Versatile Islamic scholar and financial expert, Professor Abdurrazaq Abdulmajeed Alaro, mni, has been named the Nigerian Islamic Finance Person of the Year 2025 by Muslim News Nigeria, the country’s most authoritative Islamic newspaper.
The announcement was made on Friday, November 14, 2025, in a statement issued by the Publisher of Muslim News Nigeria, Alhaji Rasheed Abubakar, who described Prof. Abdurrazaq Alaro as one of Nigeria’s foremost and most versatile Islamic scholars.
He praised the law professor for his outstanding contributions to the growth and development of Islamic finance both within the country and on the global stage.
Currently a Professor of Law at the University of Ilorin, Kwara State, Prof. Alaro has played a pivotal role in shaping the policies and regulatory frameworks of Islamic finance in the country. His extensive work spans across Takaful (Islamic insurance), Sukuk (Islamic bonds), Islamic banking, and pension systems.
Prof. Alaro is a key member of the Central Bank of Nigeria’s Financial Regulation Advisory Council of Experts (FRACE), and also serves on the National Insurance Commission’s (NAICOM) Takaful Advisory Council, where he was recently appointed Chairman.
He provides advisory support to other major financial bodies including the Debt Management Office (DMO), the Securities and Exchange Commission (SEC), and the National Pension Commission (PenCom).
According to Alhaji Abubakar, “Prof. Alaro’s contributions have not only advanced the understanding of Islamic finance in Nigeria, but also laid the foundation for institutionalising ethical, non-interest-based financial systems in the country.”
He noted that Prof. Alaro is an internationally certified arbitrator, Shari’ah consultant, and Barrister and Solicitor of the Supreme Court of Nigeria. His core expertise lies in the Islamic law of financial transactions, spanning banking, insurance, and capital markets.
The respected Muslim scholar has played an instrumental role in developing Islamic finance instruments in Nigeria, notably the Sukuk. Since its introduction in 2017, Sukuk financing has facilitated the development of over 124 road projects covering more than 5,280 kilometers across the six geopolitical zones, highlighting the tangible impact of the frameworks Prof. Alaro and his peers helped design.
“Over the past two decades, Islamic finance has contributed significantly to Nigeria’s economy, especially in financial inclusion, infrastructure development, SME empowerment, and job creation,” said Abubakar, adding, “Prof. Alaro has been central to these advancements through his advisory roles and academic leadership.”
Beyond Nigeria, he has participated in major international Islamic finance forums, such as the International Shariah Scholars Forum, International Islamic Liquidity Management Roundtables, and the SOAS Workshop on Islamic Finance at the University of London.
In April 2021, Prof. Alaro delivered the 196th Inaugural Lecture of the University of Ilorin titled “Islamic Financial Services: The Interplay of Religion, Law and Corporate Social Responsibility,” marking the first-ever lecture on Islamic Banking and Finance Law in West Africa.
An alumnus of the Islamic University of Madinah, Saudi Arabia, where he graduated top of his class in 1993, Prof. Alaro also holds a Ph.D. in Islamic Banking and Finance from Omdurman University, Sudan. His research spans financial engineering, Shari’ah governance, Islamic insurance, and risk management. He has published over 60 scholarly articles and delivered papers at high-level forums across Africa, Asia, and Europe.
As a transformative figure in the growth of non-interest finance, Prof. Alaro’s regulatory input has helped guide instruments like Sukuk, which have been used to fund major infrastructure projects across Nigeria. His leadership continues to shape Islamic financial services in West Africa, making his recognition as Nigeria’s Finance Person of the Year a well-deserved honour.
The honour is part of the fifth edition of the Nigerian Muslim Personalities of the Year (#MNAwards2024/2025), which recognises outstanding Muslim personalities in various sectors who have made significant societal impact. The winners of the global category will be announced next week Friday, in Shaa Allah.
The formal presentation of the award will take place at a yet‑to‑be‑announced date during the newspaper’s 7th anniversary lecture.
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