The Nigerian Stock Exchange (NSE) has disclosed that the country’s Islamic finance sector is poised to contribute immensely to economic growth.
Speaking at the inaugural edition of the IFN Nigeria Forum, NSE’s Oscar N. Onyema, who was represented by Jthe Divisional Head of Trading Business, Ude Chiemeka, said the Islamic finance sector presents numerous opportunities for enhancing the economic growth of Nigeria.
“The Islamic finance sector presents numerous opportunities for enhancing the economic fortunes of Nigeria and The Exchange will continue to work with market stakeholders to ensure the development of a robust Islamic finance sector. In 2016, for example, we developed and publicized our rules governing the listing of Sukuk and similar debt securities to provide regulatory guidance for issuers seeking to list their instruments on our platform.
“In line with the SEC’s Non-Interest Capital Markets Product Master Plan, we have also identified five strategic pillars critical for the growth of the sector. These include a strong regulatory framework, capacity building, product development, robust primary and secondary markets, and market awareness programs such as these.”
Understanding Islamic Finance: Islamic finance refers to the means by which corporations in the Muslim world, including banks and other lending institutions, raise capital in accordance with Sharia, or Islamic law. It also refers to the types of investments that are permissible under this form of law.
About the inaugural IFN Nigeria Forum: The 2019 edition brought together decision-makers, regulators and investors, who exchange their views and experiences on opportunities in the Nigerian Islamic finance market.The forum featured a mix of panel sessions, onstage interviews and interactive sessions on a number of themes in Islamic finance including, Corporate Financing and Capital Raising in Nigeria; Funding Infrastructure and Social Welfare Requirements in West Africa and Islamic Finance, Investment, Banking and Takaful in Nigeria.