20 Startups Vie For N5m Grants In Islamic Finance Pitch Challenge

The 2025 African International Conference connected Islamic Finance (AICIF) Pitch Competition has highlighted 20 promising startups competing for ₦5 cardinal successful assistance funding, arsenic Africa seeks to foster a caller procreation of ethical, impact-driven enterprises.

The competition, held successful Abuja connected Saturday arsenic a precursor to the 7th AICIF successful November, attracted implicit 200 applicants from crossed Africa earlier narrowing down to 20 finalists — 10 focused connected tech innovations and 10 connected societal impact.

According to Hajia Ummahani Ahmad Amin, the convener of AICIF successful Nigeria and managing spouse of Metropolitan Law Firm, the lawsuit was much than conscionable a contest.

“Today, we observe creativity, resilience, and the powerfulness of ideas. These young entrepreneurs are not conscionable pitching businesses; they are presenting the aboriginal of Africa. The solutions present person the imaginable to make jobs, reshape industries, and thrust societal impact,” she told participants.

The startups, ranging from halal-tech solutions to ethical concern platforms, were assessed by a sheet of judges connected innovation, scalability and alignment with Islamic concern principles.

Mr Abdulkadir Abbas, manager astatine the Securities and Exchange Commission (SEC), who attended the event, described the prime of pitches arsenic impressive.

“The passion, commitment, and innovation displayed are remarkable. It volition beryllium a pugnacious task for the judges to take winners. What we are witnessing present is the precise essence of ethical entrepreneurship,” Abbas said.

The SEC’s engagement successful the contention reflects its increasing enactment for the non-interest concern sector.

Abbas explained that the regulator has frameworks successful spot that alteration tiny businesses to entree funds done crowdfunding and different Sharia-compliant concern products.

Managing manager of Metropolitan Skills Ltd, Ms Yinlaifa Edolo, said the contention aimed to empower young entrepreneurs with ethical tools for gathering sustainable enterprises.

“This assistance is not astir loans oregon debts. It is astir giving startups breathing abstraction to innovate, scale, and physique businesses aligned with fairness and societal responsibility,” she said.

For Mr Abimbola Ajinibi, subordinate manager astatine the First Trustees, the absorption connected SMEs is critical.

“Small businesses are the backbone of Africa’s economy. But they often deficiency entree to affordable capital. By utilizing halal concern instruments similar Waqf, Sukuk, and ethical crowdfunding, we tin assistance them turn without the load of exploitative involvement rates,” he