Alaro urges financial responsibility at UNILORIN ethical finance conference
By Bashir Dawodu
The Director of the Quality Assurance Unit, University of Ilorin, Prof. AbdulRazzaq AbdulMajeed Alaro, has urged staff and students of the institution, particularly members of the University of Ilorin Islamic Banking and Finance Society (UIBFS), to exercise caution in their financial dealings, reminding them that they would be accountable for all their transactions.
Prof. Alaro gave the charge last Monday, (July 27, 2026) at the maiden edition of the Ethical Finance Conference (Ethicon 1.0) organised by the UIBFS held at the Faculty of Management Lecture Theatre. The conference was themed,”From Classroom to Industry: The Relevance of Islamic Finance Across Fields.”
Represented by a lecturer in the Department of Islamic Law, Fountain University, Osogbo, Mr Muhammad Jamiu Ayinla Edun, Prof. Alaro stressed that engaging in business activities prohibited in Islam is sinful before Allah. He reminded participants that life is temporary and that material wealth cannot be taken beyond this world.
Prof. Alaro explained that the core principles of Islamic finance include justice and equity in wealth distribution, sincerity, poverty eradication, and the promotion of brotherhood.
According to him, financial management is an essential life skill, adding that those who lack financial expertise should seek guidance from knowledgeable individuals.
“Some people possess wealth but lack entrepreneurial skills,while others have entrepreneurial skills but limited resources. They need to collaborate for mutual benefit,” he said.
Prof. Alaro, who is also the grand patron of the UIBFS, also emphasised that the growth of Islamic finance requires technical expertise, as well as continuous training and retraining for students.He described financing as an act of worship when conducted in accordance with Islamic principles, noting that righteous financial practices attract divine rewards.
Delivering the keynote address, the Dean of the Faculty of Law, Kwara State University, Malete, Prof. AbdulWahab Muhammad Jamiu Elesin, encouraged members of the society to develop entrepreneurial skills and leadership qualities,noting that today’s students would become tomorrow’s regulators.
Speaking on the topic, “The Future of Islamic Finance: Youth Involvement and Leadership,” Prof. Elesin said the Islamic finance industry offers numerous opportunities for young professionals.He urged students to acquire relevant skills and knowledge while maintaining integrity in their careers.
He explained that although both Islamic and conventional financial institutions seek profitability, Islamic finance operates within ethical and religious guidelines,unlike conventional finance,which has fewer such restrictions. He also reminded participants that wealth is a trust from Allah and should be managed responsibly.
Earlier, the Staff Adviser of the UIBFS, Dr A. O. Fahm, congratulated the Executive Committee members of the society on successfully organising the Conference.
He described finance as a discipline founded on justice and truthfulness and urged participants to apply the knowledge gained to practical life situations.
In his welcome address, the President of the UIBFS, Mr Moshood Abdulrasheed, appreciated their sponsors, patron,staff advisers, executives and members for their support in ensuring the success of the event.
He stated that the society’s mission is to educate individuals on Islamic banking and finance, emphasising that Islamic finance is not limited to Muslims but is open to everyone interested in ethical financial practices. According to him, the conference was organised to deepen participants’ understanding of risk and profit-sharing principles, where parties in financial transactions share both risks and rewards to promote fairness and shared responsibility.
Highlights of the event included the presentation of awards to the keynote speakers, a panel discussion, an interactive question-and-answer session, and the distribution of giveaways.
The Conference was attended by staff and students of the University of Ilorin, as well as students from Kwara State University, Malete.
