The Securities and Exchange Commission (SEC) has reaffirmed its goal of listing 50 Shari’ah-compliant products by 2025, with a total market value of at least N5 trillion.
The Non-Interest Capital Market (NICM) segment of the revised Capital Market Masterplan (2021 – 2025), targets 100 retail Shariah-compliant products and over one million direct investors in Shariah-compliant products, according to SEC Director-General Mr. Lamido Yuguda, who was present at a “capacity building workshop for local Shariah talent for non-interest capital market – level II,” event in Abuja by the Executive Commissioner Operations, Mr. Dayo Obisan.
In response to these lofty goals, he said, 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.
According to the DG, 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 promote capacity-building and sharia-compliant products and processes.
He said, “As you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shariah principles in the latter. This simply means that NICM cannot exist without experts in Islamic commercial jurisprudence (Fiqhul Mu’amalat Al-Maliyya).
“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.
He emphasized that the Level II was aimed at consolidating participants’ understanding of the theoretical and practical aspects of the NICM.
“Armed 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’s operations as it relates to Shariah principles and rulings,” he noted.
