By IEA CORRESPONDENT

Fostering Innovation and Growth in Takaful and re-Takaful

6^th Global Takaful & Re-Takaful Forum will convene in Dubai, UAE on September 09, 2024 to explore and discuss innovative risk management and financial inclusion strategies that can create clear pathways to financial and economic solutions. With the support of the National Insurance Authority of Somaliland, Somaliland Banking Association, Islamic Finance Research Institute – Ghana, and Al-Barakah Multi-purpose Cooperative Society Limited, the forum featured a diverse range of topics, including Developing effective regulations and supervision for the Takaful and Re-Takaful industries, Ensuring adherence to Islamic principles in Takaful and Re-Takaful operations, Exploring new investment avenues and innovative financial products, Analyzing the latest trends and challenges facing the global Takaful and Re-Takaful market.

The upcoming international event will unite representatives and distinguished speakers from over 15 countries to concentrate on creating regulations for Takaful and re-Takaful. The aim is to facilitate seamless operations and expansion in order to keep abreast of the latest trends, challenges, and opportunities within the global Takaful industry including Banca-Takaful, Micro-Takaful, and re-Takaful. Takaful provides a practical solution for the requirements of the financial industry including banking and insurance sectors. The forum will explore a range of topics including the forefront of Takaful and re-Takaful, industry regulation and supervision, Shariah governance, and investment prospects.

The summit aims to acknowledge the significant advancements in global Islamic Financial Infrastructure, as well as the regulations and supervision of the Takaful and re-Takaful industry. It also focuses on establishing linkages between the global Islamic finance industry and the international financial market. The event will provide a platform for sharing best practices in the international Takaful and re-Takaful market, and assessing innovations in Islamic financial markets, particularly through the growth of newly developed research-based products. The summit is open to the public with a nominal entrance fee. We highly encourage organizations, Takaful operators, re-Takaful companies, and banks to participate to fully benefit from this international event in Dubai, UAE.

Mr. Muhammad Zubair Mughal, the CEO of AlHuda CIBE - UAE, emphasized the rapid global growth of Islamic finance. He noted that Islamic finance is not only gaining traction in Muslim-majority nations but also being embraced by non-Muslim countries. AlHuda Centre of Islamic Banking and Economics (CIBE) is dedicated to providing specialized Training, Advisory, and Research services globally, particularly in Africa, since 2006. Mr. Mughal mentioned that AlHuda CIBE has established its presence in various countries, such as Uzbekistan, Republic of Kyrgyzstan, Tanzania, Somaliland, Uganda, South Africa, Albania, and Nigeria, and plans to expand its reach to new countries worldwide within the next six months.

Following the successful conclusion of the 6^th Global Takaful & Re-Takaful Forum, we are pleased to announce a dedicated post-event workshop dated September 10-11, 2024 focused on the “Operational aspects Takaful, Re-Takaful, Banca-Takaful, and Micro-Takaful”, providing valuable insights for industry professionals.

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing Services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 Countries for the development of Islamic Banking and Finance industry. For further Details about AlHuda CIBE, please visit: www.alhudacibe.com

At the 2024 Forum on China-Africa Cooperation (FOCAC) summit in Beijing from September 4 to 6, the world will witness a renewed commitment between China and African nations—a partnership that has evolved and significantly shaped the continent’s future.

This summit is not just a routine diplomatic event but a pivotal moment that will influence Africa’s global engagement.

China’s approach to Africa stands out globally. Unlike Western powers that often impose political conditions and interfere in domestic affairs, China follows a “five-no” policy: no interference in domestic affairs, no imposition of will, no political conditions, and no pursuit of selfish gains. This resonates with African nations eager to develop independently and has fostered a bond of trust grounded in shared historical experiences and mutual respect.

For 15 years, China has been Africa’s largest trading partner, with bilateral trade hitting a record $282.1 billion in 2023. Chinese enterprises have contributed to Africa’s industrial growth through the development of industrial parks, technology transfers, and talent cultivation in sectors ranging from agriculture to the digital economy.

China’s investment in Africa’s energy sector, especially in renewable energy, is transforming the continent’s energy landscape. Projects harnessing solar, wind, and hydropower resources are addressing Africa’s significant energy deficit, opening new avenues for economic growth and industrialization.

FOCAC 2024 will likely focus on green energy and sustainable industrialization, aiming to create a development blueprint that aligns with Africa’s long-term goals. This collaboration reflects a commitment to tackling the global climate crisis while ensuring economic stability and growth in Africa.

