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SEC tasks corporates on Islamic capital market

The Securities and Exchange Commission has assured that it will continue to encourage corporates to leverage Islamic capital market by providing and ensuring an attractive enabling environment. Director General of SEC, Mr. Lamido Yuguda, stated this at the 2021 African International Conference on Islamic Finance held in Abuja on Wednesday with the theme “Infrastructure Financing, Sustainability, and the Future of African Markets 2.0.”

Yuguda, represented by the Executive Commissioner, Corporate Services, SEC, Mr. Ibrahim Boyi, said the Commission was working assiduously with relevant stakeholders to implement recommendations for the non-interest capital market sector in line with the objectives of the 10-year Nigerian Capital Market Masterplan (2015-2025), which include developing the segment of the market to contribute at least 25 per cent of the overall capital market capitalisation by 2025, with Sukuk contributing 15 per cent of outstanding bond issuances. Yuguda said Islamic finance instruments were globally recognised as acceptable securities, with less Value-at-Risk due to their asset-based and project-tied investment features.

Thus, it offers financial products that are safe, competitive and attractive. Many jurisdictions have realized the potentials in Islamic Finance and have positioned themselves to tap the potential benefit of such financing. He said: “It is noteworthy that since Islamic finance heavily relies on the Islamic Capital Market (ICM) as an investable outlet, products such as Sukuk (Islamic Bond), Islamic REITs (IREITS), Islamic Funds (I-Funds) and Exchangemirrored Traded Funds (Islamic Equity Index) could all be offered for the purpose of financing infrastructure.

 

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