New Telegraph

Sigma Pensions CEO:Sigma Pensions CEO: Non-Interest Fund’ll deepen financial inclusion

Given Nigeria’s large Muslim population, the new pension non-interest fund, expected to be launched in the last quarter of this year, will help deepen financial inclusion in the country, Managing Director and Chief Executive Officer, Sigma Pensions, Mr. Dave Uduanu, has said.

The non-interest fund, which is Fund VI under the Multi-Fund structure introduced by the National Pension Commission (PenCom), is for contributors who choose to have their pension contributions invested in non-interest money and capital market products. In his speech at a virtual conference on noninterest investing hosted by Sigma Pensions, which held yesterday, Uduanu also stated that when launched, the non-interest fund would boost investments in the nation’s non-interest finance sector. Uduanu , who stated that the Islamic finance global market had been expanding rapidly in recent years, recording 15-20 per cent annual growth, and estimated to be worth $3 trillion, also noted that the industry was gaining wider recognition in Nigeria, as the last sukuk issued by the Debt Management Office (DMO) was oversubscribed. He said: “The non-interest fund will take off in the fourth quarter of this year.

It will boost interest in non-interest finance and also deepen financial inclusion in Nigeria given the country’s large Muslim population.” The Sigma Pensions boss called on ethical investors to tap into the many investment opportunities which, according to him, abound in the country.

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