Connect with us

EDITORIAL

The Illusion of Inclusion: Why Davos Fails the Developing World

Published

on

Spread the love

Each year, the World Economic Forum (WEF) in Davos assembles the world’s most powerful leaders—government officials, corporate executives, and influential policymakers—to discuss the future of the global economy. With its elite gatherings and grand rhetoric, Davos projects itself as a platform for shaping a more inclusive and sustainable world. Yet, beneath the surface, a fundamental question remains: how does Davos truly serve the interests of the developing world, especially Africa?

For decades, Davos has been a stage for promoting globalization, technological innovation, and financial integration. However, the interests of the Global South – Africa, Latin America, and much of Asia – often take a back seat to the priorities of developed economies. The agenda is dominated by topics like artificial intelligence, climate change, and financial stability, which, while crucial, are typically framed through the lens of Western economic models and corporate priorities.

Africa and other developing regions rarely set the agenda at Davos; they remain largely passive participants in a conversation that profoundly affects their economic futures. Decisions about debt restructuring, trade policies, and technological investments are made in rooms where African leaders have limited influence. This structural imbalance reflects a deeper issue – the persistence of an economic order that prioritizes Western financial and corporate interests over the developmental aspirations of the Global South.

Despite its claims of global inclusivity, Davos continues to reinforce economic structures that disadvantage developing nations. Three major areas of concern stand out:

  1. Debt and Financial Dependency

African nations continue to struggle with unsustainable debt, much of it owed to Western financial institutions. While Davos discussions often highlight debt restructuring, they fail to address the fundamental flaws of the global financial system – flaws that keep African economies trapped in cycles of dependency. The absence of genuine structural reforms ensures that the developing world remains financially subordinate to Western creditors.

  1. Climate Hypocrisy

Developed nations at Davos aggressively push for green transitions, often pressuring African countries to abandon fossil fuels. Yet, they provide little funding or technology transfer to help Africa transition on its own terms. While Western economies continue benefiting from decades of industrial carbon emissions, African nations – rich in natural resources – face restrictions that limit their ability to harness their own energy wealth. This selective environmental advocacy reveals a glaring hypocrisy: Africa is expected to comply with sustainability mandates without receiving adequate support for alternative energy development.

  1. Trade and Economic Policies Favoring Corporations over Sovereignty

Davos promotes free trade agreements and investment policies that overwhelmingly benefit multinational corporations. African nations, in turn, find their local industries sidelined by powerful Western firms that dictate market terms. The promise of globalization, rather than fostering true economic inclusion, has largely reinforced Africa’s position as an exporter of raw materials and an importer of expensive finished goods—perpetuating economic stagnation.

The dominant economic models promoted at Davos-rooted in neoliberal capitalism – prioritize profit maximization, financial speculation, and corporate interests over ethical governance and social well-being. This is where the Islamic economic paradigm offers a moral and practical alternative.

  1. Ethical Finance over Speculative Capitalism

Islamic finance promotes risk-sharing and prohibits exploitative financial instruments such as interest (riba). If global economic policies were more aligned with these principles, developing nations could break free from debt dependency and adopt financial models that encourage shared prosperity.

  1. Sustainable Development over Profit-Driven Growth

Islamic economics emphasizes Maslaha (public interest) and Tawheed (unity of purpose), ensuring that economic policies serve humanity rather than corporate greed. A global economic system built on these principles would prioritize sustainability, ethical trade, and community welfare over sheer GDP growth.

  1. Economic Justice over Corporate Domination

Islamic economics champions Zakat (wealth redistribution) and Waqf (social endowments), offering an alternative to the exploitative financial models that dominate Davos. If African economies structured their development around these principles, they could foster self-reliance instead of remaining dependent on Western institutions.

Davos, in its current form, does not represent the interests of Africa or the developing world. It remains an exclusive club where global elites set the rules of the economic game—rules that have historically kept developing nations at the margins.