Kenya’s President William Ruto will attend the summit, underscoring Kenya’s significant benefits from China-Africa relations. Kenya is a beneficiary of China’s support on major infrastructure projects, including the Standard Gauge Railway, the Nairobi Expressway the Mombasa Superhighway among others. The Kenyan government has also announced additional funding for future projects, highlighting the win-win nature of its diplomatic relations with China.

As the summit approaches, the success of FOCAC—and the broader China-Africa relationship—depends on Africa’s ability to define its agenda. African leaders must proactively articulate their priorities in areas like green energy and industrialization. Effective negotiation is crucial to ensure that FOCAC outcomes align with Africa’s development goals rather than merely reflecting external interests.

FOCAC 2024 represents a crucial opportunity for Africa to assert its influence and shape the partnership’s direction. By doing so, Africa can secure long-term benefits that align with its development aspirations. The ability of African nations to advocate effectively will be key to achieving tangible benefits for their people.

Critics may view China’s engagement with Africa as driven by resource extraction, but the relationship is more complex. Africa’s significant UN votes, its youthful demographic, and China’s strategy to build alliances with developing nations underscore the multifaceted nature of this partnership. China’s interest extends beyond resources to include strategic considerations and support for a more inclusive global governance structure.

As China faces increased pressure from the US and its allies, its relationship with Africa becomes even more significant. FOCAC 2024 is a defining moment that will shape this partnership’s trajectory. It offers an opportunity for both sides to strengthen their strategic, economic, and diplomatic ties in a rapidly evolving global landscape. The summit’s outcomes will influence not only China-Africa relations but also the global balance of power and the role of the Global South in shaping international norms.

FOCAC 2024 is a strategic platform that will impact Africa’s global economic role. The decisions made will shape the future of Africa-China relations and set the stage for a new era of cooperation and development.

This summit is an opportunity for Africa to leverage its partnership with China to advance its development goals and enhance its global influence. As the world turns its attention to Beijing, the outcomes of FOCAC 2024 will be closely watched for their implications on international cooperation in an increasingly multipolar world.

Elijah Mwangi is a scholar based in Nairobi; he comments on local and global matters. Capital News

Kenya and the United States have convened a five-day forum in  Nairobi to explore ways of bolstering nuclear security. Kenya Nuclear Regulatory Authority (KNRA) and the US National Nuclear Security Administration’s Office of International Nuclear Security target stakeholders in government and the security sector. 

The talks in Gigiri, coming just days after Kenya hosted the 2024 US-Africa Nuclear Energy Summit, are meant to boost the country’s institutional and regulatory capacity to harness nuclear.

The International Atomic Energy Agency (IAEA) lays emphasis on safety to prevent accidents, and further offers strict rules on security to prevent acts that might harm nuclear facilities or result in the theft of nuclear material. 

KNRA officials, Nuclear Power Energy Agency (NuPEA) and other national stakeholders involved in nuclear security implementation, such as law enforcement and intelligence officials, are expected to attend the forum.

They will take stock and further lay the ground for the country’s nuclear power programme. Kenya has set 2035 as the year it will have its first nuclear power plant up and running. According to NuPEA, feasibility studies are ongoing on potential sites.

“The forum is designed to strengthen the existing regulatory body to regulate nuclear power. It will allow for an overview of international guidance, good practices and lessons learned, competence, regulatory independence and obtaining technical support,” reads the draft agenda released by the organizers on Friday. 

KNRA Director of Nuclear Security, Isaac Mundia, stressed the need for a hands-on approach by stakeholders. “The meeting will, among other critical things, discuss nuclear security culture considerations for Kenya’s nuclear power programme. There’s no better timing for this,” he said. 

The talks will address strengthening the implementation of the Amendment to the Convention on Physical Protection of Nuclear Material in Kenya through the necessary legal, regulatory and institutional infrastructure for nuclear security. 

Also in the agenda is gender parity considerations in nuclear security in the context of nuclear power development that Kenya is seeking, including professional development opportunities, mentorship, and other related topics.

At the just-concluded nuclear energy summit in Nairobi, it emerged that despite decades of efforts by government and private sector, Kenya, like many other countries, continues to face worrying gender disparities in technical fields, including nuclear.

Only 21.4 per cent of professionals in STEM fields are women, with an even smaller percentage in nuclear and engineering sectors. The underrepresentation has been elusive to address, with UNESCO raising the red flag that women make up just 35 per cent of STEM graduates. By Kennedy Mureithi, The Standard