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In May 2025, during a historic visit to the Middle East, US President Donald Trump commended regional leaders in an unprecedented manner, stating, “The birth of a modern Middle East has been brought by the people of the region themselves, the people that are right here, the people that have lived here all their lives, developing your own sovereign countries, pursuing your own unique visions and charting your own destinies in your own way.”  

Despite this growth, which President Trump called an indigenous success, a persistent challenge remains. 

Gulf states like Saudi Arabia, the UAE, Kuwait, and Qatar heavily rely on external security guarantees. However, these guarantees have not prevented adversaries from attacking, which was their primary strategic goal.

On the contrary, US military presence has resulted in making Gulf countries more vulnerable to Iranian attacks, resulting in asymmetrical warfare where Iran is able to impose disproportionate strategic and economic impact. 

This overdependence raises a pertinent question about long-term reliance, the need for further coordination, and regional sustainability. Moreover, the recent downing of a US fighter jet, F15E, by Iran on Friday, April 3, marks a significant shift in West Asia’s security calculus. This anomaly not only exposes the fragility of US deterrence expanded through the Gulf states but also intensifies the urgency for them to revisit their defence architecture.

Across the Gulf states, core security functions such as air defence, coordination, and intelligence are either directly shared with the US or enabled through US installations. The presence of thousands of US troops in the region, along with the Central Command Forward Headquarters at Al Udeid Air Base in Qatar, and the US Navy’s Fifth Fleet in Bahrain, has enabled the region's deterrence posture, in which Gulf security remains deeply embedded in American guarantees.

Two problems emerge with this forward-deployed US architecture: first, the defence system is overly reliant on US-supplied systems, such as the Patriot PAC-3 and THAAD air defence batteries, which have thwarted multiple range missiles but failed to mitigate the greater economic and strategic impact. 

Secondly, the effectiveness of the existing architecture - which is less dependent on national capabilities and regional integrated networks, but more on American command, control, and surveillance systems - limit the effective eradication of total harm. 

However, the unpredictability of these security dynamics calls for Organization of Islamic Cooperation (OIC) countries to reassess the security landscape. 

Unlike European countries, Gulf countries lack a formal institutional framework that limits the full spectrum of regional integration. In the short term, Gulf states can adopt a distributed defence model that includes joint development and production of defence hardware, such as drones and missile systems, for immediate action. 

Moreover, these states can leverage Turkiye's already established military capabilities for drone production and create a balance by extending their dependence beyond the US towards Pakistani and Chinese defence systems. More critically, there is a need for cooperation in software and systems integration, including shared command-and-control (C4ISR) and early warning systems. 

The existing gap in shared detection and interception calls for a unified operational layer that enables coordinated responses rather than parallel, ineffective national actions. Moreover, growing supply chain disruptions calls for joint stockpiling, which can mitigate the risk of supply constraints and, in turn, reduce long-term dependence on external suppliers.

The Gulf’s current security dilemma is not due to a deficiency in capability but rather a lack of autonomy integration. The ongoing dependence on the United States has provided immediate protection but has also created lasting weaknesses, leaving regional countries exposed to threats they were originally intended to be protected from.

As recent developments illustrate, advanced systems without coordination and deterrence without sustainability cannot provide enduring security.

Recalibrating this model is now essential. Gulf states need to shift from relying on external support to building regional resilience, which involves strengthening local capabilities, forming diverse partnerships, and establishing collective defence strategies within platforms like the OIC. Without this change, the region could remain caught in a cycle in which security is outsourced.

Muhammad Rizwan is a research scholar at Deakin University, Melbourne, and Fatima Saif Khan is a research associate at the Centre for Governance Research, Lahore.

A shipment can be tracked from a factory floor to a warehouse with a few clicks on a phone. The money that pays for it often cannot. 

Cross-border transfers still ricochet through correspondent banks, pick up fees along the way, and arrive days later. This mismatch - 21st-century logistics paired with 20th-century money - is one reason central banks are now pushing an idea that once sounded like science fiction: central bank digital currencies, or CBDCs.

