A NEW YEAR SCHOOL

The Africa Islamic Economic Forum (AFRIEF) is pleased to announce the launch of the Inaugural AFRIEF New Year School, an innovative educational platform designed to explore the complexities of the global economy in a time of unprecedented transformation. The school will begin in January 2025, marking a new chapter in economic thought leadership.

As the world witnesses a shifting economic landscape, with power moving from the West to the East and North to the South, AFRIEF aims to provide a space for scholars, practitioners, policymakers, and entrepreneurs to gain in-depth knowledge and practical tools for navigating these changes. The program is specifically designed to explore the evolving role of Islamic economics and finance, offering participants a comprehensive understanding of this alternative economic system and its potential to shape a more inclusive and sustainable global economy.

“We live in a time where global economic dynamics are rapidly changing. The AFRIEF New Year School offers a timely opportunity to reflect on these shifts, and to engage with experts and thought leaders on the best ways to address the challenges and opportunities presented by these transformations,” said [Your Name], President of AFRIEF.

Program Overview:

The AFRIEF New Year School will offer a diverse curriculum, including:

• Islamic Economics as an Alternative Economic System
• The Role of Islamic Finance in Global Economic Development
• Sustainable Development and Social Equity
• Islamic Entrepreneurship and Innovation
• Global Economic Shifts and their Impact on Africa

Participants will engage with a range of experts from across the globe, discussing the latest trends and innovations in Islamic economics and finance, and how they can be leveraged to tackle global challenges such as poverty, inequality, and environmental sustainability.

Aims of the Program:

The program’s objectives include:

• Empowering participants with insights into the past, present, and future of global economics.
• Providing actionable tools for navigating the changing economic landscape.
• Promoting innovative thinking and solutions within the framework of Islamic economic principles.
• Building a global network of thought leaders, scholars, and practitioners focused on sustainable economic development.

About AFRIEF:

The Africa Islamic Economic Forum (AFRIEF) is a platform dedicated to promoting Islamic economics, finance, and development across the African continent and beyond. Through its educational programs, research, and advocacy, AFRIEF seeks to foster inclusive growth, promote financial literacy, and contribute to shaping a more just and sustainable global economy.

The AFRIEF New Year School will provide a unique opportunity for participants to learn, network, and collaborate with like-minded individuals committed to advancing Islamic economic thought and practice.

Registration:

Registration for the AFRIEF New Year School is now open. Interested participants can visit the official website for more information on course offerings, speakers, and registration details.

For press inquiries or further information, please contact:info@afrief.org

The global halal economy is evolving rapidly, driven by a combination of demographic, cultural, and economic factors. Valued at $7.2 trillion in 2020, the halal market is projected to surpass $10 trillion by 2025. This remarkable growth stems from the increasing Muslim population, rising global demand for halal-certified products, and a growing appreciation for ethical and hygienic standards among non-Muslims. At the heart of this revolution is the World Halal Summit, an annual event hosted in Istanbul, Türkiye. With its focus on bringing together stakeholders from across the halal industry, the summit plays a pivotal role in shaping the future of this booming market.

The World Halal Summit 2024

The 10th edition of the World Halal Summit and its concurrent event, the Halal Expo, marked a decade of transformative impact on the halal economy. This year’s summit attracted over 40,000 participants from 110 countries, including government officials, business leaders, and entrepreneurs.

Highlights included:

• Over 500 exhibitors showcasing a wide range of halal-certified products.
• The introduction of new zones such as the Natural Organic Vegan Zone and the Africa Special Area, highlighting the diversity and adaptability of the halal market.
• Nearly 1,000 business-to-business (B2B) meetings, fostering collaborations and trade agreements across regions.

This year’s summit underscored the role of global halal economy as a bridge between cultural traditions and modern consumer needs.

The Global Halal Economy

The halal economy encompasses a wide array of sectors, each contributing to its rapid growth. Below is a closer look at some of the key industries within this economy:

• Halal Food

Halal food remains the cornerstone of the halal economy, accounting for a significant portion of its market value. According to recent reports, the global halal food market reached $2.5 trillion in 2023 and is expected to exceed $5.8 trillion by 2032, with a CAGR of 10%.

