{"id":76024,"date":"2023-09-14T20:20:07","date_gmt":"2023-09-14T19:20:07","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=76024"},"modified":"2023-09-14T20:20:07","modified_gmt":"2023-09-14T19:20:07","slug":"sec-targets-50-shariah-compliant-products-listings-of-n5trn-by-2025","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/sec-targets-50-shariah-compliant-products-listings-of-n5trn-by-2025\/","title":{"rendered":"SEC Targets 50 Shari\u2019ah-Compliant Products Listings Of N5trn By 2025"},"content":{"rendered":"

The Securities and Exchange Commission (SEC), has reiterated that it targets 50 listings of Shari\u2019ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025.<\/p>\n

The Director-General, SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner Operations, Mr. Dayo Obisan at a \u201ccapacity building workshop for local Shariah talent for non-interest capital market \u2013 level II,\u201d in Abuja said Non-Interest Capital Market (NICM) segment of the revised Capital Market Masterplan (2021 \u2013 2025), targets 100 retail Shariah-compliant products and over one million direct investors in Shariah-compliant products.<\/p>\n

He stated that the Commission faced with these ambitious targets, has resolved to redouble its developmental efforts, especially in capacity building that nurtures reputable professionals to leverage Sharia best practices in facilitating the sound implementation of Sharia-compliant initiatives with the ultimate aim of deepening the NICM space.<\/p>\n

The DG stated that the Commission would continue to leverage its subsidiary, the Nigerian Capital Market Institute, especially in developing robust programmes around Non-Interest Finance which are expected to\u00a0promote capacity-building and sharia-compliant products and processes.<\/p>\n

According to him \u201cAs you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shariah principles in the latter.<\/p>\n

This simply means that NICM cannot exist without experts in Islamic commercial jurisprudence (Fiqhul Mu\u2019amalat Al-Maliyya).\u201c<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The objective of this Workshop, therefore, is fast-tracking the development of experts for the Market. We believe this will enhance the development of our local Sharia talent, not only for the Nigerian Capital Market but also for the Nigerian Financial system in general.<\/p>\n

\u201cThe level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by different classes of investors, which portrays a strong appetite for these class of assets as evidenced by the oversubscription of the FGN and corporate Sukuk issued in previous years.<\/p>\n

\u201cThe Level 1 segment of this important Workshop, which was conducted in December 2022, covered the basic areas of Financial Market Structure and Operations of the Capital Market and three modules from Shariah Principles and Contracts Relating to Non-Interest Capital Markets.\u201cAs we dive into Level II, the remaining modules relating to Shariah Contracts will be extensively discussed starting today, while modules on Shariah Issues Relating to Non-Interest Capital Market Principles, and Operation of the Sukuk and Equity Markets shall be treated in the coming days.\u201d<\/p>\n

He reiterated that Level II is aimed at consolidating participants\u2019 understanding of the theoretical and practical aspects of the NICM.\u00a0 \u201cArmed with this training and subsequent ones to come, the participants would undoubtedly have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market\u2019s operations as it relates to Shariah principles and rulings,\u201d he added.<\/p>\n

He expressed further that significant progress recorded in this area is evidenced by the last ranking of Nigerian Islamic Finance in 13th place on the Global Islamic Finance Development Indicator 2022, ahead of countries like Bangladesh and Turkey.Yuguda pointed out that the Non-Interest Finance Sector has gradually grown to become a distinct industry within the broader financial landscape, offering alternatives to traditional interest-based financial systems.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission (SEC), has reiterated that it targets 50 listings of Shari\u2019ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025.<\/p>\n","protected":false},"author":6,"featured_media":67052,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[575],"coauthors":[2391],"class_list":["post-76024","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-sec"],"yoast_head":"\nSEC Targets 50 Shari\u2019ah-Compliant Products Listings Of N5trn By 2025 - National Wire<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission (SEC), has reiterated that it targets 50 listings of Shari\u2019ah-compliant produ\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/sec-targets-50-shariah-compliant-products-listings-of-n5trn-by-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Targets 50 Shari\u2019ah-Compliant Products Listings Of N5trn By 2025 - 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