2010. The Council, a precursor to a planned Gulf Central Bank, would  work on the regulatory framework of the Gulf Central Bank and pushed for greater coordination of monetary and foreign exchange policies to pave the way for the launch of a single currency.

In his career Dr. Al-Jasser has, at one time or the other served as chairman and member of the board/ council in various organizations and projects, including the: Arab Investment Company; Saudi Arabian Negotiation Team on the accession of Saudi Arabia to the WTO in 2005, Saudi Arabian Mining Co. (MA’ADEN), “Technical Saudi Negotiating Team” for negotiations with the international oil companies, Saudi Public Pension Agency; Committee of external experts to conduct a Review of the Quota Formulas of the IMF (QFRG); Saudi Telecom Co.; Fund for Supporting Research and Educational Programs at King Fahd University of Petroleum and Minerals; Eisenhower Fellowships Nominating Committee for Saudi Arabia; Saudi Arabian Mining Co.; Centennial Fund; Saudi Arabian Airlines; Consultative Council of Islamic Corporation for the Development of the Private Sector; and Higher Committee of King Saud University Endowment.

Dr. Al Jasser has participated in the meetings of the G-20 since its inceptionas well as the monthly and annual meetings of the Bank for International Settlements over the period between 1997 and 2011. Furthermore, Dr Al Jasser has participated in several local and international symposia and has given numerous lectures on economic and monetary policy.

In recognition of his great services to the Kingdom of Saudi Arabia, Dr Al Jasser was honored with the King Abdulaziz Medal of the First Order in 2001. Al Jasser is described as a well-regarded technocrat by James Reeve, senior economist at Samba Financial Group in London. In 2009, he was named by the Middle East as one of the 50 most influential Arabs in the world.

Until his appointment as President of the Islamic Development Bank, Dr. Muhammad Sulaiman Al Jasser was an Advisor at the General Secretariat of the Saudi Council of Ministers, at the rank of a Minister, and also served as Chairman of the General Authority for Competition of Saudi Arabia since 30 Rajab 1437 (7 May 2016).

Regarded as one of the most experienced and talented Central Bankers in the Middle East, His Excellency, Dr. Muhammad Sulaiman Al Jasser assumed office as President of the Islamic Development Bank on Monday, 9th August, 2021.

Dr Al Jasser has identified the need to overcome the immediate challenges of the ongoing COVID-19 pandemic in order to rebuild stronger economies for the IsDB Member Countries and move effectively towards cultivating new sectors for investment and growth as his immediate priority, stressing that “there is no greater priority than the immediate recovery from the COVID-19 Pandemic. We face unprecedented challenges, which require a stronger and more responsive IsDB Group. Many of these challenges have been addressed in the Group’s 3 Rs strategy and related programs. The priority must now be to develop this strategy further and implement it.”

Emphasizing the role of the IsDB as a beacon of hope that advocates for its Member Countries on the global stage and reflects their aspirations with efficient actions and results, Dr Al Jasser stated his commitment to “the last 46 years of history (of the IsDB) and take the lessons from the past as we chart the course towards the future. Together, as one closely-knit team, we can strengthen the IsDB Group as the preeminent economic institution.”

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


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Senegal’s New President: Bassirou Diomaye Faye

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Bassirou Diomaye Faye was elected as Senegal’s fifth president on 25 March 2024, and sworn  as Senegal’s President at an exhibition centre in the new town of Diamniadio near the capital Dakar on April 2, 2024. Incumbent president Macky Sall and his candidate, former prime minister Amadou Ba, were both quick to congratulate the opposition candidate on his victory when the results came out.

This has been a major – and fast – turn of events for Faye (commonly called “Diomaye”), who was in prison just 10 days before the election. Faye was backed by the popular opposition leader Ousmane Sonko, who was deprived of his electoral rights for five years due to a prior conviction. Sonko received a six-month suspended prison sentence for allegedly defaming tourism minister Mame Mbaye Niang.

Faye, who has never held elected office, was a little-known candidate who emerged from Sonko’s shadow. Having researched young Senegalese politicians and Senegal’s contemporary political scene we wanted to provide some insights into who Faye is, and his unconventional rise to power.

A Native of Rural Senegal

The father-of-four was born into a modest family of farmers in remote Ndiaganiao, a village 150 kilometres (93 miles) from the capital Dakar  on 25th March 1980, where he received his primary education. He continued his middle and secondary education in Mbour, south-east of Dakar, where he earned his bachelor’s degree in 2000. Faye pursued higher education at Dakar’s Cheikh Anta Diop University, and obtained a master’s degree in 2004.

Following this, he took competitive entrance exams for the police officers’ academy, the magistrates’ academy and the École Nationale d’Administration (the elite leadership training school). While he did not pass the exam for the police officers’ academy, he succeeded in the other two exams. Admitted to the magistrates’ examination, he decided to withdraw, opting instead for the leadership training school. He specialised in taxation and went on to join the Direction Générale des Impôts et Domaines (tax and land administration) in 2007.