According to the Atlantic Council’s CBDC Tracker, more than 130 countries, representing about 98% of global GDP, are exploring digital versions of sovereign cash. 

The pitch is efficiency: faster payments, fewer intermediaries, lower costs. The subtext is control. As private stablecoins and platform wallets expand, governments want a form of digital money that sits inside their legal and regulatory perimeter. 

Thus, CBDCs are forcing a more basic argument about the nature of money in a digital age. Central bank officials frame the project as monetary sovereignty: a public option for digital payments in a market dominated by private networks and dollar-backed stablecoins. Commercial banks see a threat as well as an upgrade.

If consumers can hold risk-free central bank money directly, commercial banks worry about ‘disintermediation’. Given the choice between a commercial bank deposit (which carries some risk, however minimal) and a risk-free CBDC, a large number of consumers and businesses, especially during times of financial stress, might choose to move their funds to the central bank's digital ledger.

And, as consumer deposits are the primary source of funds for commercial bank lending (or financing), a significant drain in these deposits would force banks to find alternative, potentially more expensive, sources of funding or drastically reduce the amount of credit they can extend to individuals and businesses, impacting economic growth. That is why policymakers have floated holding limits and distribution models that keep banks and regulated payment firms as the front door. 

Progress, for now, is patchy. Only a small number of CBDCs are fully live, as per the Atlantic Council, including the Bahamas’ Sand Dollar, Jamaica’s JAM-DEX and Nigeria’s eNaira. China has gone further than anyone else.

By mid-2024, its e-CNY - the digital yuan - had processed roughly 7 trillion yuan in transactions, giving Beijing the world’s biggest laboratory for state-issued digital money.

More politics, less policy
The race looks different by region, and politics often matters more than code.

In the United States, a 2025 executive order sought to bar a retail CBDC, reflecting a political fear that digital cash could become a surveillance tool. Canada has consulted the public about a “digital loonie” but says it will not proceed without a clear need and enabling legislation. Yet even in a cautious region, central banks are experimenting where the politics are quieter. 

The Federal Reserve Bank of New York’s Project Cedar, in 2022, simulated a wholesale CBDC that could settle a foreign-exchange trade in under 15 seconds, with the two legs completing at the same moment. It was not a consumer wallet, but it was a glimpse of how trade and treasury payments might one day clear with far less friction. 

Europe is moving slowly and deliberately. The European Central Bank has entered a preparation phase for a digital euro, indicating that a pilot could begin in 2027 and that any broad launch would likely come no earlier than 2029. 

For emerging markets, CBDCs are often sold as a leapfrog: a way to reach people who have phones but no bank accounts, reduce the costs of cash, and distribute benefits more efficiently.

Though, this has faced a reality check. Nigeria’s eNaira is an example. The IMF reported fewer than a million eNaira wallets early on, under 1% of active bank accounts and estimated that 98.5% of wallets were unused in any given week. India’s pilot has been broader and more patient. The Reserve Bank of India has expanded trials across banks and merchants, and by March 2025 about 10.2 billion rupees of e-rupee was reported in circulation.

In the Islamic world, CBDCs are being discussed as tools for both competitiveness and compliance. Saudi Arabia and the UAE tested a wholesale CBDC in Project Aber; the UAE aims to launch a retail “digital dirham” by 2026 and has trialled cross-border transfers via mBridge. 

Iran, Pakistan, and Türkiye also had taken steps to explore CBDCs. That matters for the fast-growing halal economy, where certification and traceability are commercial requirements. Programmable payments could, in principle, release funds only once halal certification is confirmed and goods are delivered.

The Rub
Islamic finance adds constraints: a Shariah-aligned CBDC must avoid interest (riba) and speculative structures. Most proposals are non-interest-bearing, resembling digital cash. The harder question is governance: if rules are coded into money, who writes them, and what safeguards protect privacy and due process?

