Nigerian workers’ investment in Sukuk hits N58.8bn

Nigerian workers registered under the Contributory Pension Scheme (CPS) have invested a total of N58.8 billion in Islamic bonds, otherwise known as Sukuk. The amount, representing 0.76 per cent of the total N7.79 trillion pension assets, is being managed on their behalf by Penson Fund Administrators (PFAs). According to the regulator of the scheme, the National Pension Commission (PenCom), a total of N5.5 trillion, representing 70.64 per cent of the total assets had so far been invested in Federal Government Securities. Apart from Sukuk, other instruments that have benefitted from…

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IDB Trust Services lists $1.25bn Sukuk on Nasdaq Dubai

IDB Trust Services’ securities has been admitted to Trading on the Nasdaq Dubai Market. Nasdaq Dubai said this in a statement on its website. It is the eighth Sukuk listing on the exchange by the IDB, making it one of the largest Sukuk issuers by value on Nasdaq Dubai at $9.8 billion. Based in Saudi Arabia, the IDB has 57 member countries and its activities are designed to foster their economic development and social progress. Nasdaq Dubai provides the IDB and its other regional and international issuers with close links…

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Nigeria set to get $3.5bn foreign loan –Moody’s

Nigeria will easily achieve its target of $3.5 billion foreign borrowing in 2017 as improved oil output helps the economy to recover from last year’s contraction, the first since 1991, Moody’s Investors Service said. “The international financial institutions are ready to support Nigeria,” Aurelien Mali, a vice president and senior analytical adviser for Africa at the ratings company, said by phone on Wednesday. “As long as it remains project-based lending, the funding will be available from lenders such as the African Development Bank, and the budget support from the World…

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IDB eyes $1.5bn sukuk issue

An Islamic Development Bank (IDB) official has said that the bank’s upcoming US dollar sukuk issue would be in the range of previous issues, between $1 billion and $1.5 billion. The bank is still in the process of speaking with advisers, Director of Enterprise Development at the IDB, Mohamed Hedi Mejai, told a news conference in Riyadh. He did not elaborate on a time frame for the issue. Banking sources told Reuters that the IDB had appointed eight banks to lead the transaction, including Emirates NBD, Goldman Sachs, Gulf International…

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