Nigeria

Collaboration Between Industry and Academia, Key To Developing Islamic Finance In Nigeria

Dr. Umar Oseni said that the collaboration between Islamic finance practitioners and academia will be vital to the development of Islamic Finance Law in Nigeria. Dr. Umar Oseni also said that western models dominate financial markets and that conventional banking has existed for over 200 years, while the Islamic finance reemerged towards the end of the last century with Tabung Hajji, West African Muslim Bank, and IsDB which was established in 1975 and this has brought improvement in the Islamic finance industry.

Abdulkader Thomas To Speak on Islamic Trade Finance: Challenges and Opportunities in #Nigeria

WebTV's Islamic Finance Weekly will be featuring a robust conversation with Abdulkader Thomas on Islamic Trade Finance, Challenges and Opportunities in Nigeria and Africa. Key discussion points include: understanding the concept of "Islamic Trade Finance"; how the Islamic Trade Finance Framework is helping to boost Intra-African trade; challenges and opportunities for integrating Islamic Trade Financing to support African businesses and SMEs; how Islamic Finance can be adopted to support the development of the economy and lift millions of people from poverty.

Dantata, Dangote et Indimi : qui sont les oligarques derrière la banque islamique Jaiz du milliardaire Umaru Mutallab ?

Le vétéran de la banque et ancien ministre Umaru Mutallab s'est reconverti dans la finance islamique avec d'autres notables et magnats du nord du pays, tels qu'Aminu Dantata, Aliko Dangote et Muhammed Indimi. Ils sont soutenus par la banque publique saoudienne Islamic Development Bank.

REMINDER: FGN Ijara #Sukuk Bond auction?closes on 2nd June 2020

The Nigerian Debt Management Office has reminded the general public that the offer for subscription to the N150 billion FGN Ijara Sukuk Bond will close on Tuesday June 2nd, 2020. Proceeds from the Ijara Sukuk Bond auction will be used solely for the construction and rehabilitation of key roads across the six geopolitical zones of the country.

TAJBank announces N150b Fed Govt #Sukuk Bond Issuance

Nigerian TAJBank has announced a N150 billion Sukuk Bond of the Federal Government. The FGN Sukuk 2020 is open to investors, which include retail investors, high networth individuals, institutional investors such as commercial banks, insurance/takaful companies, pension fund administrators, asset managers, ethically inclined investors, cooperative societies, religious bodies as well as state investment firms. Considering the state of the economy and as several countries grapple with the economic impact of COVID-19, Sukuk is a tool to help countries and businesses develop sources of long-term, stable financing. Book building commenced on May 21 while funding would be on June 2.

BOFIA Act Should Be Reviewed To Enhance Islamic Banking In #Nigeria - Abdul -Wahab Saadudeen

According to Imam Abdul-Wahab Saadudeen, the Banking and Other Financial Institutions Act (BOFIA) should be reviewed to enhance Nigeria's Islamic banking industry. He believes the regulatory bodies must take into cognizance the principles of Islamic Finance to create an enabling environment for its growth in Nigeria. The Islamic scholar noted that over the years, the Islamic Banking legal framework has not been reviewed to reflect the developments taking place now. He made a strong call for a competent Sharia Advisory Board to ensure that Islamic Banks and Financial Institutions are not exposed to avoidable systemic risks. He also called for more clarity in Islamic Banking because it seeks to boost financial inclusion, achieve sustainable development and economic prosperity for all Nigerians.

#Nigeria: Islamic Finance - Opportunities, Challenges and Policy Direction

Despite its growing acceptability around the world, there are untapped opportunities that can be accessed through Islamic finance in Nigeria. When the Central Bank of Nigeria (CBN) granted approval to the defunct Habib Bank to operate an Islamic banking service window, the attempt did not register a significant success but it kickstarted Islamic banking in the country. The Securities and Exchange Commission has issued Rules on Islamic Fund Management and Sukuk Issuance. Similarly, the Nigerian Stock Exchange and Lotus Capital have developed an Islamic capital market Index. The National Pension Commission had in 2019 issued Regulation on Investment of Pension Fund Assets which recognised Government Sukuk as one of the accepted classes of assets for pension funds investment. In all, the Nigeria Islamic Finance Industry is fairly backed by regulations, sound supervisory structure and fragmented legal framework.