Key trends include:

• Plant-Based Halal Products: The rise of veganism and plant-based diets has led to the development of halal-certified vegan products.
• Convenience Foods: Ready-to-eat meals and snacks tailored for Muslim consumers are gaining popularity, particularly among urban populations.

• Halal Pharmaceuticals and Healthcare

The halal pharmaceutical sector is experiencing significant growth, with countries like Malaysia, Indonesia, and Saudi Arabia leading innovation. Products such as halal vaccines, medications, and supplements are gaining traction due to their ethical and hygienic standards.

• Modest Fashion

Valued at $313 billion in 2023, the modest fashion industry continues to grow, driven by demand from both Muslim and non-Muslim consumers. Designers are increasingly incorporating cultural elements into their collections, making modest fashion more mainstream.

• Halal Tourism

Halal tourism is a rapidly expanding sector, with destinations like Türkiye, Malaysia, and the UAE tailoring their offerings to cater to Muslim travelers. Key features include halal-certified dining options, prayer facilities, and family-friendly environments.

• Halal CosmeticsHalal-certified cosmetics are free from alcohol, animal-derived ingredients, and harmful chemicals. This sector appeals to health-conscious consumers globally, contributing to its rapid growth.

Türkiye’s Role as a Global Halal Hub

Türkiye has emerged as a strategic hub for the halal economy, leveraging its unique geographic location and robust infrastructure. The country’s commitment to halal certification and accreditation has bolstered its reputation as a trusted supplier of halal goods and services.

1. Private Label Sector: Türkiye leads in private-label production, with nearly 30% of its producers offering services in this field. The private-label zone at the summit showcased Türkiye’s capacity to meet international demand.
2. Expansion Plans: Türkiye plans to host standalone events for specialized halal sectors, further enhancing its role as a global leader.

Türkiye’s halal exports have seen consistent growth, particularly in food and beverages, textiles, and cosmetics. By investing in innovation and promoting international collaborations, Türkiye aims to capture a larger share of the $7 trillion halal market.

Non-Muslim Interest in Halal Products

While halal products are traditionally associated with Muslim consumers, they are increasingly attracting non-Muslims due to their ethical and hygienic standards. This trend is particularly evident in sectors like food, cosmetics, and pharmaceuticals.

Vegan Products

The introduction of the Natural Organic Vegan Zone at the World Halal Summit highlights the growing demand for halal-certified vegan and organic products. These offerings appeal to health-conscious consumers seeking reliable and ethically sourced goods.

In markets like Europe and North America, halal-certified products are seen as synonymous with quality and reliability. This perception is driving their adoption beyond the Muslim community.

Investment in the Halal Economy

The halal economy is attracting significant investment, with Islamic economy-relevant companies receiving $25.9 billion in 2022/23, a 128% year-on-year increase. This influx of capital is driving innovation and expansion across various sectors.

• Malaysia: A leader in halal certification, Malaysia continues to attract international investors through its comprehensive halal ecosystem.
• Middle East: Countries like Saudi Arabia and the UAE are investing heavily in halal startups and SMEs, fostering growth and innovation.

Africa and Central Asia are emerging as key markets for halal products, driven by rising demand and government support for halal certification initiatives.

The halal economy faces challenges, particularly in standardizing certification processes across regions. The lack of a unified global standard often creates inefficiencies, hindering trade and consumer confidence.

Organizations like SMIIC are working to harmonize halal certification standards, facilitating smoother trade and enhancing consumer trust.

Blockchain technology is being explored to improve transparency and traceability in halal supply chains. This innovation could revolutionize the industry, ensuring compliance and boosting consumer confidence.

Future Trends

The halal economy is poised for continued growth, driven by several key trends:

1. Youth-Driven Demand

With 60% of the Muslim population under 30, the halal economy is increasingly shaped by younger, tech-savvy consumers. Social media and e-commerce platforms are becoming essential channels for reaching this demographic.

2. Digitalization

The rise of digital platforms is transforming the halal economy, enabling businesses to connect with consumers more effectively. Online marketplaces for halal products are growing rapidly, offering convenience and variety.

