Showing posts with label Islamic economics. Show all posts
Showing posts with label Islamic economics. Show all posts

Tuesday, June 13, 2023

African leaders are increasingly calling for use of African currencies for African trade; President of Kenya calls on all African countries to abandon the US dollar for local trade transactions

    Tuesday, June 13, 2023   No comments

Realizing that much of the economic problems of Africa are due to unfair financial practices at the hands of institutions controlled by colonial powers, African leaders are now willing to look at local solutions to local problems--including using local currencies for local trade.  

President William Ruto stressed that the mechanism that will allow Africans to switch to local currencies will be provided by the African Export-Import Bank (Afreximbank).

Afreximbank is a supranational financial institution that unites most African countries (51 states).

The cost of currency convertibility due to the use of U.S. dollars in trade among African countries is close to 5 billion dollars annually, according to Wamkele Mene, secretary general of the AfCFTA Secretariat. "That is expensive and so we have rolled out the pan Africa payment and settlement system that enables trading in local currencies."


he African Continental Free Trade Area (AfCFTA) is striving for the usage of local currencies in trade among countries in the continent, an official said Thursday.


Cross-border trading among countries in the Economic Community of West African States is already happening through the use of local currencies instead of the use of U.S. dollars, said Wamkele Mene, secretary general of the AfCFTA Secretariat, on the sidelines of a trade forum in the Kenyan capital of Nairobi.


"We now want to expand to other regional blocs including the East African Community which is in talks with the African Export-Import Bank," Mene said.


He said that the cost of currency convertibility due to the use of U.S. dollars in trade among African countries is close to 5 billion dollars annually. "That is expensive and so we have rolled out the pan Africa payment and settlement system that enables trading in local currencies."



Kenya President William Ruto has urged African leaders to sign up for the pan-African payments system to facilitate trade within the continent to reduce reliance on the US dollar.


He urged his peers in Africa to mobilise central and commercial banks to join the Pan-African Payments and Settlement System, which was launched in January 2022, Business Daily newspaper reported.


The system for intra-African trade was developed by African Export-Import Bank (Afreximbank) and African Continental Free Trade Area (AfCFTA), an initiative backed by the African Union and African central banks.


“We are all struggling to make payments for goods and services from one country to another because of differences in currencies,” the president told an AfCFTA forum in Nairobi.


“There has been a mechanism where all our traders can trade in the local currency, and we leave it to the Afreximbank to settle all the payments. We do not have to look for dollars,” he said, seeking settlement of payment through local currencies.

Friday, July 15, 2022

What is the "sharia economy in Indonesia"?

    Friday, July 15, 2022   No comments


Jakarta (ANTARA) - The Ministry of Cooperatives and Small and Medium Enterprises is encouraging the potential for developing the sharia economy in Indonesia by accelerating the digitization of MSMEs (micro, small, and medium enterprises).


"Technologically, we continue to conduct trainings for grassroots (community) on microeconomics, collaborating not only with technology operators but also with direct digital platforms by providing technical guidance," deputy for micro business at the ministry, Eddy Satriya, said at an online sharia economic development event on Thursday.


The government is targeting to help as many as 30 million MSMEs enter digital platforms or marketplaces by 2024, he noted.


Read more; source: https://en.antaranews.com/news/238277/ministry-makes-digital-push-for-islamic-economy-development


Followers


Most popular articles


ISR +


Frequently Used Labels and Topics

77 + China A Week in Review Academic Integrity Adana Agreement afghanistan Africa African Union al-Azhar Algeria Aljazeera All Apartheid apostasy Arab League Arab nationalism Arab Spring Arabs in the West Armenia Arts and Cultures Arts and Entertainment Asia Assassinations Assimilation Azerbaijan Bangladesh Belarus Belt and Road Initiative Brazil BRI BRICS Brotherhood CAF Canada Capitalism Caroline Guenez Caspian Sea cCuba censorship Central Asia Chechnya Children Rights China CIA Civil society Civil War climate colonialism communism con·science Conflict Constitutionalism Contras Corruption Coups Covid19 Crimea Crimes against humanity Dearborn Debt Democracy Despotism Diplomacy discrimination Dissent Dmitry Medvedev Earthquakes Economics Economics and Finance Economy ECOWAS Education and Communication Egypt Elections energy Enlightenment environment equity Erdogan Europe Events Fatima FIFA FIFA World Cup FIFA World Cup Qatar 2020 Flour Massacre Food Football France freedom of speech G20 G7 Garden of Prosperity Gaza GCC GDP Genocide geopolitics Germany Global Security Global South Globalism globalization Greece Grozny Conference Hamas Health Hegemony Hezbollah hijab History and Civilizations Human Rights Huquq ICC Ideas IGOs Immigration Imperialism Imperialismm india Indonesia inequality inflation INSTC Instrumentalized Human Rights Intelligence Inter International Affairs International Law Iran IranDeal Iraq Iraq War ISIL Islam in America Islam in China Islam in Europe Islam in Russia Islam Today Islamic economics Islamic Jihad Islamic law Islamic Societies Islamism Islamophobia ISR MONTHLY ISR Weekly Bulletin ISR Weekly Review Bulletin Japan Jordan Journalism Kenya Khamenei Kilicdaroglu Kurdistan Latin America Law and Society Lebanon Libya Majoritarianism Malaysia Mali mass killings Mauritania Media Media Bias Media Review Middle East migration Military Affairs Morocco Multipolar World Muslim Ban Muslim Women and Leadership Muslims Muslims in Europe Muslims in West Muslims Today NAM Narratives Nationalism NATO Natural Disasters Nelson Mandela NGOs Nicaragua Nicaragua Cuba Niger Nigeria North America North Korea Nuclear Deal Nuclear Technology Nuclear War Nusra October 7 Oman OPEC+ Opinion Polls Organisation of Islamic Cooperation - OIC Oslo Accords Pakistan Palestine Peace Philippines Philosophy poerty Poland police brutality Politics and Government Population Transfer Populism Poverty Prison Systems Propaganda Prophet Muhammad prosperity Protests Proxy Wars Public Health Putin Qatar Quran Racism Raisi Ramadan Regime Change religion and conflict Religion and Culture Religion and Politics religion and society Resistance Rights Rohingya Genocide Russia Salafism Sanctions Saudi Arabia Science and Technology SCO Sectarianism security Senegal Shahed sharia Sharia-compliant financial products Shia Silk Road Singapore Soccer socialism Southwest Asia and North Africa Space War Sports Sports and Politics Sudan sunnism Supremacy SWANA Syria terrorism The Koreas Tourism Trade transportation Tunisia Turkey Turkiye U.S. Foreign Policy UAE uk ukraine UN UNGA United States UNSC Uprisings Urban warfare US Foreign Policy USA Uyghur Venezuela Volga Bulgaria wahhabism War War and Peace War Crimes Wealth and Power Wealth Building West Western Civilization Western Sahara WMDs Women women rights World and Communities Xi Yemen Zionism

Search for old news

Find Articles by year, month hierarchy


AdSpace

_______________________________________________

Copyright © Islamic Societies Review. All rights reserved.