Africa Islamic Economic Foundation, Saylor Academy Partner to Leverage Free Education for Sustainable Skill Development

Africa Islamic Economic Foundation (AFRIEF) is very pleased to announce a new partnership with Saylor Academy, to provide flexible, affordable learning opportunities for AFRIIEF’s communities and those interested in joining its programs. As part of AFRIIEF’s mission to support human capital development across the African continent, learners will be able to earn certificates in key career skills (such as Decision-Making, Leadership, technology entrepreneurship and others) from Saylor Academy’s catalog of free courses.

AFRIIEF and Saylor Academy both recognize that learners, such as those served by AFRIIEF’s programs, lead increasingly busy and complex lives. They require flexible education options to balance skill development with work and family demands. This partnership allows students to develop skills that are in-demand now for free, and will help them become even more competitive once they enter the marketplace.

“This collaboration marks an exciting chapter for the Africa Islamic Economic Foundation (AFRIEF) as it will leverage on Saylor Academy’s rich experience, Global network and strength to propel Africa’s rapid economic and social development” states Baba Yunus Muhammad, President of AFRIEF. “We believe that the two organizations have complementary capabilities and we are very excited at the opportunity of combining these to create strong synergies in both career and talent development that will not only facilitate, but hasten our movement towards our goal of increased economic and career opportunities for Africans everywhere.”

“The partnership between AFRIEF and Saylor Academy provides access to affordable and flexible learning opportunities to support skill development across the African continent,” says Jeff Davidson, Executive Director of Saylor Academy. “AFRIEF’s human capital development efforts align well with Saylor’s mission of providing access to learners everywhere.” Read more>>

AFRIEF AND ICEN (LAGOS BRANCH) LAUNCH JOINT COLLABORATION IN THE FEDERAL REPUBLIC OF NIGERIA

The Africa Islamic Economic Foundation (AFRIEF), an independent Islamic economic development organization and the Institute of Chartered Economists of Nigeria (Lagos Branch), a chartered institution committed to the raising of professional economists in Nigeria have announced the signing of a Memorandum of Understanding (MOU), with a general objective to have an association to foster the development of  Islamic economics, capacity building in Islamic finance and entrepreneurship in the Federal Republic of Nigeria. The partnership also envisages a joint collaboration to support the Lagos State Government to implement the UN Sustainable Development Goals (SDGs).

The partnership is a culmination of several exploratory engagements between AFRIEF and the Institute of Chartered Economists of Nigeria (Lagos Branch) on how to synergize their respective strengths, expertise, and resources to foster sustainable development in the Federal Republic of Nigeria. Combining expertise in international investment facilitation, improving the quality of life and opportunities for citizens, or responding to the needs of Global changes, project planning and operations with a sophisticated knowledge of implementation strategies, the two organizations have also agreed to jointly launch a wide range of projects in areas involving trade and investment facilitation, public policy, economic and competitive intelligence, project and financial feasibility, market research, and economic development in the Federal Republic of Nigeria. Read more>>

A Glimpse into The Global Halal Industry [2023]

The Halal industry is much more than just food on your plate. It’s a way of life that encompasses the entire ecosystem, from food production to consumerism.  The Halal industry is a booming global market. The global Islamic economy comprises seven sectors — Islamic finance, Halal food, modest fashion, media and recreation, Muslim-friendly travel, pharmaceutical, and cosmetics.

It is estimated that the global Halal market will be increased by trillions in 2027, making it one of the fastest-growing industries in the world today. Recent years have seen a surge in global awareness of sustainability, ethical consumption, green growth, and digitization, enabling the Halal industry to flourish worldwide.

What is Halal?

The word ‘Halal’ comes from Arabic which means “allowed” or “permissible” according to Islamic law. Therefore, every Muslim must ensure that whatever they consume comes from a Halal source—not just the ingredients but also the entire production and handling process from start to finish (Zakaria, 2008). The definition given by Jabatan Kemajuan Islam Malaysia (JAKIM) in Trade Description Order 2011 covers products and services encompassing all the business operations like packaging, marketing, manufacturing, logistics, supply, maintaining premises, slaughtering, and so on (JAKIM, 2015). Read more>>

What China’s $540 Million Energy Deal with Taliban in Afghanistan Means

By  Syed Raiyan Amir

The Taliban celebrated the signing of their first international deal since taking power in August 2021 with a televised event on January 5, 2023. The document signed is a contract for the exploitation of oil reserves in northern Afghanistan with a Chinese business. In accordance with the agreement, Xinjiang Central Asia Petroleum and Gas Co (CAPEIC) will contribute $150 million annually to Afghanistan, rising to $540 million for the 25-year contract in three years. The initiative is focused on a 4,500 square-kilometer region that spans three northern Afghan provinces: Sar-e Pol, Jowzjan, and Faryab. The latter two are Turkmenistan’s borders. After the US soldiers withdrew in August 2021 and the Taliban overthrew the U.S.-backed government, Afghanistan’s aid-dependent economy crumbled. The administration is attempting to stabilize the economy by luring in investments that will provide work for Afghans who are suffering from hardship. One of the few available economic choices is the development of mines and hydrocarbon resources where energy can play a significant role. Besides, in the regional domain, China can play an important role in terms of political and economic prospects. Hence the deal came across. Read more>>

Why Has Islamic Finance Not Been Able To Reduce Poverty in Muslim Countries?

