Nigeria leads sub-Saharan Africa in Islamic finance education
Nigeria has emerged as the frontrunner for Islamic finance education in sub-Saharan Africa, boasting 10 institutions out of a regional total of 57 across 17 countries, according to the ICD–LSEG Islamic Finance Development Report 2026.
The report, titled Growth amid Headwinds, highlights Nigeria’s pivotal contribution to the region’s academic landscape.
Between 2023 and 2025, Nigerian institutions produced 32 of the 71 Islamic finance-related research papers originating from sub-Saharan Africa, underscoring the country’s growing leadership in specialised research and professional capacity building.
Despite this localised progress, the report warns that sub-Saharan Africa continues to face a broad shortage of qualified Islamic finance professionals.
This talent gap persists even as Sharia-compliant institutions, particularly conventional banks operating dedicated Islamic banking windows expand their footprint across the region.
Globally, the Islamic finance knowledge ecosystem expanded to 1,163 educational providers across 66 countries in 2025, supported by 5,633 research papers and 372 specialised journals.
However, resources remain heavily concentrated: Southeast Asia commands 52 per cent of global education providers and 87 per cent of total research output, followed by South Asia (15 per cent) and the Gulf Cooperation Council (12 per cent).
Industry experts note that addressing this imbalance is critical as the global sector scales up.
Global Islamic finance assets reached $6.5 trillion in 2025, a 9 per cent annual increase, and are projected to surge past $10.5 trillion by 2030.
“An industry surpassing US$10 trillion and rising will need professionals who can connect Shariah reasoning with artificial intelligence, digital finance, sustainability, risk management, financial analysis, and responsible innovation.” The report highlighted.
To match this rapid commercial expansion, the report emphasises that sub-Saharan Africa requires deeper investment in training, specialist education, and risk-management programmes.
The report highlighted that steps are already underway, including a strategic partnership between the Islamic Development Bank Institute and Tanzania’s Centre of Islamic Finance, Compliance and Advice.
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