It is time for Africa and the Islamic world to spearhead a new kind of global economic dialogue—one that prioritizes justice, ethical finance, and true economic sovereignty.

The rise of the Islamic economy, along with Africa’s growing economic and demographic strength, presents an opportunity to build a model of economic governance rooted in fairness, sustainability, and self-reliance. Instead of looking to Davos for solutions, African and Islamic economic leaders must chart their own path—one grounded in ethical economics, financial sovereignty, and global equity.

For decades, Davos has positioned itself as the world’s premier economic think tank, but its impact on the developing world remains limited. The Islamic economic model offers a compelling alternative—one that is not only more just and sustainable but also more resilient against the excesses of speculative capitalism.

Rather than waiting for Davos to acknowledge its concerns, the Global South must seize the initiative. It is time to move beyond rhetoric and towards action—creating a new economic order where Africa and the Islamic world lead, rather than follow.

This is the challenge for Islamic economists, policymakers, and visionaries: to build an economic system that serves humanity, not just the financial elite gathered in Davos.


Spread the love

EDITORIAL

The Last Ten Days of Ramadan: Seeking the Night of Power and Economic Renewal

Published

on

By

Spread the love

Ramadan, the holiest month in the Islamic calendar, is a time of immense spiritual renewal, self-discipline, and devotion. However, its final ten days hold a special status, carrying unmatched rewards and blessings. This sacred period serves as an opportunity for believers to intensify their worship, seek forgiveness, and strive for closeness to Allah. Among these ten nights, one stands above all—the Night of Power, Laylatul Qadr.

The Significance of the Last Ten Days

The last ten days of Ramadan are marked by increased acts of worship, including prolonged prayers (Tahajjud), supplications, and recitation of the Qur’an. Many Muslims engage in i’tikaf, a spiritual retreat in the mosque, dedicating themselves exclusively to prayer and reflection. These final nights are seen as a chance for redemption, a time to seek Allah’s mercy and to atone for past sins.

Prophet Muhammad (peace be upon him) exemplified the essence of these days, increasing his devotion through deeper prayer, supplication, and acts of kindness. Aisha (may Allah be pleased with her) reported that when the last ten nights of Ramadan arrived, the Prophet would tighten his belt (a metaphor for striving harder), stay up throughout the night in worship, and awaken his family to partake in these blessed moments.

Laylatul Qadr: The Night That Transcends Time and Wealth

Laylatul Qadr, the Night of Power, is described in the Qur’an as “better than a thousand months” (Surah Al-Qadr, 97:3). It is the night on which the first verses of the Qur’an were revealed to Prophet Muhammad (peace be upon him) through Angel Jibreel (Gabriel). The rewards for worship on this night are multiplied exponentially, making it an unparalleled opportunity for spiritual and economic elevation.

Although the exact date remains unknown, it is widely believed to fall on one of the odd-numbered nights in the last ten days, particularly the 21st, 23rd, 25th, 27th, or 29th night of Ramadan. This divine ambiguity encourages believers to seek it diligently throughout the final days, ensuring continued devotion rather than a singular effort.

The Prophet (peace be upon him) advised Muslims to seek Laylatul Qadr and recite the following supplication:

“Allahumma innaka ‘afuwwun, tuhibbul ‘afwa, fa’fu ‘anni.”

(O Allah, You are Most Forgiving, and You love to forgive, so forgive me.)

Economic Lessons from the Last Ten Days

Beyond spiritual benefits, Ramadan and its last ten days offer profound economic wisdom. The principles of sacrifice, self-restraint, and wealth distribution during this period mirror the fundamental tenets of Islamic economic thought:

  1. Redistributive Justice through Charity – The emphasis on zakat (obligatory almsgiving) and sadaqah (voluntary charity) fosters equitable wealth distribution, reducing economic disparity and promoting social welfare.
  2. Ethical Consumption and Resource Management – Fasting teaches moderation and responsible consumption, encouraging a more sustainable economic model that curtails waste and excessive materialism.
  3. Investment in Human and Social Capital – Acts of charity and community engagement enhance social cohesion and economic stability, reinforcing a cooperative economic framework where wealth is not hoarded but circulated for the benefit of all.
  4. The Economics of Barakah (Divine Blessing) – Economic success in Islam is not measured solely by material gain but by the barakah in one’s wealth and endeavors. The heightened devotion of these ten days is an investment in both spiritual and economic prosperity.