For compliance teams, CBDCs can look like the future arriving early. Identity checks, transaction limits and sanctions screening can be embedded into wallets and payment rails, producing an audit trail that cash cannot provide. That could make money laundering harder, improve tax collection and reduce fraud in trade payments. 

But the same architecture fuels public anxiety. If money becomes deeply traceable, citizens worry that routine spending will be monitored, or that payments could be blocked or frozen in ways cash cannot. Central banks promise guardrails: tiered wallets, privacy-preserving designs for small payments, and legal limits on how data can be used. In an era of polarised politics, those guardrails may matter as much as the technology.

Then there is the engineering problem that sounds boring until it breaks: interoperability. A world where each CBDC is a national silo could make cross-border trade more complex, not less. International bodies are pushing models for safe exchange among digital currencies, but agreements will require diplomacy as much as software, particularly where sanctions, data localisation and differing privacy norms collide. 

Cybersecurity adds another layer: a CBDC platform would be an irresistible target for criminals and hostile states, and a single high-profile breach would be a crisis of confidence, not just a technical failure.

CBDCs are often described as the next chapter in money. They are also a referendum on trust.

If central banks can deliver a form of digital cash that makes trade faster, meets compliance demands and does not feel like surveillance, CBDCs could become the quiet infrastructure of global commerce. 

If they cannot, the space will be filled by private alternatives that are already racing ahead - and the public sector may find it has ceded the future of money by trying to control it too tightly.

Najmul Haque Kawsar is a consultant and project manager at DinarStandard

Following recent political changes, Senegal's new government has promised a systemic "rupture" with the past, charting an ambitious course towards sovereignty and prosperity. But beyond the political headlines, what does this new vision actually look like? And what if one of the most powerful tools for achieving it lies in an often-overlooked economic ecosystem: the global halal economy? 

A deep dive into the government's policy declarations and strategic vision reveals a surprising and profound alignment with the principles of halal-conscious development. This is not just a political shift; it's a pragmatic strategy positioning values-based economics as the core engine of national transformation.

1. The rupture is about more than politics, it's about rewriting the economic playbook

For 64 years since its independence, Senegal's economic model has remained largely unchanged: exporting raw materials with minimal local processing and importing finished goods. The new government has identified this dependency as a core vulnerability that must be decisively broken.

Prime Minister Ousmane Sonko was unequivocal in his policy declaration: "Senegal has remained trapped in the colonial economic model, exporting its raw materials (gold, fish, peanuts, phosphate, zircon…), with little added value and importing finished products."

This declaration signals a fundamental shift towards industrialization and the creation of domestic value chains. This is more than a parallel trend with the halal economy; it is a direct enabler of "Vision 2050."

By building a halal-compliant agribusiness sector, Senegal simultaneously addresses its goal of food sovereignty and taps into a premium global market. Similarly, developing a local halal pharmaceutical industry, another national priority, meets both public health needs and industrial ambitions by establishing an ethical, traceable production ecosystem from raw materials to finished medicines.

2. The grand vision will be fueled by values-based, domestic capital

The new administration, under the leadership of President Bassirou Diomaye Faye, has strengthened the focus on good governance and upholding strong values by establishing a Directorate of Religious Affairs and promoting the integration of Arabic-language graduates.

To finance its ambitious national projects, the government is not relying solely on external debt. A central pillar of its strategy is the mobilization of domestic savings through innovative financial mechanisms aligned with its values.

The general policy statement explicitly stipulates that this will involve the use of Islamic finance instruments to enable Senegalese citizens to invest in their country's future.

"In this regard, conventional or Islamic type Collective Investment Schemes (CIS) will be used, depending on the preferences of Senegalese savers. These CIS may subscribe to (i) so-called patriotic bonds and sukuks issued by the public treasury..."

The strategic implication is profound: Islamic finance is not being cordoned off as a niche product but integrated as a mainstream instrument of fiscal sovereignty. By offering instruments like sukuk (Islamic bonds), the government is creating a direct channel for citizens to fund national infrastructure and strategic industries in a manner that aligns with their values.

