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 on Saturday 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.
“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,” she said.
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.
Mr Abdulkadir Abbas, Director at the Securities and Exchange Commission (SEC), 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.
For Ms Yinlaifa Edolo, Managing Director of Metropolitan Skills Ltd, the competition provides breathing space for startups to scale responsibly.
“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,” she explained.
Mr Abimbola Ajinibi, Associate Director at First Trustees, 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.
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