Maximizing the Last Ten Days

To make the most of these precious nights, Muslims are encouraged to:

  1. Engage in Continuous Prayer – Prolonged night prayers (Tahajjud) and deep supplications open the doors of mercy and forgiveness.
  2. Recite and Reflect on the Qur’an – The Qur’an was revealed during this blessed month, making its recitation and contemplation even more meaningful.
  3. Seek Forgiveness and Make Dua – The final days are a golden opportunity to ask Allah for guidance, mercy, and forgiveness for past and future.
  4. Perform Acts of Charity – Giving to the less fortunate amplifies blessings and strengthens one’s connection with Allah while contributing to economic justice.
  5. Maintain Sincerity – Actions should be carried out with pure intentions, seeking only Allah’s pleasure.

Conclusion

The last ten days of Ramadan serve as a spiritual climax, a time when the doors of mercy and forgiveness are flung wide open. It is a period of reflection, renewal, and deep supplication, culminating in the search for Laylatul Qadr. Additionally, the economic wisdom embedded in this sacred time teaches valuable lessons about ethical wealth management, social responsibility, and the long-term sustainability of resources.

As Muslims around the world immerse themselves in worship, may they find peace, enlightenment, and the boundless rewards of this sacred month. May this period inspire not only spiritual elevation but also a renewed commitment to economic justice and ethical financial conduct.

May Allah grant us all the ability to maximize these final days and nights and allow us to witness the blessings of Laylatul Qadr. Ameen.


Spread the love
Continue Reading

EDITORIAL

Gaza Burns: The World Must Act Now

Published

on

By

Spread the love

Once again, the world bears witness to the horrors unfolding in Gaza—an unrelenting genocide that exposes the brutality of the Israeli war machine, fully backed, armed, and shielded by the United States and its Western allies. Within mere hours, over 400 Palestinians have been massacred—many while asleep, their homes reduced to rubble in a fresh campaign of carpet bombing. The so-called ceasefire, fragile and insincere, has been shattered with devastating precision, ensuring that Gaza remains a blood-soaked prison for its 2.3 million besieged inhabitants.

Entire families have been wiped out. Hospitals, already teetering on the brink of collapse due to years of blockade, are overwhelmed with the injured and the dead. The few remaining medical facilities struggle without electricity, medicine, or supplies, their doctors forced to choose who lives and who dies. And while the world watches in muted horror, Gaza burns once again.

But this crime does not stand in isolation. Across the occupied West Bank, in Lebanon, Syria, and Yemen, the US-Israeli axis escalates its destruction, trampling what remains of international law. The global order, once designed to prevent such atrocities, has instead become a tool of impunity for those who wield power with cruelty. UN resolutions, human rights conventions, and international treaties have all been reduced to meaningless words, discarded whenever they threaten to restrain the oppressor.

What we are witnessing is not just another escalation—it is the systematic annihilation of an entire people, a continuation of the Nakba that began in 1948. The world’s conscience is being tested, and history will judge those who remain silent.

To those who claim to uphold justice, democracy, and human rights: where is your voice now? To the leaders of the Muslim world, bound by faith and duty to defend the oppressed: how much longer will you look away? And to every individual who values human dignity: now is the time to act, to raise your voice, to demand justice, and to refuse to be complicit in this unfolding genocide.

Gaza does not burn alone—it burns as a testament to the failure of our humanity. If the world does not act now, history will remember this moment as one where civilization itself stood at the precipice of moral collapse and chose silence over justice.

