General News
IsDBI, IFE Lab Announce Award Winners for Best Application of Agent-Based Simulation in Islamic Finance
The Islamic Development Bank Institute (IsDBI) and the Islamic Financial Engineering Laboratory (IFE Lab) have announced winners of the second edition of the International Award for the Best Application of Agent-Based Simulation (ABS) in Islamic Economics and Finance.
The awards, announced during an online event on 23 December 2021, aim to encourage the use of new technologies in Islamic economics and finance, especially the use of agent-based modeling. In the second edition of the award, applications combining the blockchain technology and/or smart contracts were strongly encouraged.
The first-place award went to Yousef Lamrani Alaoui for his project on Islamic crowdfunding as an alternative way of doing microfinance; Yahya Hanine and Mohamed El Moktar Malick received the second prize for their project on group financing based on smart contracts; and the third prize went to Ahmed Mouad El Haloui for his work on how Islamic finance can help prevent and mitigate market distortions.
Meanwhile, Khadijah El-Hachami was awarded the fourth prize for her contribution towards an Islamic macroeconomic agent-based simulation, while Aissam Mansouri, Yassine El Idrissi, and Najlae Yachou received the fifth prize for their work on diminishing partnership for home financing and social impact.
The ABS award is expected to stimulate innovation and creativity in the field of Islamic economics and finance and encourage young researchers to contribute to the advancement of the field for the benefit of their communities and IsDB Member Countries. This year’s prizes were intended for young researchers including current Ph.D. candidates and 2019 Ph.D. graduates.
Speaking during the opening session of the event, Prof. Moulay Larbi Abidi, Director of the Mohammadia School of Engineering at Muhammad V University, Rabat, where the IFE Lab is based, expressed appreciation for the successful collaboration between the IsDBI and Muhammad V University.
Dr. Sami Al-Suwailem, Acting Director General of IsDBI, also praised the efforts from both sides to make the IFE Laboratory a unique experience in using the ABS models in the field of Islamic finance.
“ABS has been successfully applied in many areas, including pandemic and other business applications. Ph.D. candidates should capitalize on the potential usefulness of this important tool in today’s complex economies,” Dr. Al-Suwailem added.
Dr. Rajae Aboulaiche, Director of the IFEL, thanked the IsDB for its support to the IFE Lab, and expressed confidence that the achievements of the students of the Lab will be an important contribution to research in the field of financial engineering in relation to Islamic finance.
Before the awards session, Dr. Kaouther Toumi, Associate Professor in Finance at University of Toulouse 3, France, made a presentation on the selection process of the award winners. The awards were also preceded by technical presentations focusing on the latest developments in new technologies and their impacts on financial engineering in relation to Islamic finance.
The presentations were delivered by Dr. Sami Al-Suwailem; Dr. Anis Ben Khedher, Senior Information Solutions Specialist at IsDBI; Dr. Mahmoud Sami Nabi, Professor of Economics at the University of Carthage, Tunisia; and Dr. Boujemâa Achchab, Director of the High School of Education and Training, Berrechid, Morocco.
The IFE Lab is a one-of-a-kind research laboratory established in 2013 with the objective of modeling complex problems and the structuring of innovative Islamic financial products, using high performance simulation approaches such as agent-based modeling, and adopting new technologies such as blockchain.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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