3. Sustainability

As sustainability becomes a global priority, halal producers are adopting eco-friendly practices to align with consumer values. This shift is expected to further enhance the appeal of halal products among diverse audiences.

4. Global Integration

Efforts to integrate halal certification into international trade agreements are creating new opportunities for businesses. This integration is expected to drive growth and innovation in the halal economy.

Türkiye’s Vision

Türkiye’s leadership in hosting the World Halal Summit reflects its commitment to fostering a thriving halal economy. By investing in infrastructure, promoting innovation, and facilitating international partnerships, Türkiye is positioning itself as a global hub for halal trade.

• Certification Programs: Türkiye aims to enhance its halal certification framework, making it more accessible and reliable.
• International Collaborations: By partnering with other countries, Türkiye seeks to drive growth and innovation in the halal economy

The global halal economy is not just a market; it is a movement that embodies ethical values, quality standards, and cultural inclusivity. The World Halal Summit 2024 showcased the immense potential of this economy, emphasizing its role as a driver of inclusive growth and international trade.

With projections of reaching $10 trillion by 2025, the halal economy presents endless opportunities for businesses, investors, and governments. By addressing challenges and embracing innovation, the halal market is set to achieve unprecedented milestones, catering to the diverse needs of consumers worldwide.

By our Staff reporter

On November 2nd, the Africa Islamic Economic Forum (AFRIEF) successfully held its highly anticipated event, “Muslim Women in History,” celebrating the legacies and contributions of influential Muslim women throughout history. This gathering served as a powerful platform for honoring these historic figures while fostering inspiration and empowerment for contemporary Muslim women. Attended by prominent scholars, historians, and leaders from various sectors, the event showcased speeches that collectively underscored the critical role Muslim women have played in shaping societies, advancing knowledge, and contributing to social and economic progress.

The event opened with a keynote address reflecting on Khadijah bint Khuwaylid, whose legacy as a successful businesswoman and supportive figure in early Islam demonstrates the foundational role of women in economic development and community resilience. Speakers emphasized Khadijah’s entrepreneurial spirit, framing her as an early example of the impactful roles women can hold in commerce and society. Her life and achievements serve as a model for today’s Muslim women, encouraging their active participation in business, leadership, and community support.

Fatima al-Fihri was another focal point of the event. A speaker highlighted her enduring influence as the founder of Al-Qarawiyyin in Morocco, the oldest existing educational institution in the world. Fatima’s dedication to learning and her vision in establishing a university that continues to operate today symbolizes the significant impact of women’s contributions to education and knowledge-building. Her story is a testament to the power of individual dedication to creating lasting societal change and an inspiration to support and empower women’s education.

Nana Asma’u, the celebrated scholar and educator from the Sokoto Caliphate, was also honored. In a moving presentation, her role as an advocate for women’s education in northern Nigeria was showcased as an example of intellectual leadership, community organization, and social empowerment. Asma’u’s story emphasizes the value of education for women and the crucial role of women leaders in creating educational systems that benefit society as a whole. Her legacy calls for continued efforts to make education accessible to women and girls in all communities.

The significance of the “Muslim Women in History” event lies not only in remembering these pioneering women but also in connecting their contributions to contemporary issues facing Muslim women. The speeches drew clear parallels between historical achievements and modern aspirations, stressing the need to support women in all spheres of life, from education and business to governance and social welfare. Speakers emphasized that these historic legacies challenge restrictive narratives and offer a more inclusive and empowering vision for the role of women in society today.

The event concluded with a call to AFRIEF to make “Muslim Women in History” a recurring series, ideally hosted each quarter. The momentum generated by this event underscores a growing interest in the topic and the need for an ongoing conversation that inspires, educates, and celebrates Muslim women’s contributions. Such continuity would enable AFRIEF to explore more historic figures, dive deeper into cultural impacts, and support initiatives that uplift contemporary Muslim women.

By establishing a quarterly schedule, AFRIEF would further cement the impact of this series, fostering an enduring platform for change and inspiration. Through this commitment, AFRIEF can ensure that the legacies of these influential women continue to resonate, encouraging ongoing dialogue and reinforcing the message that Muslim women have been, and continue to be, essential pillars in the foundation of prosperous, equitable, and resilient societies.