SEC targets 50 Shari’ah-compliant product listings of N5trn

The Securities and Exchange Commission (SEC) has reiterated that it targets 50 listings of Shari’ah-compliant products with a combined market capitalisation of at least N5 trillion by 2025.

The Director General of 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 Shariah-compliant 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.

“As you are all aware, the fundamental difference between conventional finance and Non-Interest Finance is the application of Shari’ah principles in the latter,” he said.