#GazaGenocide #EndTheOccupation #JusticeForPalestine


Spread the love
Continue Reading

EDITORIAL

Trump’s Vision for the United Nations: A Return to Peace or a Power Play?

Published

on

By

Spread the love

The Trump administration’s approach to the United Nations has been marked by both rhetoric and retreat. While officials insist that U.S. President Donald Trump envisions a return to the U.N.’s founding principles of maintaining international peace and security, the policy specifics remain elusive. What is clear, however, is that Washington’s actions reflect a shift toward a more transactional, power-driven use of the international body—one that favors big-power dealmaking at the expense of multilateralism.

The Trump administration has made no secret of its dissatisfaction with the U.N., systematically pulling the United States out of key multilateral commitments. It has withdrawn from the World Health Organization (WHO), defunded agencies that focus on human rights, and announced a full-scale review of U.S. multilateral obligations, including the U.N. Charter itself. Such moves indicate a broader strategy: Washington is seeking to reshape the U.N. into a mechanism that serves its immediate national interests rather than an institution that fosters global cooperation.

This strategy became even more apparent last week, on the third anniversary of Russia’s full-scale invasion of Ukraine. Traditionally, the U.N. General Assembly has been a stage for collective condemnation of aggressors and an affirmation of international norms. The Biden administration had previously supported resolutions that reaffirmed Ukraine’s sovereignty and territorial integrity. However, Trump’s approach suggests a departure from this collective stance, instead signaling that the U.N. could be a forum where great powers dictate the terms of engagement, sidelining smaller nations and their concerns.

Preserving Multilateralism and Justice

We believe that the integrity of the U.N. must not be sacrificed on the altar of unilateralism. The United Nations, for all its flaws, remains one of the last bastions of collective diplomacy, providing a platform for weaker nations to voice their concerns and influence global decisions. The Trump administration’s efforts to undermine multilateralism and restructure the U.N. into a tool of great-power politics threaten the very essence of global cooperation and peacebuilding.

The Islamic world, particularly nations that have suffered from unilateral interventions and geopolitical maneuvering, should be deeply concerned. If the U.N. is remolded into a vehicle for power politics, then smaller nations—many of them in the Global South—will find themselves increasingly marginalized. This trend is dangerous, not only for Muslim-majority countries but for all states that rely on international law and institutions to uphold their sovereignty and rights.

The Need for Reform—But Not at the Cost of Integrity

Yes, the United Nations requires reform. The Security Council’s structure, the inefficiency of certain U.N. agencies, and its inability to prevent major conflicts all point to the need for change. However, reform must be inclusive, transparent, and aimed at strengthening multilateralism—not at dismantling it.

The Trump administration’s vision appears to be one of selective engagement: withdrawing from commitments that uphold human rights and international development while using the U.N. as a battleground for power politics. This double standard weakens the moral and diplomatic credibility of the U.S. and threatens global stability. If Washington is truly committed to a U.N. centered on peace, then it must reaffirm its commitment to international cooperation rather than coercion.

A Call to Action

The Islamic Economist urges all nations, especially those in the developing world, to resist efforts that erode the U.N.’s impartiality. The world cannot afford a United Nations that serves only the powerful while neglecting its broader mission to uphold peace and security for all. Leaders of the Global South, including those from the Muslim world, must push for genuine reform that preserves the U.N.’s role as a fair arbiter of international law and diplomacy.

The Trump administration’s attempt to remake the U.N. must be critically examined. If the organization is to continue as a force for global peace, its leadership must not capitulate to unilateral interests. The Islamic Economist stands firmly against any efforts to dilute multilateralism, urging all stakeholders to protect the fundamental principles of justice, equity, and peace that the U.N. was founded upon.


Spread the love
Continue Reading

Trending

Copyright © 2024 Focus on Halal Economy | Powered by Africa Islamic Economic Forum