3. The demand isn't just top-down, it's roaring from the ground up

The government's strategic focus on Sharia-compliant finance is not being created in a vacuum; it is a direct response to a powerful, pre-existing demand from the Senegalese people. A recent government bond issuance provides the most potent evidence of this.

The bond was massively oversubscribed, demonstrating a clear public appetite to invest in the nation's future. However, this success was accompanied by a significant public outcry: many citizens complained they were unable to participate because the conventional interest-based structure of the bonds was not compliant with their Islamic principles.

This event served as an undeniable, bottom-up signal to policymakers. It revealed a vast, untapped reservoir of domestic capital waiting to be mobilized through halal-compliant channels. More than just a financial data point, it represented a grassroots push for a more inclusive financial system that respects and integrates the values of the majority, transforming citizen savings into a powerful force for national development.

4. Senegal is strategically positioning itself as the gateway to a $3 trillion African opportunity

Senegal's vision is not happening in isolation. It is a calculated strategy to capture a significant share of a massive and underserved global market, positioning the nation as a continental leader.

The Senegal halal strategic framework is poised to put this ambition into context with compelling data:

* The global halal economy is valued at over $3 trillion.
* Africa has a growing Muslim population of over 500 million.
* Senegal, with its stability and Islamic heritage, aims to become the halal hub of West Africa.

By aligning its national development goals with the halal economy, Senegal is not just reforming its internal structures; it is building a bridge to a vast economic opportunity.

The strategy aims to position the country as the indispensable entry point for global halal trade, investment, and innovation on the African continent. This strategic intent was concretely manifested by a pioneering benchmarking mission, led by the Senegalese SME Agency (ADEPME), to Malaysia, featuring local SMEs at the Malaysia International Halal Showcase, recognized globally as the foremost halal industry platform.

5. The vision is holistic and anchored in strong values

The halal economy is far more than just finance. It is a complete ecosystem covering sectors like food, tourism, modest fashion, pharmaceuticals, and technology. This holistic nature is perfectly reflected in the government's repeated emphasis on building a Senegal "ancré dans des valeurs fortes" (anchored in strong values).

This holistic vision transforms the halal economy from a niche market into a comprehensive development platform.

It creates a self-reinforcing ecosystem where progress in halal finance fuels investment in halal tourism, which in turn creates demand for halal food products and modest fashion, diversifying the economy and de-risking the nation's development path.

This approach directly supports key goals in "Vision 2050," such as achieving food sovereignty through agribusiness, creating local jobs through textile and tourism industries, and building strategic capacity in pharmaceuticals.

Conclusion: a new blueprint for development?

Senegal's new economic direction represents far more than a simple change in leadership. It is a meticulously crafted development strategy where the principles of the halal economy serve as a core pillar for achieving national sovereignty, industrialization, and shared prosperity.

By breaking with a post-colonial economic model and embracing a holistic, values-based approach, Senegal is tapping into both the deep-seated preferences of its people and a multi-trillion-dollar global market. As Senegal embarks on this journey, could its unique blend of sovereign ambition and values-based economics provide a new blueprint for development across the African continent?

Mamadou Ndiaye is a Senegalese entrepreneur working in emerging technologies for over two decades. He was named as one of the 40 most influential personalities across the global halal economy in 2022

“God is ever watchful.”

“He knows not only your actions, but your intentions.”

“Nothing is hidden from his sight.”

These were among the first truths many of us absorbed as children, not from textbooks, but from the practiced faith of our elders. Long before formal study, we were reminded of dictums such as no deed is insignificant, no motive escapes notice.

In that remembrance, a moral architecture was built - quiet, steady, enduring: the architecture of accountability.

The modern business crisis: A vacuum of moral weight
In today’s business world, accountability is often reduced to technical compliance or financial oversight. The animating spirit - why we act, to whom we answer, and what our actions mean in a larger moral frame - has been hollowed out.

