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United Capital Launches Sukuk Fund To Deepen Non-Interest Finance In Nigeria

Islamic Finance	4649 VIEWS
Islamic Finance
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Monday, December 7, 2020 / 06.30AM / Bukola Akinyele for WebTV / Header Image Credit: WebTV

As part of efforts towards deepening the non-interest finance market in Nigeria, United Capital a leading financial services and investment banking group in Nigeria, launched its first ethical investment product the "Sukuk Fund".

The launch brought together stakeholders, regulators and key experts in the Nigerian non-interest finance market.

In his opening Remarks, Mr. Peter Ashade Group CEO, United Capital believed the Sukuk Launch shows the high value for innovation from the financial services group, and created an additional product for the company's clients.

Ashade pledged that the company would continue to develop products that would clients interest.

The Director Northern Region of United Capital, Dr. Mahmoud Shuaib, speaking on "Ethical Investments and the Dynamics of Shariah-Compliant Investments" noted that the Sukuk Fund would benefit different classes of people.

Mrs Odiri Ogini, MD/CEO United Capital Asset Management in her remarks provided insight tp the objectives, key investment considerations and the financial projections of the fund. She said the multi-billion mutual fund market has challenged fund managers to look for alternative sources of investments beyond equities, with special focus on ethical non-imterest-based options for clients.

The Group Executive Director of United Capital, Mr. Sunny Anene, looking at the benefits of the Sukuk Launch believed it would deepen the market and enable investors to diversify their portfolios/risks.

He stated that low-income earners will benefit from the non-interest product including millennials who are digitally savvy.

United Capital Sukuk is a Shariah-compliant open-ended mutual fund regulated by the Securities and Exchange Commission (SEC) to provide investors with a low-risk investment with competitive returns.

The essence of the fund is to drive superior value for investors in terms of investment yields. Additional Benefits of the fund include;

Capital preservation
Competitive returns
Liquidity
Diversified portfolio and asset mix

The fund would serve as an opportunity for United Capital to serve a variety of clients across geographies and religions.

The event featured a virtual interactive session which was moderated by Mr. Kayode Tinuoye, Head Portfolio Management, United Capital Asset Management.

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