Twenty bold and innovative startups are vying for ₦5 million in grants at the 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition, held in Abuja over the weekend.
The contest, which serves as a prelude to the 7th AICIF scheduled for November, attracted over 200 applications from across the continent before narrowing the field to 20 finalists—10 focusing on tech-driven solutions and 10 on social impact initiatives.
Convener of AICIF Nigeria and Managing Partner at Metropolitan Law Firm, Hajia Ummahani Ahmad Amin, said the event goes beyond a business contest.
“Today, we celebrate creativity, resilience, and the power of ideas. These young entrepreneurs are not just pitching businesses; they are presenting Africa’s future,” she said.
The startups, ranging from halal-tech platforms to ethical investment models, were evaluated on innovation, scalability, and compliance with Islamic finance principles.
Director at the Securities and Exchange Commission (SEC), Mr. Abdulkadir Abbas, lauded the quality of entries, stressing that the competition reflects “the essence of ethical entrepreneurship.” He noted that the SEC has already developed frameworks for SMEs to access Sharia-compliant funding instruments, including crowdfunding.
Managing Director of Metropolitan Skills Ltd, Ms. Yinlaifa Edolo, emphasised that the grants are designed to give startups room to grow responsibly, free of debt obligations. Similarly, Associate Director at First Trustees, Mr. Abimbola Ajinibi, underscored the critical role of SMEs and advocated for wider adoption of halal finance tools like Waqf and Sukuk to drive sustainable growth.
One finalist described the opportunity as “life-changing,” citing access to funding, mentorship, and credibility as key benefits.
Since its inception in 2018, AICIF has evolved into Africa’s foremost Islamic finance platform, bringing together regulators, policymakers, academics, and entrepreneurs. Its pitch competition, now in its seventh year, continues to highlight ethical, impact-driven innovation while fostering Africa’s next generation of business leaders.
