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Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge
Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge
By: Michael Mike
The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition has highlighted 20 innovative startups competing for ₦5 million in grants, as Africa accelerates its efforts to nurture ethical, impact-driven enterprises.
Held in Abuja at the weekend as a precursor to the 7th AICIF scheduled for November, the competition drew over 200 applications from across the continent before narrowing down to 20 finalists—10 focused on tech innovations and 10 on social impact.
Speaking at the event, Hajia Ummahani Ahmad Amin, Convener of AICIF Nigeria and Managing Partner at Metropolitan Law Firm, described the initiative as more than just a contest.
She said: “Today, we celebrate creativity, resilience, and the power of ideas. These young entrepreneurs are not just pitching businesses; they are presenting Africa’s future. Their solutions can create jobs, reshape industries, and drive social impact.”
The startups—ranging from halal-tech platforms to ethical investment solutions—were assessed by a panel of judges on innovation, scalability, and alignment with Islamic finance principles.
Director at the Securities and Exchange Commission (SEC), Mr Abdulkadir Abbas, praised the quality of entries, noting:
“The passion, commitment, and innovation displayed are remarkable. It will be a tough task for the judges to choose winners. What we are witnessing here is the essence of ethical entrepreneurship.”
Abbas added that the SEC has already created frameworks for small businesses to access funding through crowdfunding and other Sharia-compliant instruments, underscoring the regulator’s commitment to the non-interest finance sector.
Managing Director of Metropolitan Skills Ltd, Ms Yinlaifa Edolo, on her part, said the competition provides breathing space for startups to scale responsibly.
She explained that: “This grant is not about loans or debts. It is about giving entrepreneurs room to innovate, grow, and build businesses grounded in fairness and social responsibility.”
Associate Director at First Trustees, Mr Abimbola Ajinibi, emphasised the importance of focusing on SMEs:
“Small businesses are Africa’s economic backbone, but often lack access to affordable capital. By leveraging halal finance instruments like Waqf, Sukuk, and ethical crowdfunding, we can help them expand without exploitative interest rates.”
One finalist, reflecting on the opportunity, called the experience “life-changing”:
“Access to funding is the biggest barrier for startups like ours. This competition doesn’t just provide money—it gives us visibility, mentorship, and credibility.”
Since its inception in 2018, AICIF has grown into Africa’s leading Islamic finance platform, uniting policymakers, regulators, academics, and entrepreneurs. The pitch competition, now in its 7th edition, reinforces its mission of mainstreaming ethical finance while fueling innovation that serves communities.
As judges deliberate and finalists await the announcement of winners, the atmosphere is charged with hope that some of Africa’s boldest innovators will soon transform their ideas into enterprises capable of reshaping the continent’s economic and social future.
Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge
News
Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation
Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation
By: Zagazola Makama
The Government of Mali has lodged a formal diplomatic protest with the Kingdom of Saudi Arabia over recent media reports concerning the security situation in northern Mali, particularly around the Kidal region.
The protest follows broadcasts by Saudi-based media outlets Al Arabiya and Al Hadath, which Bamako described as misleading and damaging to the image of the Malian Armed Forces (FAMa).
In a statement issued by the Ministry of Foreign Affairs on May 17, 2026, the Malian authorities accused journalist Ibrahim Moustapha, correspondent for the two networks, of entering the country “illegally” and operating in “flagrant violation of Mali’s sovereignty.”
The government further alleged that the journalist may have had links with armed groups operating in the region, an accusation the authorities extended to the content of the reports aired by the networks, which Bamako described as “false, unfounded and aimed at undermining national institutions.”
The reports in question reportedly focused on security developments in northern Mali, including the Kidal axis, an area where state authority has faced persistent challenges from armed groups.
The diplomatic note also warned that such reporting could strain relations between Mali and Saudi Arabia, a country Bamako described as a “long-standing friend and partner.”
The development comes amid ongoing debate over press freedom and media access in Mali, where international organisations have repeatedly raised concerns about restrictions on journalists and shrinking civic space under the transitional authorities.
Observers note that Mali has in recent years tightened oversight of media operations through regulatory bodies, including suspensions of outlets and prosecutions linked to alleged dissemination of false information.
Bamako’s action has renewed discussion on the role of journalists in conflict zones, with media rights advocates maintaining that independent reporting remains a core element of international humanitarian law, provided journalists do not take part in hostilities.
Tensions reportedly escalated further after Al Arabiya broadcast footage showing Malian soldiers allegedly held captive in the north, a development the government also condemned as an infringement on national sovereignty.
While the Malian authorities maintain that media coverage must respect territorial integrity and security sensitivities, press freedom advocates argue that conflict reporting does not necessarily require prior authorisation from parties to a conflict.
The situation has raised concerns over possible diplomatic friction between Bamako and Riyadh, although no official response has yet been issued by the Saudi authorities or the media organisations involved.
Any prolonged disagreement could carry broader diplomatic and economic implications for Mali, which continues to navigate complex security and international relations challenges in the Sahel region.
Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation
News
Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties
Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties
By: Zagazola Makama
The Chief Imam of Ogbomoso has called on the Federal Government to adopt stricter measures against kidnappers and armed criminals involved in attacks on schools and abduction of children, urging that offenders be made to face the full weight of the law.
The religious leader made the call while reacting to recent cases of school attacks, killings of teachers, and abduction of pupils in parts of the country, describing such acts as grave crimes against humanity and unacceptable under any moral or legal standard.
He stressed that individuals who engage in kidnapping, killing of innocent civilians and terrorising communities should not be granted leniency, amnesty or reintegration, but should instead be prosecuted and subjected to the maximum penalties prescribed under Nigerian law.
The Chief Imam said religious teachings emphasise justice, protection of innocent lives and accountability for those who commit serious crimes, adding that insecurity affecting schools and rural communities must be confronted decisively by the state.
He called on security agencies and judicial authorities to ensure that arrested suspects are properly prosecuted in accordance with due process, while urging government to strengthen protective measures around vulnerable communities, especially schools and rural settlements.
According to him, sustained attacks on teachers, children and civilians undermine national stability and require a firm and coordinated response from both security and justice institutions.
The Imam further urged policymakers to prioritise the safety of citizens over considerations that may weaken deterrence, insisting that justice must be seen to be served in order to restore public confidence in the security system.
He, however, maintained that all actions must remain within the framework of the law, stressing that the rule of law remains central to any sustainable response to insecurity.
Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties
News
Security Agencies Conduct Show of Force, Secure Jumat Prayers in Jos-Bukuru
Security Agencies Conduct Show of Force, Secure Jumat Prayers in Jos-Bukuru
By: Zagazola Makama
Security agencies in Plateau State have conducted a coordinated show of force and provided security coverage for Jumat prayers across major locations within the Jos-Bukuru metropolis.
Security sources disclosed that the operation, carried out at about 1:00 p.m. on May 22, involved troops of Operation Enduring Peace personnel of the Nigerian Air Force 551 Station, the Nigeria Security and Civil Defence Corps (NSCDC), and other sister security agencies.
According to the sources, the joint operation covered key flashpoints within the Jos-Bukuru operational area as part of proactive measures to ensure a hitch-free religious observance.
The exercise also included the provision of adequate security for Jumat prayers at various mosques across different sects and sub-sects within the area.
The sources added that the coordinated deployment was aimed at deterring criminal elements and denying them freedom of action within the metropolis.
Security authorities confirmed that the Jumat prayers were conducted peacefully without any security incident recorded across the covered locations.
Security Agencies Conduct Show of Force, Secure Jumat Prayers in Jos-Bukuru
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