The Director-General, SEC, Mr. Lamido Yuguda, who was represented by the Executive Commissioner Operations, Mr. Dayo Obisan, at a “capacity building workshop for local Shariah talent for non-interest capital market – level II,” in Abuja, said 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 the products.
He stated that 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.
The DG stated that 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 explained further, “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.
“The level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by different classes of investors, which portrays a strong appetite for these class of assets as evidenced by the oversubscription of the FGN and corporate Sukuk issued in previous years.
“The Level 1 segment of this important Workshop, which was conducted in December 2022, covered the basic areas of Financial Market Structure and Operations of the Capital Market and three modules from Shariah Principles and Contracts Relating to Non-Interest Capital Markets.
“As we dive into Level II, the remaining modules relating to Shariah Contracts will be extensively discussed starting today, while modules on Shariah Issues Relating to Non-Interest Capital Market Principles, and Operation of the Sukuk and Equity Markets shall be treated in the coming days.”