WHO WE ARE
The Africa Islamic Economic Foundation (AFRIEF) is an independent organisation that enhances dialogue, enables exchanges and encourages collaboration across the thematic areas of Islamic economics and finance, education, sustainable development, governance and public health. AFRIEF assumed the legal status of a Non-Governmental Organisation on 9th December, 2013 and its secretariat, located in Tamale in the republic of Ghana is at present hosted by Al Furqan Foundation.
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 in Kano, the Federal Republic of Nigeria 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
The idea to establish an international organization to promote and foster Islamic Economics and Finance in Africa was originated from the 1st West Africa Islamic Investment Forum, 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.After series of consultations with relevant stakeholders and with the active support of the leadership of the Al Furqan Foundation, Ghana and the Ghana Islamic Chamber of Commerce and Industry, 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.
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 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 investment 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 assist leaders of diverse sectors, private and public, develop a deeper understanding of Islamic economics.
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 supporting research and growing new ideas; helping entrepreneurs to gain new skills and providing access to cutting-edge technologies.
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.
To facilitate its work, the Africa Islamic Economic Foundation (AFRIEF) maintains 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).