His Career

When Faye joined the tax administration, he was an active member of the newly formed Syndicat autonome des agents des impôts et domaines (Autonomous Union of Tax and Domain Agents). This was led by its founder and secretary general, Ousmane Sonko (from April 2005 to June 2012). Faye was initially the head of claims and later became the secretary general after Sonko’s departure, although Sonko remained at his side as honorary secretary general for two years (2012-2016). Drawing on their trade union experience, Faye, Sonko and other young civil servants went on to create the African Patriots of Senegal for Work, Ethics and Fraternity (Pastef) party in 2014.

Faye successively held the positions of member of the steering committee, president of the Mouvement national des cadres patriotes et des diasporas (National Movement of Patriot Cadres and Diasporas) and secretary general, becoming the party’s second-in-command, from October 2022.

Ndingler’s Rising Star

While Faye is mostly known for being in Sonko’s shadow, he’s famous in his region for supporting a vulnerable community in a land dispute. This was between the Ndingler villagers (within the Ndiaganiao area from which Faye hails) and the Senegalese company Sedima, run by businessman and industrialist Babacar Ngom. Faye had denounced land grabbing by Sedima, which occurred without any compensation for “peasant populations”.

The Other Side of the Coin

The fame he gained from this widely publicised battle didn’t, however, secure him a victory in his stronghold during local elections in January 2022. He lost in Ndiaganiao to the regime’s candidate. His political ambitions were further thwarted when his nomination to the national candidate list for the July 2022 parliamentary elections was invalidated due to issues with the candidate lists he belonged to. These two successive setbacks seemed to seal his fate as an opponent of local and national stature.

Following the law suit brought against Sonko, Faye was imprisoned. He was accused of attacking the judiciary when he criticized the Dakar Court of Appeal’s decision to close Sonko’s case without giving him the chance to appeal. Faye was also being vocal about a trial that would make Sonko ineligible for the 2024 presidential elections. On 14 April 2023, he was charged with “contempt of court, defamation and acts likely to compromise public peace”.

Political Manoeuvring at Play

The detention of Faye, the party’s secretary-general, and its president, Sonko, fuelled speculation that the government intended to remove the leadership of the Pastef party. Indeed, in July 2023, Senegal’s interior ministry dissolved PASTEF. However, unlike Sonko, Faye was not put on trial. This meant he could retain his civic rights. It was during his jail time that the Pastef party developed a plan to facilitate his participation in the upcoming presidential election.

Campaign images bearing the slogan “Diomaye moy Sonko” (“Diomaye is Sonko”) circulated on social media on Sunday, 19 November 2023, just ahead of the sponsorship period for the presidential election in Senegal. Many were surprised when Sonko relinquished his position to support Faye. And several MPs – Guy Marius Sagna, Birame Souleye Diop, and Abass Fall – who were contenders in the presidential elections, withdrew their candidacies. This made Faye the sole candidate of the party. Despite Pastef’s dissolution, they successfully initiated a popular sponsorship campaign for Faye.

The Burning Questions

Often described as altruistic, Faye revealed in his first press conference after his release from prison how he used his first scholarship from the leadership training school to provide clean water connections for his family and neighbors. He vehemently opposes the use of strength by the powerful to oppress those who are, supposedly, weak. The man, despite the tumultuous electoral context, received acclaim from voters, and he appeared quite timid on 25 March during his first presidential address.

It remains to be seen whether he can fill the presidential shoes. The coming weeks or months should enlighten us.


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Engr. Mashood Ayinde Ojutiku, Vice President, Infrastructure

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Engr Mashood Ayinde Ojutiku is a distinguished professional with a passion for infrastructure development, who brings a diverse educational background and extensive experience to his new role. He holds a B.Eng in Mechanical Engineering from the University of Benin, Nigeria, as well as a Masters in International Affairs and Diplomacy (MIAD) from the Ahmadu Bello University (ABU), Zaria, Nigeria, He also has a Masters Degree in Business Administration (MBA) from the prestigious Ahmadu Bello University. His strong educational foundation equips him with a range of skills and knowledge that will be valuable in his position.

In addition to his impressive academic achievements, Engr Mashood Ayinde Ojutiku has also contributed to the field through his publications. He has authored several papers that showcase his expertise and commitment to specific areas of infrastructure development. Some of his notable publications include: “Capacity Building on Value Chain Analysis for Agribusiness: Nigeria Country Paper, Delivered in Ankara, Turkey”: This publication focuses on strategies and insights for enhancing agribusiness value chains in Nigeria. It reflects his dedication to improving the agricultural sector and promoting sustainable economic growth. 2. “Completion of White Elephants, Case Study of Ahmadu Bello University Teaching Hospital Project, Shika-Zaria”: This publication explores the challenges and successful completion of the Ahmadu Bello University Teaching Hospital Project in Shika-Zaria. His personal involvement in this case study showcases his expertise in project management and his ability to tackle complex infrastructure initiatives. 3. “Computer Aided Design of Automatic Control Systems, case study – Root-Locus plots”: This publication focuses on the application of computer-aided design in the analysis and design of automatic control systems. Engr Mashood Ayinde Ojutiku’s expertise in this area highlights his technical proficiency and his contribution to advancing engineering practices. Engr Mashood Ayinde Ojutiku’s publications demonstrate his commitment to sharing knowledge, promoting best practices, and addressing critical issues in the field of infrastructure development.

