WHO WE ARE
The Africa Islamic Economic Foundation (AFRIEF) is an independent organization that provides a distinctive Islamic perspectives on economic and social issues. It enhances dialogue and encourages collaboration across the thematic areas of Islamic economics and finance, equitable, inclusive and sustainable development in Africa. AFRIEF assumed the legal status of a Non-Governmental Organisation on 9th December, 2013 and its secretariat, is located in Tamale in the republic of Ghana.
AFRIEF’s work encompasses a range of advisory, research, policy, project development and field-building activities aiding the work of the on-the-ground practitioners working to transform African communities. Working in close collaboration with its strategic partners in a number of key African countries, AFRIEF networks with individuals, Governments, public and private sector organizations and supports transformative strategies of community stakeholders, anchor institutions, and key policymakers to promote its asset-based paradigm of economic development in Africa. Its method or approach to economic development focuses on developing many kinds of local wealth, employing local and broad-based ownership models and creating social and financial ecosystems of support.
AFRIEF has been established to build a more equal, just society by resolving current and future challenges through provision of alternative principled solutions and options for governments, service providers, stakeholders, the community and intelligentsia. It works to achieve this by engaging and informing the debate over public policy issues for policy makers, the public and the media.
Within the general promotion of Islamic Economics and Finance, AFRIEF puts research work at the centre of its efforts, with the goal of better understanding and interpreting trends and structures of social-economic phenomena for the advancement of knowledge. Recognising that a country’s GDP does not tell the whole story about the health of its economy, AFRIEF promotes an alternative economic thought that emphasizes and places the well-being of the individual on centre stage.
AFRIEF supports national regulatory institutions like Central Banks, Security and Exchange, and Insurance regulatory bodies to develop plans and roadmaps towards a well-functioning Islamic Finance and Halal economic system. It also works with relevant stakeholders to establish, develop, promote and regulate a financial market based on Shari’ah principles and subsequently, create a secondary market for Islamic capital market instruments in Africa.
Organizationally, the Africa Islamic Economic Forum (AIEF) that is designed to be held annually is the Foundation’s most important platform for leaders and representatives of civil society organisations, governments, regional economic agencies and the private sector to consider major African economic issues of the day and to brainstorm on solutions to address these challenges from the perspectives of the Islamic paradigm of economic development.
OUR HISTORY, OUR FOUNDATION
A dedicated team of individuals, students, businessmen and professionals attending the 1st West Africa Islamic Investment Forum, which was held between the 28th February and 1st March, 2011, in Kano, in the Federal Republic of Nigeria, under the auspices of the Green Oasis Associates Ltd and the Kano State Government, with the co-operation of the Islamic Chamber of Commerce and Industry and the Islamic Development Bank, Jeddah, the Dangote Group of Companies, Nigeria and the Ghana Islamic Chamber of Commerce and Industry, Tamale, Ghana, formulated a vision for the community based on many years of experience and as a consequence, the Africa Islamic Economic Foundation was formally incorporated in 2013 under the Companies Code 1963 of the Republic of Ghana (Act 179) as an independent not-for-profit organization, with its interim headquarters in Tamale, Northern Region, Republic of Ghana. The organization has developed and expanded organically since its creation encompassing other geographical areas and a broader number of projects.
OUR GOAL AND OBJECTIVES
The goal of the Foundation is to serve as an organization for advancing research, knowledge and Professional development in Islamic economics and finance in Africa.
Within that goal, our objectives are:
- To promote the well-being of individuals, and increase the wealth of African nations;
- To promote and foster understanding of Islamic finance and economics by African parliaments, governments, and the public;
- To expand research, knowledge and professional development in Islamic Economics, finance and the Halal economy;
- To provide a forum for the exchange of ideas and information for those interested in and concerned with Islamic economics, finance and the Halal (ethical) economy;
- To advance Islamic Economics and Finance in Africa by setting policy standards, building resources and sharing knowledge;
- To foster relationships and cultivate cooperation among countries, institutions, organizations and individuals in academia, business and government;
- To develop, disseminate and promote theory, curricula, methodologies, techniques, and best practices for pure and applied Islamic Economics;
- To create a world beyond poverty by investing and facilitating the development of small businesses and entrepreneurship, emerging leaders and breakthrough ideas in Africa;
- To prevent and resolve conflicts, encourage peace, dialogue and understanding among African countries;
- To promote SMART urban and rural development projects in African countries to spur the growth of investments into high technology, medicine, energy, education and tourism;
- To sponsor or organise conferences, round-table dialogues, meetings, seminars, lectures, training programs, and publications, using all media of communication (including, without restriction, the electronic media) for the purpose of achieving these objectives
Our mission is to help shift the prevailing paradigm of economic development – and of the economy as a whole-toward a new system that is ethical, place-based, inclusive, collaborative, and ecologically sustainable.
STAGES IN WORK
- Analysing Societal Problems & Root Causes
- Develop & Propose Medium-Long Term Solutions
- Implement Solutions
AREAS OF WORK
Social & Educational Upliftment
- Education & Youth Development
- Community Cohesion & Interfaith Dialogue
Nation Building & Socio-Economic Development
- Poverty Alleviation in Developing Countries
- Creation of A Social Welfare System
- Raise Awareness
- Campaign for the Poor
- Education of the Poor
- Developing Partnerships
- Networking of Professionals
- Writing Policies
- Production of Media Publications
Method of Dialogue & Engagement
- Seminars & Conferences
- Personal 1-2-1
- Joint Working On Common Causes
- Discussion Forums
OUR RESEARCH MISSION
Our primary research mission addresses questions of Islamic Economics and Finance; Food security; Health; Economic Impact of Technology and innovation; Public leadership, Reform of governance through new structures and processes such a regional cooperatives and neighbourhood empowerment; Evolution of the Global Islamic Financial markets and the Islamic Economy; Productivity and Growth; Urbanization and Smart Cities.
Our vision is to become the leading Islamic economic organization in Africa playing an increasingly crucial role in contributing to the social transformation process by instigating innovative ideas and contributing to a global network of knowledge transfer.
Collaboration: As a partnership of organizations, institutions and individuals, collaboration is core to who we are. We believe that respect, diverse perspectives and the open exchange of ideas will lead to the innovative solutions and catalytic change that Africa needs.
Innovation: We take risks, catalyse fresh thinking, and test new approaches in order to creatively disrupt the status quo, change broken systems and provide opportunities for all.
Leadership: We continually ask difficult questions, challenge obsolete norms, and support others in their efforts to do the same. We look for strategic opportunities to promote our point of view and to move innovation from the periphery to the mainstream.
Impact: We are committed to making material improvements in the lives of low-income people, cities, and the systems that affect them. We hold ourselves accountable for evaluating our effectiveness and are intentionally self-reflective as we strive to continuously improve, adapt, and inform future innovation.
We are committed to innovative education and training, critical research and community involvement in the continuing effort to assist communities to establish and achieve their collective goals.
AFRIEF is working towards entering into joint academic agreements with universities and research centres to elucidate the detailed policy proposals needed to make a positive, ethical vision future practical and further its objectives. It is also working towards the maintenance of excellent relationship with governments, regional and international economic organizations like the West Africa Economic Community of West African States (ECOWAS, the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA), Jeddah, Islamic Development Bank (IDB), Jeddah and World Islamic Economic Forum (WIEF), Malaysia and the International Islamic Economic Association (IIEA), Qatar, and the Union of Chambers and Commodity Exchanges of Turkey (TOBB), Turkey, Economic Community of Central African States, (ECCAS), and the Southern African Development Community (SADC).