By our Special Correspondent

Islamic finance is a financial system based on principles derived from the teachings of Islam. It aims to provide an alternative to the traditional, interest-based financial system, which is considered haram (forbidden) in Islam. One of the main goals of Islamic finance is to promote economic development and reduce poverty in Muslim countries. This is achieved by investing in socially responsible and ethical projects that provide a tangible benefit to society, and by sharing profits and losses among investors.

However, despite its noble goals, Islamic finance has faced numerous challenges in its efforts to reduce poverty in Muslim countries. In this blog, we will examine the principles of Islamic finance and the challenges it has faced in promoting economic development and reducing poverty in Muslim countries. We will also look at case studies of successful Islamic finance initiatives and consider ways in which Islamic finance can be better utilized to achieve its goal of reducing poverty and promoting economic development in Muslim countries.

Background on poverty in Muslim countries

Poverty is a persistent problem in many Muslim-majority countries. According to the World Bank, over 30% of the population in Muslim-majority countries lived below the international poverty line of $1.90 per day in 2015. This is a higher poverty rate than the global average of 9.2%.

Several factors contribute to poverty in Muslim countries. One major factor is conflict and insecurity. Many Muslim-majority countries have experienced ongoing conflicts or civil wars, which have disrupted economic activity and led to the widespread displacement of people. These conflicts have also disrupted the delivery of basic services such as education and healthcare, which can further exacerbate poverty. Read more>>

China’s Demand for Africa’s Donkeys is Rising. Why it’s Time to Control the Trade

By Lauren Johnston

In recent years, there’s been a huge, rising demand for donkey hides in China, where they are used to make an ancient health-related product called ejiaoEjiao is made from collagen that’s been extracted from donkey hides mixed with herbs and other ingredients to create medicinal and health consumer products. It’s believed to have properties that strengthen the blood, stop bleeding and improve the quality of both vital fluids and sleep.

Ejiao sells for about US$783 per kilo and the Chinese market for it has increased from about US$3.2 billion in 2013 to about US$7.8 billion in 2020. This recent rise in demand is driven by several factors, including rising incomes, popularization of the product via a television series, and an ageing population (age is a key demographic driving demand). In addition, ejiao is sometimes prescribed by doctors and the cost can newly be covered by health insurance. The demand for ejiao has led to a shortage of donkeys in China and increasingly worldwide. Countries in Africa have been particularly affected.

Africa is home to the highest number of donkeys in the world: about two-thirds of the estimated global population of 53 million donkeys in 2020. Exact figures on how many hides are exported to China aren’t available due to a growing illicit trade, but there are indications. A study of South Africa’s donkey population, for instance, suggests that it went from 210,000 in 1996 to about 146,000 in 2019. This was attributed to the export of donkey hides.

In a recent paper I examined the trends, issues and prospects for the Africa–China donkey trade. My information came from interviews, literature and news reviews in English and Chinese. My findings are that the scale of the donkey trade, both illicit and legal, poses a challenge for many countries in Africa, especially in terms of its impact on the most marginalized communities. Besides donkey welfare, a big part of the challenge is how affordable donkeys are locally. Donkeys have a valuable, ancient role as a workhorse and losing access to them creates a huge problem for poor households. The other part of the challenge is regulatory. Only when the donkey hide trade is fully regulated – and export numbers are able to be very limited – might the trade work without adverse consequences for the poor. Read more>>

Indonesia’s Opportunity to Maximize Cultural Identity through Indonesian Style Muslim Fashion

By Nani Septianie

Indonesia is a country rich in cultural diversity, where the diversity of Indonesian culture is not only culture from the aspect of dance and music, but Indonesia is also a country rich in creativity in the field of industrial art, especially industrial fashion through Muslim fashion combined with clothing patterns that introduce Indonesian culture. This can be proven by Indonesia being targeted as the center of the global halal industry through Muslim fashion products which are potential commodities for the international market (Susilawati, 2021, #). Where the patterns given on the clothes are an Indonesian art that not only has values ​​in appearance, but batik also has beauty on the spiritual side which through the patterns formed in local pattern cloth, it also has deep philosophical meaning through its decoration. Some of the factors that influence the formation of the Indonesian style include geographical location, nature, regional livelihoods, beliefs, and customs in an area, as well as the surrounding natural conditions including flora and fauna. Indonesia’s excellence in the art of the Muslim fashion industry through Indonesian patterns can be an opportunity for Indonesia to be maximized. According to the Indonesian Stock Exchange channel, the Vice President of Indonesia, Ma’ruf Amin at the Road to Jakarta Muslim Fashion Week event in 2022, explained that Indonesian Muslim fashion currently reflects the cultural diversity of the archipelago (Mufrida, 2022). Indonesian Muslim clothing has its own uniqueness in the patterns that are in Muslim clothing. Read more>>

