The Nigerian Change Restricted (NGX) has reaffirmed its management in advancing Africa’s Islamic finance ecosystem via the strategic enlargement of its Non-Curiosity Finance Board.
The Change said this on the seventh African Worldwide Convention on Islamic Finance (AICIF), held in Lagos. Organised by The Metropolitan Abilities Restricted in collaboration with the Securities and Change Fee (SEC), the two-day occasion introduced collectively policymakers, regulators, improvement companions, and market members to discover coverage reforms, product improvements, and methods to unlock liquidity throughout Africa’s Islamic finance markets.
Talking on the convention, the group chairman, Nigerian Change Group, Alhaji Umaru Kwairanga, stated NGX’s Non-Curiosity Finance Board has develop into a central platform for increasing entry to Sharia-compliant monetary devices and attracting traders looking for transparency, inclusivity, and sustainability.
“By way of the Non-Curiosity Finance Board, NGX is constructing a devoted platform for Sukuk, Islamic collective funding schemes, and non-interest exchange-traded funds,” Dr. Kwairanga said. “Our purpose is to broaden market participation whereas channelling capital in the direction of productive sectors of the economic system.”
The Change at present hosts over N1.3 trillion in listed Sukuk, reflecting rising investor urge for food for property that ship each monetary returns and social influence. In collaboration with the Securities and Change Fee (SEC) and the Nationwide Insurance coverage Fee (NAICOM), NGX continues to strengthen governance frameworks and deepen the non-interest capital market to draw a broader base of moral traders.
The chief govt officer of NGX, Jude Chiemeka, highlighted the strategic function of non-interest finance in driving sustainable financial transformation and enhancing market inclusion.
“At NGX, our Non-Curiosity Finance Board represents greater than a platform; it embodies our dedication to unlocking moral capital, diversifying funding alternatives, and driving sustainable improvement.
“By leveraging innovation and strategic partnerships, we’re creating pathways for inclusive development and positioning Nigeria on the forefront of Islamic finance in Africa,” stated Chiemeka.
Vice President, Kashim Shettima, represented by Particular Adviser to the President on Financial Issues, Dr Tope Fasua, described Islamic finance as a reputable mechanism for fostering equitable prosperity and sustainable improvement, urging broader adoption throughout African economies.
Nigeria’s non-interest capital market has recorded important enlargement lately, with sovereign Sukuk issuances elevating over N1.4 trillion to fund a number of initiatives nationwide.
