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Wednesday, February 04, 2020
/ 10.00AM / Bukola Akinyele for WebTV / Header Image Credit: WebTV
Stakeholders
agreed to deepen collaboration to boost the growth of the Non-Interest Finance
Market in Nigeria. The decision was part of the key resolutions at the
Non-Interest Finance Executive Forum hosted by the Sterling Bank Alternative
Finance Segment in Lagos.
Considering
the evolution of the market (Non-Interest Finance) since 2012, the event was an
opportunity for key players to explore how it can experience significant
developments that will shape the Nigerian economy.
In his
opening remarks at the event the Executive Director, Sterling Bank, Mr. Tunde
Adeola, giving an "Overview of the Non-Interest Banking Industry," highlighted
the fact that Nigeria has raised two Federal Government Sukuk bonds and one
Sub-National Sukuk in Osun state, bringing the total number to three.
From the
analysis, Mr. Adeola noted that out of the N30.86trn Nigerian Debt Market, the
Sukuk bond size estimated at N211.48bn, which was 0.69% of the total size.
Also, in
the banking sector, the ED of Sterling Bank pointed out that out of the total
assets of the Nigerian Banks, which was N37.207trn, the Non-Interest Banks
accounted for N159.1bn which was 0.43% of the total size of the industry.
Dr. Bashir Oshodi the Group Head, Sterling Alternative Finance said the essence of the forum was to drive three major issues in the industry, which include;
He was
of the view that the three approaches above will go a long way in repositioning
the industry to serve its clients and expand its frontiers in Nigeria.
The CEO
of Lotus Capital Mrs. Hajara Adeola is a brief presentation on the "Sukuk
Structures for States: Sub-National Sukuk models" also alluded to the point
that there is still a long way to go in the Sukuk market, gaining momentum and
making an impact in the economy.
She
emphasized the need for collaboration amongst stakeholders in the Islamic
Finance space, effective documentation, credit enhancement provisions, proper
documentation and securitization to improve the Sukuks space in the country.
Mrs.
Adeola acknowledged the fact that over the last seven(7) years since the Osun
Sukuk and two (2) Sovereign Sukuks, the benefits of the instrument are now
widely accepted.
According
to her, "Nigeria's Non-Interest Finance market has matured, and today we have a
complete ecosystem that supports Sukuk issuances."
Speaking further she highlighted The ecosystem developed to support Sukuk issuances in Nigeria include the following;
Adeola
stated that through the years, Lotus Capital has demonstrated that Sukuk can be
applied to address socio-economic issues in the country from mass housing to
infrastructure provision like road construction.
The Non-Interest Finance Executive Forum featured presentations from experts, analysts and industry players covering the following areas;
Part of the key steps agreed on by the stakeholders at the event include;
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