Jaiz Bank gets investment grade rating from IIRA

Nigeria’s Jaiz Bank has been assigned positive rating by the Islamic International Rating Agency (IIRA). This is the first rating for the bank as the first Sharia compliant bank in the country. The Bank gets an investment grade rating of BBB (Triple B) for the medium to long-term and A2 in the short-term (A Two) on the national scale. The IIRA also assigned it a foreign currency rating of B-/B (Single B Minus/B) and local currency rating of B/B (Single B/B) on the international scale with a ‘Stable’ outlook. The agency affirmed that when compared, Jaiz Bank fares well in terms of risk exposure with its gross non-performance falling below 10%.

Islamic finance body IILM names new CEO

The International Islamic Liquidity Management Corporation (IILM) has announced on monday that Dr. Umar Aimhanosi Oseni is their new CEO. (IILM) is an international consortium that issues short-term Shariah-compliant financial instruments to facilitate cross-border liquidity management for institutions that offer Islamic financial services.

Expert identifies growth path for Islamic finance in #Nigeria

The Senior Director of the African Finance Corporation (AFC) Mr. Banji Fehintola spoke on the Proshare WebTV programme "Islamic Finance Weekly". He emphasised the need for Nigerians to understand the value of Islamic banking, which is geared towards deepening financial inclusion and driving economic prosperity. He commended the Federal Government for taking the lead in adopting the Islamic Finance product in the country. He said that Nigeria has taken a great step in terms of issuing Sukuk, and they are planning to issue the third one. He also added that with time the country will see corporate issuances in the Sukuk space.

Sanusi Calls For Robust Regulatory and Legal Framework To Deepen Non-Interest Finance In #Nigeria

The Emir of Kano HRH Muhammad Sanusi II has called for robust regulatory and legal framework to deepen non-interest finance in Nigeria. He made this assertion as keynote speaker at the 4th African International Conference on Islamic Conference hosted in Lagos. As Africa faces a $360bn infrastructure gap, Sanusi was of the view that Islamic Finance offered an opportunity for addressing the deficit. Since the blueprint for Islamic Finance was rolled out in the country in 2013 it took 4 years for the issuance of first set of Sukuk bonds in 2017 and 2018 respectively. He commended the organizers of the conference and believed that it served as a platform for creating awareness on Islamic Finance as a vehicle for driving Alternative Financing in Nigeria and Sub-Saharan Africa.

Jaiz bank grows half-year profits by 295%

#Nigeria's Jaiz Bank has recorded an impressive performance in the first half of this year. Gross earnings rose by 41% while pre and post-tax profits increased by 292% and 295% respectively. The half year report indicated that Profit Before Tax increased to N907 million from N231 million, while Net Profit after tax rose to N816 million from N207 million. The bank also grew its total income by 41% from N4.47 billion as at June 2018 to N6.31 billion at June 30th 2019. The balance sheet was further strengthened during the period with Total Assets rising by 33% from previous year end position of N108.46 billion to N144 billion. The above results further consolidated the growth trajectory of Jaiz Bank with a promise to end the year positively.

Experts meet on Islamic finance

Experts from the private and public sectors are meeting today in Lagos to discuss the progress of Islamic finance in Nigeria. The inaugural edition of the IFN Nigeria Forum "Harnessing the Islamic Finance Sector for Infrastructure Development and Economic Growth" takes place on June 18th. The IFN Nigeria Forum 2019 features a mix of panel sessions, onstage interviews and interactive sessions on a number of themes in Islamic finance, including Corporate Financing and Capital Raising in Nigeria. Speakers include Director-General, Debt Management Office of Nigeria, Ms Patience Oniha; Acting Director-General, National Pension Commission, Hajia Aisha Dahir-Umar; Divisional Head, Trading Business, NSE, Mr Jude Chiemeka; Managing Director, Lotus Capital, Hajara Adeola; Partner, Udo Udoma & Belo Osagie, Adeola Sunmola, and Head, Debt Capital Markets, FBNQuest Merchant Bank, Oluseun Olatidoye.

