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The Securities and Exchange Commission and the Islamic Financial Services Board have collaborated to boost the non-interest capital market in the country.
According to a statement issued by the SEC on Tuesday, the partnership will result in a two-day High-Level International Forum on Non-Interest (Islamic) Capital Market, aimed at tackling the challenges hampering further development of the Non-Interest Capital Market in Nigeria.
The SEC noted that the forum will bring all critical stakeholders together to analyse issues and challenges confronting the sector and propose solutions for the overall development of the Nigerian economy.
The discussion will revolve around issues such as inadequate capacity within the industry, lack of awareness and education, paucity of human capital and expertise, limited availability of Sharia-compliant products, including short-term Shariah-compliant liquidity instruments, the harmonisation of regulatory and supervisory standards, and the integration of NICM with the conventional financial system, amongst others.
NICM in Nigeria provides an avenue for mobilising medium- to long-term investment in an ethical and Shariah-compliant manner through a wide range of products and services offered, such as Sukuk (Islamic bonds), Islamic Mutual Funds, Islamic REITs, Islamic Crowdfunding, and Islamic Fintech.
It was revealed that the NICM sector had witnessed remarkable growth in recent years, reaching a global size of $3.25tn in 2022.
The SEC said, “Nigeria, as the most populous country in Africa and home to the largest Muslim population on the continent, has a huge potential to develop its NICM sector and benefit from its opportunities.
“Nigeria has taken several steps to promote NICM, from the registration of the first Islamic Fund in 2008 to the issuance of the first sub-national Sukuk in 2013 and the subsequent issuance of the country’s first sovereign Sukuk in 2017.
“To date, the country has witnessed further sovereign and corporate Sukuk issuances as well as the registration of more ethical and Shariah-compliant funds.”
The Secretary-General of IFSB, Dr Bello Danbatta, in his comments, lauded the commission and the Federal Government, saying, “We applaud the steadfast dedication to cultivating a resilient non-interest capital market in Nigeria.
“The comprehensive initiatives, including the upcoming high-level international forum with the IFSB and market players, underscore the distinct commitment to fostering industry collaborations, facilitating insightful discussions, and promoting knowledge sharing.
“We look forward to initiating this continuous, collective effort to propel market development, promising not just economic strength but also ensuring enduring and inclusive prosperity for the people.”
The forum will also feature two side events: the forum on the non-interest capital market and the IFSB’s fifth Innovation Forum, to be held for the first time in the region.
There will also be an IFSB member and an industry engagement session.
The high-level forum is expected to strengthen cooperation and knowledge-sharing among market players and policymakers around the world, especially in the African region, to harmonise and coordinate ongoing regional, regulatory, and policy initiatives.
This will address sustainability, climate-related risks, and opportunities in the non-interest (Islamic) capital markets.
