Islamic Finance: The Value Of A Green Sukuk To Nigeria's Sustainable Development
#Sukuk is an investment certificate that represents the ownership interest of the holder in an asset or pool of assets. The certificate entitles the holder to receive income the use of assets.
The Federal Government of Nigeria has issued 3 Sukuk that was fully Oversubscribed by High-net-worth individuals, Retail investors, institutional investors, companies, cooperative societies amongst others.
The purpose of the FGN 3 Sukuk is to fund the construction/rehabilitation of key economic infrastructure projects across Nigeria, such as roads, to offer ethical investors an opportunity to invest in government issued securities, and to achieve a higher level of financial inclusion.
In this edition of the #IslamicFinanceWeekly anchored by Bukola Aklinyele-Yisau features the Founder/CEO of Tiyoma Consultancy and Associate Professor of Islamic Banking and Finance at Umm Al-Qura University Saudi Arabia, Dr. Umar Mohammed Idris. He speaks on "Sukuk and Nigeria's Economic Development."
According to him, Nigeria's Next Sukuk Issuance Should Be Green-Based, Supporting Sustainable Development in the Country.
He said, Green Sukuk can be deployed to finance environmentally-friendly projects and has been used by several Muslim countries.
Dr. Umar believed Nigeria can use Green Sukuk to Finance Electricity, Solar Energy, and other energy sources and can also fund Transportation and Education.