The biennial African International Conference on Islamic Finance, AiCIF, 6th edition is holding in Abuja, Nigeria from November 14 to 16, 2023. In this interview with DAILY COMMERCE Yusuf Issa An-Nuphawi, the chief organiser and Managing Partner of the Metropolitan Law Firm, Barr. Ummahani Ahmad Amin, spoke about the expectations from the conference. Excerpt:
DC: What informed AICIF theme for this year: “Towards a just transition”?
Ummahani: In recent times, there has been heightened conscientiousness to promote sustainable and inclusive practices that create access to decent work opportunities, education and improved social welfare in global relations and trade. This encapsulates the contemporary connotation of the concept of Just Transition, expanding its historical association with only environmental transition, energy and climate change.
For Africa, the Just Transition concept extends beyond climate action because Africa sits at a crossroads between its fossil-fuel-dependent economy and the global need to transition to clean energy. It is also predicted that fossil fuel assets worth $13 trillion could be left stranded by 2050, at which time the continent will be home to an estimated 2 billion people. The risk of these stranded assets in Africa presents major policy issues and has several implications for economic growth that have birthed the need for innovative and disruptive solutions.
We believe that Islamic finance can play a critical role in supporting a Just Transition in Africa particularly in the context of financing renewable energy and other green sectors, as it is based on the principles of social justice, ethical investing and risk-sharing which align with the goals, of the Just Transition concept.
DC: What quality of speakers and participants are you expecting at the conference?
Ummahani: The Conference brings together stakeholders in the economic development of Africa to network, share experiences and create practical solutions towards achieving sustained economic growth and unlocking the prospects for African markets within the ambits of Islamic finance. Some of our notable past keynote speakers include Hon. Zainab Shamsuna Ahmed – former Minister of Finance, Budget and National Planning Nigeria; Oussama Kaissi – CEO of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); Dr Mansur Muhtar – Vice President of the IsDB (Country Programs).
This edition of the Conference presents a robust program with an array of notable speakers, with keynote addresses by Lamido Yuguda – Director General, Securities and Exchange Commission, Nigeria, Samaila Zubairu – President and Chief Executive Officer of the Africa Finance Corporation and HRH Muhammadu Sanusi II – Former Governor of the Central Bank. Participants commonly are Ministers, Legislators and other Policymakers and Government Officials, institutional investors, sector specialists & professionals, business journalists, project sponsors, developers, financial institutions, International Development partners, Technical Advisers, Legal Advisers, Financial Advisers, etc.
DC: How can individuals and corporate entities register and participate in the conference?
Ummahani: You can visit our website at to register to attend the Conference.
DC: What are your expectations from the 6th biennial African International Conference on Islamic Finance, AiCIF?
Ummahani: I am excited about the 6th edition of the AICIF. The theme and the session topics have been curated to engage stakeholders and attendees on the role and future of Islamic finance in promoting social welfare, encouraging ethical investments, and financing and designing a continental roadmap for a Just Transition in Africa.
Over the last decade, AICIF has heralded the manifold benefits of Islamic finance and steered actionable towards the opportunities in this alternative for sustainable development in Africa and the world. The goal remains the same. The 6th AICIF will explore possible strategies to address the social, economic, and environmental challenges barring Africa’s transition from an unsustainable economic system to a sustainable, fair and equitable economic system.
DC: What has AICIF achieved in Nigeria’s Islamic finance industry?
Ummahani: Our platform has led to various reforms and opportunities in the Islamic finance sector. These include the development of regulatory frameworks, the creation of deals, promotion of Islamic finance products and services such as Sukuk, among others. Many corporate organizations have explored the use of Sukuk following engagements at the Conference.
DC: What is the relationship between the Metropolitan Law Firm and Islamic finance institutions, and the government?
Ummahani: The Metropolitan Law Firm and The Metropolitan Skills Limited are dedicated to blazing the trail in charting new economic and banking options for Nigeria by working assiduously in partnership with financial and investment regulatory agencies in Nigeria and other Islamic-certified international institutions to promote the development of Islamic banking and insurance options in Nigeria. These sister companies have been pushing to achieve this purpose through advocacy, stakeholder engagement, and training on Islamic economics, banking and insurance for personnel of the Central Bank of Nigeria, Commercial Banks, the Securities and Exchange Commission and other interested bodies and individuals who want to acquire knowledge of how Islamic banking and insurance.
DC: What are your challenges?
Ummahani: Organizing a conference of this magnitude presents numerous challenges, including securing high-quality speakers, managing diverse schedules, logistical complexities and budget constraints. Additionally, thoughtful planning is required for successful attendee engagement and satisfaction.