Africa Islamic Economic Foundation, Saylor Academy Partner to Leverage Free Education for Sustainable Skill Development

Africa Islamic Economic Foundation (AFRIEF) is very pleased to announce a new partnership with Saylor Academy, to provide flexible, affordable learning opportunities for AFRIIEF’s communities and those interested in joining its programs. As part of AFRIIEF’s mission to support human capital development across the African continent, learners will be able to earn certificates in key career skills (such as Decision-Making, Leadership, technology entrepreneurship and others) from Saylor Academy’s catalog of free courses.

AFRIIEF and Saylor Academy both recognize that learners, such as those served by AFRIIEF’s programs, lead increasingly busy and complex lives. They require flexible education options to balance skill development with work and family demands. This partnership allows students to develop skills that are in-demand now for free, and will help them become even more competitive once they enter the marketplace.

“This collaboration marks an exciting chapter for the Africa Islamic Economic Foundation (AFRIEF) as it will leverage on Saylor Academy’s rich experience, Global network and strength to propel Africa’s rapid economic and social development” states Baba Yunus Muhammad, President of AFRIEF. “We believe that the two organizations have complementary capabilities and we are very excited at the opportunity of combining these to create strong synergies in both career and talent development that will not only facilitate, but hasten our movement towards our goal of increased economic and career opportunities for Africans everywhere.”

“The partnership between AFRIEF and Saylor Academy provides access to affordable and flexible learning opportunities to support skill development across the African continent,” says Jeff Davidson, Executive Director of Saylor Academy. “AFRIEF’s human capital development efforts align well with Saylor’s mission of providing access to learners everywhere.” Read more>>

How The Hijab Has Grown Into A Fashion Industry of Its Own

The hijab, a head covering traditionally worn by Muslim women for religious purposes, has come a long way from being just a religious garment to a full-fledged fashion accessory. Over the years, the hijab has evolved into a niche market with its styles, designs, and materials, offering a range of options for those who wear it.

The hijab, also known as a veil, was initially worn as a symbol of modesty and religious devotion. It has long been an important part of Muslim culture, and its significance goes beyond just being a garment. For many Muslim women, wearing the hijab is a way to express their identity, and it has become an essential part of their everyday life.

However, with time, the hijab has evolved beyond just being a religious garment. It has become a fashion statement for many women, and designers have taken notice. Today, the hijab is no longer limited to just one style or design. There is a multitude of options available in various colors, materials, and styles, catering to different personal preferences and tastes. From silky scarves to lightweight cotton fabrics, the hijab has become a fashion accessory in its own right.

Designers have embraced the hijab and created collections that cater specifically to Muslim women. The hijab has become a central component in fashion shows, and designers are constantly pushing the boundaries with innovative designs and materials. Some have even introduced hijabs with intricate embellishments, such as beading, embroidery, and lace, making the hijab a statement piece.

The hijab has also gained popularity among non-Muslim women who have embraced the hijab as a fashion accessory. Celebrities, influencers, and fashion icons have worn the hijab, bringing it into the mainstream and encouraging more women to incorporate it into their style. Read more>>

Ghana’s Long Journey to Islamic Finance

By Baba Yunus Muhammad

Islamic finance today has become a global growth phenomenon that no region or country can afford to ignore. According to the State of the Global Islamic Economy Report 2020/21, an annual industry report produced by Thomson Reuters, the global market for Islamic financial services, as measured by Shariah compliant assets, is estimated to have reached US$2.88 trillion, and projected to reach US$3.69 trillion by 2024. Islamic commercial banks account for the bulk of the assets with investment banks, Sukuk issuances, funds and insurance making up the balance. With over 500,000 Islamic financial institutions operating around the world, Islamic finance is set to become a major global player in the world of finance. The factors that drive the growth of Islamic finance range from increased petrodollar investments from the Gulf, growth in Muslim population and the ethical character and financial stability of Islamic financial products.

Currently, the Middle East and South East Asia and some few African countries, are the primary locations for Islamic capital. In particular, Malaysia, Iran and the majority of countries from the Gulf Co-operation Council (GCC) such as Kuwait, Bahrain and Qatar are seen as the main centers of Islamic finance, with significant activity also taking place in the UK and more recently in countries such as Turkey, Sudan, Nigeria, Egypt, South Africa, Kenya, Senegal, Jordan and Syria and some Asian countries such as Indonesia, Hong Kong, Singapore, Bangladesh, Pakistan and China.

Islamic finance in Ghana

However, amidst all the talk of bubbling Islamic finance hubs globally, there remains much to be achieved on purely a domestic basis in certain key countries. Ghana is a clear example. With the exception of Nigeria, there is probably, no country in Africa that offers greater potential for the growth of Islamic finance than Ghana! Read more>>