Many entrepreneurs begin with market logic: What sells? What scales? At best, the intent is to solve a problem. At worst, to only make a profit.

But profit without moral grounding is like motion without direction. A business that forgets its obligations - whether to people, the environment, or a higher purpose - risks devolving into mere manipulation. When this happens, the most vital component of enterprise - trust - begins to corrode. 

A Qur’anic conception of accountability
The Islamic worldview holds that every action, whether visible or concealed, is subject to moral accountability.

The Qur’an reminds us:

“Every soul is held in pledge for what it has earned.” (74:38)

This applies no less to commercial activity than to private worship. In Islamic law, the human being is referred to as a mukallaf - a morally responsible agent. It is not a titular position but a state of being. It demands consciousness in every role we serve, as founders, investors, managers, or workers.

Every contract signed, every supply chain chosen, every pitch delivered - these are not neutral acts. They are moral events, echoing in - and recorded beyond - time.

It was said that ʿUmar ibn al-Khaṭṭāb (r), the second caliph, once remarked:

“If a lost sheep under my rule were to perish on the banks of the Euphrates, I fear I would be questioned about it by Allah.”

These were the words of a man who knew too well the heft of responsibility that he assumed.

Leadership, he understood, does not end at the edge of visibility. Responsibility includes second-order (i.e. downstream) consequences, even the ones no one sees but God.

So we must ask ourselves: What damage or distress, however remote or unintended, are entailed by our operations? If we outsource harm, does it cease to be ours?

Three dimensions of moral accountability

Islamic tradition speaks of accountability in three intertwined dimensions:

1.    To God (ḥuqūq Allāh) - Are our dealings truthful, fair, and in alignment with divine limits?

2.    To Creation (ḥuqūq al-ʿibād) - Are we honoring the rights of those who trust us - kith and kin, employees, customers, suppliers, neighbors, and the environment?

3.    To the Self (nafs) - Are we preserving our own moral and spiritual integrity in the pursuit of our goals?

Without accountability across these dimensions, the soul of commerce disintegrates. What remains is transaction without meaning. A well-worn marketing pitch sums it most aptly: “Look them in the eye, tell them a lie, and watch them buy.”

Such a mindset reduces business to performance. But Islam calls us to something far greater: to sincerity, to stewardship, to truth.

The Mukallaf entrepreneur: Between power and responsibility
A business leader in Islam is not simply a strategist or an executor. He or she is a shepherd, entrusted with a flock - just as the Prophet ﷺ taught:

“Each of you is a shepherd, and each of you is accountable for his flock.” (Bukhārī and Muslim).

This means we must build institutions that remember, not just those that scale:

●    Introduce ethical audits that examine moral impact, not just compliance.
●    Develop decision-making cultures grounded in conscience, not just calculation.
●    Conduct impact assessments that measure spiritual, human, and ecological outcomes - not just profit margins.

Rebuilding the moral infrastructure of enterprise
In earlier Islamic civilizations, business was embedded in a moral ecosystem: families, markets, guilds, and scholars all played a role in maintaining a collective assessment of right and wrong.

Today, these layers have thinned. Many of us operate in ethical solitude, surrounded by noise but starved of guidance.

All the more reason, then, that before we build a product, a brand, or a market, we build a sense of moral orientation. We must ask: “Have we grounded our business in accountability?”

Conclusion: Commerce as a sacred trust
Islam does not oppose commerce. It dignifies it, but when it is tied to truth, trust, and transcendence.

True success is not found in valuations or exits, but in what our work says about who we are and who we serve.

To build with accountability is to build with ihsān - excellence before God and service to creation. Without accountability, rights are vague, duties are heavy, and trust is thin.

With accountability, commerce becomes not just halal, but sacred.

Sajjad Chowdhry is an entrepreneur and C-level executive with over two decades of global experience across venture building, strategy, investment, and strategic finance. A Columbia and Hartford Seminary graduate, he is also a co-founder of DinarStandard