Having worked as a consultant for several years, Engr Mashood Ayinde Ojutiku has gained valuable insights and expertise in the field of infrastructure. His experience as a Registered Engineer with the Council for the Regulation of Engineering in Nigeria further adds to his credibility and ability to make a significant impact in his new role. As the Vice President of Infrastructure for the Africa Islamic Economic Foundation, Engr Mashood Ayinde Ojutiku will play a crucial role in shaping and implementing infrastructure projects across the African continent. His responsibilities may include developing strategies for infrastructure development, overseeing project execution, mobilizing resources, and creating partnerships to ensure the successful implementation of infrastructure projects.

The impact of Engr Mashood Ayinde Ojutiku’s position is likely to be far-reaching. By focusing on infrastructure development, he will contribute to improving the quality of life for individuals and communities across Africa. This may involve enhancing transportation networks, promoting sustainable energy solutions, developing Special Economic Zones, expanding access to clean water and sanitation, and fostering economic growth through the development of critical infrastructure. Engr Mashood Ayinde Ojutiku’s background, education, and experience position him well to make a positive impact in his role as Vice President of Infrastructure. His dedication and expertise will undoubtedly contribute to the advancement of the Africa Islamic Economic Foundation’s mission of promoting sustainable economic development through ethical infrastructure investment in Africa.


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Hajiya Aishatu Usman Muhammad, Coordinator, Halal Business Transformation Program

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Aishatu Usman Muhammad, the newly appointed Coordinator of the Halal Business Transformation Program (HBTP) of the Africa Islamic Economic Foundation is an accomplished professional with a strong background in accounting, finance, and Islamic banking. Since 2006, Aishatu has been serving as a dedicated lecturer at the Gombe State University, where she shares her expertise and knowledge with students. Aishatu’s educational journey has been equally impressive. She holds a Bachelor of Science degree and a Master of Science degree in Accounting, both earned from the prestigious University of Maiduguri. Currently, she is pursuing a Ph.D. program at Universiti Sains Malaysia, further solidifying her expertise in her chosen field of Islamic finance. In addition to her role as a lecturer at the Gombe State University, she is a proud member of the prestigious ETHICA Institute of Islamic Finance, Dubai, holding the title of Certified Islamic Finance Executive (CIFE). She is also a member of the Islamic Institute of Accounting and Finance, Nigeria, actively contributing as a Certified Islamic Finance Analyst (CIFA) and Certified Islamic Accountant (CIA).

Aishatu’s expertise is not only recognized through her professional affiliations but also through her scholarly publications. She has presented numerous papers and authored various publications in reputable national and international journals. Her work has been featured in renowned publications such as the African Journal of Business and Economics Research, as well as the International Journal of Accounting, Auditing, and Finance and Voyage Journal of Religious Studies Her research interests encompass several critical areas within the realm of Islamic finance, corporate governance, entrepreneurship, and gender studies. Aishatu’s curiosity extends to the realm of entrepreneurship, where she investigates the factors that contribute to successful entrepreneurial endeavors within an Islamic context.  Aishatu’s interest in gender studies reflects her dedication to examining the role of women in Islamic finance, entrepreneurship, and corporate governance. She explores how gender dynamics and societal norms influence the participation and representation of women in these fields, aiming to promote inclusivity and gender equality.

With her impressive academic background and field experience, Aishatu brings valuable expertise and insights to the table. Her deep understanding of Islamic finance, combined with her knowledge of corporate governance, entrepreneurship, and gender studies, positions her as a key driver in transforming the Halal Business landscape in Africa.

Aishatu’s leadership of the HBTP is expected to lead to the development of innovative strategies and frameworks that will enhance the growth and sustainability of Halal businesses in Africa. She will work towards creating an environment that encourages entrepreneurship, facilitates access to financial resources, and promotes ethical practices within the Halal industry. Her efforts will not only help businesses thrive but also contribute to the economic development of the African continent.

Furthermore, Aishatu’s influence is anticipated to extend beyond Africa and impact the Global Halal Market. As she actively engages in research and collaborates with stakeholders, she will contribute valuable insights and ideas to the international Halal community. Her work may lead to the formulation of best practices, standards, and regulations that can enhance the integrity and credibility of Halal products and services worldwide. Her expertise, combined with her passion for ethical finance and entrepreneurship, positions her as an influential figure in shaping the future of Halal businesses in Africa.

With her vast knowledge, dedication, and commitment to Islamic finance, Aishatu Usman Muhammad is undoubtedly a valuable asset to the Africa Islamic Economic Foundation.


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