#Nigeria Should Develop Policies To Enhance Islamic Estate Planning – Awojobi

In this interview FBNQuest Trustees managing director Kunle Awojobi speaks about the benefits of Islamic Estate Planning. Islamic Estate Planning is considered an act of purifying or cleansing the individual, which involves voluntary and compulsory distributions made after death. Islamic Estate Planning is a relatively new area in Islamic Finance in Nigeria. In 2017, FBNQuest Trustees began educating Muslims through its flagship programme the Legacy Series, both on radio and in press. They also established partnerships with key players in the Islamic Finance space. FBNQuest Trustees helps with the management of Islamic Wills, but also other instruments like Zakat, Wakaf, Hibah, etc.

Experts Urge Nigerians to Embrace Islamic Estate Planning

At the Islamic Estate Clinic held on April 28, 2019 in Abuja, different speakers highlighted how Nigerians, both Muslims and non-Muslims can benefit from the Islamic Estate Planning system. The event was put together by FBNQuest Trustees, with Managing Director, Adekunle Awojobi, hosting it. The clinic featured sessions facilitated by Dr. Bashir Umar, a renowned Islamic Financial Scholar. The sessions covered Waqaf, Wasiyyah, Zakat, Hibah and Takaful, among other asset preservation and wealth transfer principles. FBNQuest Trustees said it remains committed to pioneering critical conversations such as this and helping Nigerians make sense of assets accrued in the course of their lives, without compromising their faith or values.

FBNQuest Trustees to Host Islamic Estate Planning Clinic

FBNQuest Trustees is set to host an Islamic Estate Planning Clinic, on the 28th of April, 2019 in Abuja, Nigeria. This forum aims to educate Muslims about the importance of Estate Planning in line with Islamic laws. The Islamic Estate Planning Clinic will be hosted by Mr. Adekunle Awojobi, Managing Director FBNQuest Trustees and facilitated by the renowned Islamic financial Scholar, Dr. Bashir Umar, Imam at Al- Furqan Mosque in Kano. The session will address topics on Islamic Trust (Waqaf), Islamic Will (Wasiyyah), Zakat, Hibah, Takaful, and Sukuk; underscoring the importance of an Islamic plan to Muslims, as highlighted from the Qur’an and its interpretations in the Sunnah and Hadith. FBNQuest Trustees will also share insights on managing conventional Estate Plans, which is targeted at ensuring the preservation of legacies.

Will Global Fintech top guns help #Nigeria achieve 80% Financial Inclusion ?

Nigerian Fintech company Paystack has received an investment of $8 Million from Stripe, Visa, Y Combinator and Tencent. Over the last three years, Fintechs in the country have received funding, and that has increased steadily. Including Flutterwave’s $10 Million there was roughly $100 Million deployed into Fintechs. SureRemit, another Fintech raised $7 Million in an ICO this year. Over the last couple of years, more Nigerian Fintechs are being chosen for Y Combinator. All this activity and traction is also suitably backed by ecosystem players, policy makers and regulators. The rationale behind the investment from the Visa, Stripe and Tencent into Paystack is to help their expansion within Nigeria and to bring financial services to people who have so far been denied the opportunity.

Jaiz to commence disbursement of $20m SMEs #fund

The Managing Director of Jaiz Bank Hassan Usman has said the bank would soon begin the disbursement of the $20m facility for Small and Medium Enterprises (SMEs). The bank had in March signed the agreement with the Islamic Corporation for the Development of Private Sector to finance SMEs with $20m (N6.1bn). Usman said the bank would soon begin the disbursement, adding that the fund would be disbursed before the end of the year. He said the bank had commenced a five year strategic plan to provide better services to its customers. For example, the bank had increased its visibility in Lagos by opening more branches and plans to extend to other regions of the country as well.

Sigma Pensions’ Sharia funds to drive private equity investments

Sigma Pensions has commenced plans to boost investments in private equity through Sharia Funds. Chairman Mark Collier stated this in a conference hosted by the firm recently in Lagos. According to Collier, there is huge interest in Sharia Funds, and Sigma is interested in providing greater choices for its investors and contributors. Sigma CEO David Uduanu said it was vital to discuss ways to increase the penetration of pension funds in private equity. He said Sigma Pensions has started a conversation between the pension funds and the private equity industry that would lead to more investments of pension funds in private equity and more investment of private equities in Nigerian SME’s.

Lotus Halal Fixed Income #Fund Listed On NSE

Lotus Capital, a full-service, Halal investment management company listed its Lotus Halal Fixed Income Fund on the Nigerian Stock Exchange. The listing event was commemorated with a Closing Gong ceremony.

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