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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

Many people believe that life insurance is haram because they assume it involves riba (interest), gharar (uncertainty), and maysir (gambling) - all of which are prohibited in Islam.

But before we rush to dismiss the concept entirely, let’s pause and ask a deeper question: Is there a way for Muslims to ensure their loved ones are cared for, even after they’ve passed away?

Dispelling misconceptions 
For many Muslims, life insurance feels like a Western product tainted by practices that clash with Islamic ethics. And to be fair, traditional life insurance - particularly in its commercial form - does raise some valid concerns. The involvement of interest-bearing investments and uncertainty about payouts makes most life insurance haram for Muslims.

But here’s the catch: life insurance, at its core, isn’t about gambling or exploiting people’s misfortunes. It’s about ensuring that, after you’re gone, your dependents are taken care of. The question isn’t whether the concept of life insurance is problematic - it’s how we can structure it so it adheres to Islamic principles.

Financial protection principle as old as Islam

Think life insurance is too modern to even become Shariah-compliant? Think again. Mutual financial protection is not new to Islam.

In fact, in early Muslim communities there were systems in place to help people manage financial burdens after an unexpected death. A key example is the Aqilah system, developed during the time of the Prophet Muhammad (peace be upon him). This system allowed tribe members to collectively contribute and pay diyyah (blood money) in cases of accidental death, thus protecting families from financial ruin.

The Aqilah system is rooted in solidarity and cooperation - values that are also central to the concept of life insurance. Much like the Aqilah system pooled resources for collective protection, life insurance, when structured ethically, aims to ensure financial security for families facing loss.

Islamic mandate to protect families

Islam places a strong emphasis on family protection, both financially and otherwise.

The Prophet Muhammad (peace be upon him) said, “It is better for you to leave your inheritors wealthy than to leave them poor, begging from others” (Sahih al-Bukhari).

This hadith underscores the obligation of Nafaqah, or providing for one’s dependents, even after death.

This goes to show that planning for the well-being of our families isn’t just a modern concern; it’s rooted in Islamic responsibility. Just as we prepare for the afterlife through good deeds, we are encouraged to plan for our families’ futures in this life. And life insurance, when structured to avoid riba and gharar, becomes a viable way to fulfill this obligation.

The heart of the issue often lies in misunderstanding what life insurance is designed to achieve. At its core, life insurance is about ta’awun, or mutual protection, a value that aligns perfectly with Islamic ethics. It’s not about profiting from death, nor is it about taking unnecessary risks. In fact, life insurance is a way of pooling resources to protect dependents, ensuring that they don’t fall into financial hardship in the event of a loved one’s passing. This communal approach mirrors the Aqilah system, where the goal was to share the burden and alleviate the strain on individuals or families in need.

Why Muslims must reconsider life insurance

The controversy surrounding life insurance within the Muslim community is largely tied to its association with Western financial systems. When structured correctly - according to Islamic values - life insurance allows Muslims to uphold their duties to their families even after they’re gone.

While traditional life insurance models do involve elements that are haram, the core idea behind it - providing for your loved ones in case of death - is deeply aligned with Islamic principles. By looking at historical precedents like the Aqilah system, we can reframe life insurance as an extension of mutual support and responsibility.

In a world where sudden loss can leave families financially vulnerable, it’s crucial for Muslims to think about how best to protect their loved ones. A Shariah-compliant approach to life insurance, built on ta’awun and maslahah, ensures we fulfill our obligations while also safeguarding the financial well-being of those we care about most.

Sharene Lee is chief operating officer and Ameerah Langer is brand & communications head at Takadao

Islamic finance is built on a foundation that contrasts sharply with conventional financial systems.

Unlike the global financial system, which is deeply rooted in interest-based principles that often lead to inflationary pressures, Islamic finance is driven by the principles of wealth preservation and equitable growth through investments that share both risk and reward. By rejecting riba (interest), Islamic finance presents an alternative that could address the pressing social justice issues of our time, particularly the widening financial inequality.

At the heart of Islamic finance is a set of prohibitions, derived from Shariah law, that dictate what is impermissible.

These include the prohibition of Riba (interest), Gharar (uncertainty), and Maisir (gambling).These principles not only guide Islamic banking but also extend to Islamic insurance, or Takaful.

Understanding the Prohibitions

1. Riba (interest):
Riba, or interest, is the most well-known prohibition in Islamic finance. It refers to any guaranteed interest on loaned money, regardless of the form it takes - whether monetary or otherwise.

Conventional insurance companies typically invest customer premiums in interest-bearing financial instruments, thus violating the prohibition against riba.

Moreover, the very structure of conventional insurance can be seen as involving riba, while scholars highlight the insurance contract itself as including riba since a small sum of money (premiums) is exchanged for a large sum of money (claims payment). The excess amount of the claim payment over the premium is considered a form of riba. 

2. Gharar (uncertainty):
Gharar refers to excessive uncertainty in commercial contracts, where the outcomes are ambiguous or unclear. 

Conventional insurance often involves a significant degree of gharar because the benefits to the insured are not always well-defined. For example, in auto insurance, the payout depends on various factors, such as the extent of damage and the insurance company’s assessment, leading to uncertainty about what the insured will receive.

3. Maisir (gambling):
Conventional insurance can also be viewed as a form of gambling.

In a typical insurance contract, the insured pays premiums with the hope that they will receive a payout in the event of a claim. If no claim is made, the insurance company keeps the premiums, and the insured receives nothing.

This creates a zero-sum situation where either the insured or the insurer benefits at the other's expense, aligning the contract with the principles of gambling, which is strictly prohibited in Islam.

Why conventional insurance is not Shariah-compliant

Given these prohibitions, it is clear why conventional insurance is considered haram (forbidden) in Islam. The practice of conventional insurance violates the core principles of Islamic finance, leading many Muslims to believe that all forms of insurance are impermissible. However, this is a misconception.

Prophet Muhammad (PBUH) himself endorsed the concept of preparedness against known risks. This approach was further exemplified by the practice of Aqilah, where members of a tribe would contribute to a communal fund to support each other in times of need.

Thus, the prohibition is not against the concept of insurance per se, but rather against the way it is practiced in conventional systems, which incorporate elements of riba, gharar, and maisir.

The emergence of Takaful

In response to the challenges posed by conventional insurance, Islamic scholars have developed Takaful, a cooperative form of insurance that aligns with Shariah principles.

Takaful is rooted in the idea of mutual assistance, where participants contribute to a common pool to support each other in times of need. This model eliminates the issues of riba, gharar, and maisir by ensuring that the interests of all participants are aligned, and any surplus is redistributed among the members.

The potential for Takaful is enormous, not just within the Muslim world but globally, as it offers an ethical alternative to conventional insurance.

With the advent of blockchain technology, cryptocurrencies, and decentralized autonomous organizations (DAOs), there is now an unprecedented opportunity to create a truly transparent and cooperative insurance system based on Takaful principles. For example, blockchain technology presents a vital opportunity to advance Takaful by enhancing transparency and security, aligning perfectly with Shariah principles.

Its decentralized ledger reduces fraud through real-time, verifiable claim management and automation, cutting down on manual processes and administrative costs while improving efficiency (Khir & Said, 2020; Ibrahim et al., 2022).

Sharene Lee is the chief operating officer at Takadao