Ummahani Ahmad Amin: Sukuk has changed public perception of Islamic Finance

…Gets regulatory buy-in of the SEC, CBN, and NAICOM

Ahead of the seventh session of the African International Conference on Islamic Finance (AICIF) in Lagos on 4 and 5 November 2025, convener Ms Ummahani Ahmad Amin is unequivocal: “Islamic finance has proven to be one of the fastest-growing sectors of the global financial system, and AICIF offers a unique platform to bring together policymakers, regulators, scholars, investors, and practitioners to shape that future on the continent.”

Barrister Ummahani Ahmad Amin is a prominent promoter and advocate in Nigeria for Islamic Finance and all its aspects. Notably, Sukuk and its derivatives are at the forefront.

The Sukuk Catalyst: Building Infrastructure and Trust

Ummahani Amin recalls, “Advising on Nigeria’s first sovereign Sukuk issuance has been one of the most rewarding parts of my career. Over the years, we have been involved with several other issuances (Taj, Family Homes, etc.). These issuances have demonstrated that infrastructure financing can be ethical, transparent, and participatory. Beyond the roads and bridges they have financed, Sukuk has changed public perception — showing that Islamic finance is not limited to religion but is a credible tool for national development. Each Sukuk has strengthened investor confidence and expanded financial inclusion in ways we could only imagine a decade ago.”

Profoundly driven by the conviction that “finance can be both ethical and inclusive,” Amin elaborates: “From my legal practice, I witnessed first-hand how non-interest finance—rooted in risk-sharing, asset-backing, and ethical investment—aligns seamlessly with sustainable development goals. Islamic finance, to me, is neither a mere alternative nor a parallel system. It is a reimagining of finance as a tool for inclusion, social responsibility and nation-building. This conviction continues to motivate me.”

The forthcoming AICIF conference arrives on the heels of unprecedented regulatory collaboration. Barrister Ummahani Amin explains, “We have seen notable progress from the Securities and Exchange Commission, the Central Bank of Nigeria, the National Insurance Commission and others in creating an enabling environment for non-interest finance. The SEC’s proactive support for Sukuk and other Islamic capital market instruments has been especially encouraging. However, further coordination between agencies is necessary, particularly in harmonising tax and accounting frameworks. There is also scope for additional incentives to promote product innovation and to mainstream Islamic finance education within regulatory bodies.”

Africa’s Islamic Finance Future

Hajia Amin believes in an African financial landscape that is green and Sukuk.

She asserts that “Africa is ripe for growth in non-interest finance. Cross-border Sukuk for infrastructure, agriculture, and renewable energy are particularly promising. We are also seeing opportunities for collaboration in fintech-driven Sharia-compliant products that can scale financial inclusion more quickly than traditional channels.”

She notes approvingly the growth in the non-interest finance market in Nigeria.

“For Nigeria, we have observed tremendous growth — from a single Sharia-compliant bank to about six fully-fledged banks and one or two windows (we now have around five), along with several microfinance banks, fund managers, issuing houses, and many more — and that is just within Nigeria. Other African countries are also making significant progress in this area, so over the next decade, I envisage a more interconnected African Islamic finance ecosystem — one that leverages regional cooperation to fund shared prosperity.’
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There is significant room for growth. “Africa’s infrastructure gap offers a considerable opportunity. Cross-border Sukuk can fund regional projects such as transport corridors, renewable energy, and healthcare systems under frameworks like the African Continental Free Trade Area (AfCFTA)”, she affirms. “We also foresee strong growth in green and social Sukuk, which aligns perfectly with Africa’s sustainable development agenda. The future belongs to collaborative financing models that combine ethics, innovation, and impact.”

Ummahani Ahmad Amin: Leadership and Legacy

Ummahani Ahmad Amin is the Managing Partner of The Metropolitan Law Firm and Chairperson of the African International Conference on Islamic Finance (AICIF) Planning Committee. A leading voice in Islamic finance law, she has advised on several of Nigeria’s sovereign Sukuk issuances and has championed ethical and inclusive finance across Africa. Through Metropolitan Skills, she promotes capacity building for professionals, regulators, and emerging leaders in the non-interest finance ecosystem. Her work reflects a vision of finance as a force for fairness, inclusion, and sustainable development.

Her pioneering work has transformed non-interest finance from concept to policy and from aspiration to institution. Working closely with the Regulators and the finance ecosystem, she has been part of developing frameworks that integrate ethical finance into Nigeria’s broader economic reform agenda.

In 2013, she founded the African International Conference on Islamic Finance (AICIF)—today the continent’s leading platform for promoting thought leadership, innovation, and collaboration in Islamic and ethical finance. Under her visionary leadership, AICIF has become a conduit connecting policymakers, investors, regulators, and scholars towards a shared vision of sustainable development and financial justice for Africa.

Through The Metropolitan Skills, the firm’s training and professional development division, Ms Amin has empowered hundreds of bankers, lawyers, regulators, and entrepreneurs across West Africa, fostering a new generation of professionals equipped with both technical expertise and moral integrity.

Beyond her professional achievements, Ms Amin exemplifies grace, faith, and integrity. A fervent supporter of women in leadership, she mentors young female professionals in law and finance, demonstrating that competence and compassion can flourish together at the highest levels of influence. Her advocacy highlights her belief that women’s inclusion in finance is a moral duty and a driver of sustainable national progress.

Renowned for her eloquence, humility, and intellectual depth, Ms Ummahani Ahmad Amin embodies a new generation of African leaders redefining finance as a force for justice, inclusion, and human dignity. Her legacy is one of courage and conviction—a lifelong commitment to building a financial system rooted in fairness, transparency, and shared prosperity.

She serves on the board of the Almajiri Child Rights Initiative. She is also on the board of NGX and One 17 Capital.

Indeed, she is rightfully recognised as one of the pioneers of Islamic finance in Nigeria, a pathfinder, and a builder of ethical finance for a new Africa.

The promise of Islamic finance for MSMEs particularly excites this Shuwa Arab woman from Borno State.

Hajia Amin states that “Non-interest finance is naturally inclusive. Its prohibition of interest and focus on partnership-based contracts resonate with many who have historically distrusted formal banking. Instruments such as Mudarabah and Musharakah offer models for joint ownership, shared profits, and reduced collateral pressure for women and small-scale entrepreneurs.”

She adds that “By designing community-based micro-Sukuk and digital non-interest products, we can empower market women, artisans, and young innovators to access capital ethically—and with dignity.”