Islamic Finance and the Development of Nigeria's Debt Market - Adaze Uzor-Kalu
Sukuk, an alternative source of financing, is an ownership of certificate in a tangible asset. The first Sukuk was issued in 1885 by Ottoman Empire, till now it remains a viable instrument in Islamic Finance for countries, individuals and investors.
Sukuk is not open only to the Islamic community but to market players in other religions, it is one alternative investment that can finance infrastructure deficits, and supports the growth of Islamic finance and deepens the capital market.
A recent report shows that Sukuk supply is expected to rise in the second half of 2021 after it showed strong growth during the 2nd Quarter of 2021, supported by strong investor appetite and issuers' refinancing and funding diversification needs.
Global countries leading in Sukuk issuances include Malaysia, Saudi Arabia, UAE, Indonesia and Qatar while the African countries leading in this market are Nigeria, Morocco, Senegal, Cote d'Ivoire, Tunisia, Egypt, Kenya, Uganda, and South Africa.
This edition of the Islamic finance weekly anchored by Bukola Akinyele-Yisau features Mrs. Adaze Uzor-Kalu, Head, External Relations FMDQ Group. She gave a presentation on "Islamic Finance and the Development of Nigeria's Debt Markets".