You are welcome as a member. Fulfill your duties as a Muslim to Allah, your family (ies), neigbhours and Society at large. And never forget to Pay your Dues and Zakat.
You are Welcome back. Fulfill your duties as a Muslim to Allah, your family (ies), neigbhours and Society at large. And never forget to Pay your Dues and Zakat.
5th-National-Discourse-Islamic-Finance-Experiment-in-Nigeria-its-gains-challenges-and-prospects
National Discourse is a non-partisan public engagement to discuss Issues of National Public Importance to Nigeria as a country and to her citizens irrespective of their tribe, religion and political identity.
The 5th Edition is coming up on Sunday, March 6, 2022 (Shaban 3, 1443), at the University of Lagos, J.F. Ade-Ajayi Main Auditorium Hall.
This year’s edition focus is on Islamic Finance Experiment in Nigeria: Gains, Challenges & Prospects.
With the positive growth inclination, the global Islamic finance industry continues to grow, with a total global asset value of $4.94 trillion expected by 2025, with Nigeria expected to play a major part in its growth.
Islamic finance is a long-established financial transaction system that involves all types of economic assets and is directed by Islamic economic principles. It complies with Islamic law (Shariah) principles. It is founded on the principles of equitable resource allocation and social fairness.
It is a risk-sharing, asset-backed, ethical, sustainable, ecologically and socially responsible style of finance that prioritizes financial inclusion and social welfare in the economy. Islamic finance promotes society’s long-term prosperity, development, and wealth distribution.
The four components in Islamic finance include:
- Capital Market
- Banking sector
- Insurance sector
- Islamic social finance
Impressively, the Nigerian Islamic finance industry is expected to be worth USD2.3 billion by the end of 2021, with outstanding sukuk accounting for 66% of total assets, followed by Islamic banks at 32% (total assets), and Islamic funds (total assets) and takaful accounting for the remaining 2%. (total contributions).
The government’s debt management strategy for 2020-2023 includes sukuk instruments. Nigeria’s Federal Government sold a 10-year sukuk in 2021, generating NGN250 billion (USD0.6 billion), its fourth sale since 2017 with a 3.5x subscription rate. Family Homes Funds released the country’s first corporate sukuk in 2021, and OneWattSolar issued the country’s first ‘green sukuk’ in 2022.