Islamic finance is steadily gaining recognition worldwide as an ethical and sustainable alternative to conventional financial systems. Built on principles of equity, fairness, and shared prosperity, it offers innovative solutions to financial challenges. Despite its global strides, the Islamic finance sector in Nigeria remains underexplored, especially in Northern Nigeria, where awareness of Shariah-compliant financial solutions is critically low.
In response to this gap, IFING Media Limited, an innovative media company specializing in Islamic finance and the Halal industries, has taken up the mantle to lead a transformative initiative: the Arewa Islamic Finance Summit 2024. Scheduled for November 27th and 28th in Kano, the summit is more than just an event—it is a movement aimed at financial inclusion, economic empowerment, and sustainable development in Northern Nigeria and beyond
The Vision Behind the Summit
Mudathir Adesanya, the Managing Director of IFING Media Limited, spoke passionately about the vision for the summit. According to him, the initiative is rooted in a desire to address the challenges of financial exclusion and the lack of awareness surrounding Islamic finance in the region.
“In the North, where over 80% of the population are Muslims, many people shy away from financial services due to religious beliefs that prohibit interest-based transactions. The result is financial exclusion and a lack of economic opportunities,” Adesanya stated.
“Our goal is to bridge this gap by creating awareness about Islamic finance, which is not only interest-free but also deeply ethical and inclusive. The Arewa Islamic Finance Summit is a platform to educate, inspire, and connect stakeholders to drive economic transformation in the region.”
Islamic Finance in Nigeria: Untapped Potential
Islamic finance, often referred to as non-interest finance in Nigeria, includes banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and ethical investment options. While these products are gaining momentum globally, their adoption in Nigeria remains low due to limited public awareness, regulatory bottlenecks, and a lack of accessible platforms.
However, the potential is enormous. Nigeria is home to Africa’s largest Sukuk market, with NGN755.5 billion (USD1.6 billion) in outstanding issuance. The Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM), and the Securities and Exchange Commission (SEC) have all established frameworks for Islamic finance, paving the way for its growth.
Yet, as Adesanya pointed out, “Many Nigerians, even in the North, are unaware of the existence of these products and the benefits they offer. It’s challenging to embrace what you don’t know.”
Key Objectives of the Summit
The Arewa Islamic Finance Summit aims to:
- Raise Awareness: Educate the public about the principles and benefits of Islamic finance.
- Promote Financial Inclusion: Encourage the adoption of non-interest financial services to integrate more people into the financial system.
- Drive Economic Growth: Unlock opportunities for investment, entrepreneurship, and development through Islamic financial products.
- Foster Collaboration: Bring together industry leaders, policymakers, and community stakeholders to build synergies for growth.
- Address Misconceptions: Counter myths and misinformation about Islamic finance by providing accurate and accessible information.
A Collaborative Effort
The summit has attracted the support of key stakeholders, including financial institutions, regulators, and government bodies. It will feature an impressive lineup of speakers, including Dr. Umaru Kwairanga, Chairman of the Nigerian Exchange Group, and Dr. Bashir Aliyu Umar, a distinguished Islamic finance scholar.
Kano State, a historical hub of commerce in Nigeria, serves as the perfect host for this landmark event. The summit will showcase practical solutions tailored to the region’s unique socio-economic context, ensuring that Islamic finance becomes a tool for inclusive growth.
Adesanya emphasized the inclusive nature of the summit, stating, “We’ve reached out to market leaders, trade associations, and grassroots organizations to ensure the right people are in the room. This is not just a conversation among elites—it’s a dialogue that touches every level of society.”
What Participants Can Expect
The two-day summit will feature:
- Keynote Speeches and Panels: Industry leaders and regulators will discuss the latest developments, challenges, and opportunities in Islamic finance.
- Workshops and Masterclasses: Practical sessions on how businesses and individuals can benefit from Islamic financial products.
- Networking Opportunities: A chance to connect with policymakers, business leaders, and financial experts.
- Exhibition Booths: A showcase of innovative products and services from Islamic banks, Takaful companies, and fund managers.
Unlocking Opportunities for Growth
One of the most compelling aspects of Islamic finance is its alignment with ethical values and its focus on shared prosperity. Unlike conventional systems, Islamic finance prohibits exploitative practices such as charging interest or engaging in speculative investments. Instead, it emphasizes risk-sharing, asset-backed financing, and investments in socially beneficial projects.
For Northern Nigeria, which faces challenges such as poverty, unemployment, and underdevelopment, Islamic finance offers a viable pathway to sustainable growth.
Adesanya remarked, “Islamic finance is not just about avoiding interest; it’s about building a system that uplifts communities, supports entrepreneurs, and drives long-term development. This summit is a call to action for stakeholders to embrace this transformative potential.”
Challenges and the Way Forward
While the prospects are promising, the Islamic finance sector in Nigeria faces several hurdles, including a limited footprint of Islamic financial institutions, low public awareness, and a shortage of skilled professionals.
The Arewa Islamic Finance Summit seeks to address these challenges head-on by fostering dialogue between regulators and industry players, building capacity through training sessions, and creating platforms for public education.
A Vision Beyond the Summit
Adesanya envisions the Arewa Islamic Finance Summit as more than an annual event—it is the beginning of a movement. “This is not a one-off event,” he explained. “We aim to make it a continuous effort, bringing stakeholders together every year to assess progress, address challenges, and chart a path forward.”
The Role of IFING Media
Founded in 2018, IFING Media Limited has established itself as a trailblazer in promoting Islamic finance and Halal industries across Africa. The company leverages its expertise in media, marketing, and event management to bridge the gap between the industry and the public.
Through initiatives like the Arewa Islamic Finance Summit, IFING Media is fulfilling its mission to create awareness, facilitate economic empowerment, and drive sustainable growth inspired by Islamic principles.
A Call to Action
As Nigeria’s Islamic finance sector continues to grow, the Arewa Islamic Finance Summit 2024 offers a unique opportunity to be part of this transformation. Whether you are a policymaker, entrepreneur, or community leader, this summit is a chance to gain insights, forge partnerships, and contribute to the region’s economic development.
“Islamic finance is not just a tool; it’s a philosophy that aligns with our values and aspirations as a community,” Adesanya concluded. “We invite everyone to join us in Kano as we take this historic step toward financial inclusion, ethical growth, and shared prosperity.”
This article paints a vivid picture of the Arewa Islamic Finance Summit, emphasizing its importance and potential impact. It’s designed to inspire, inform, and engage readers, making them feel part of a larger movement toward ethical and inclusive growth.
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