Shariah Products: Capital Master Plan projects N5trn capitalisation by 2025 – SEC

The Securities and Exchange Commission has said that the revised edition of the Capital Market Masterplan (2021 – 2025) that was recently launched has a projection of 50 listings of Shariah compliant products with a market capitalisation of at least N5 trillion by the year 2025.

This was disclosed by Director General of the SEC, Mr. Lamido Yuguda during the opening of a three-day capacity building workshop for local Shariah talent for Non-Interest Capital Market held at the SEC head office in Abuja, Wednesday.

Yuguda who was represented by the SEC’s Executive Commissioner Operations, Mr. Dayo Obisan, said that the Non-Interest Capital Market (NICM) also has the following new targets: ensuring 100 retail Shariah-compliant products; and projection of 1 million or more direct investors in Shariah-compliant products with at least N5 trillion investment by institutional investors in Shariah compliant products. 

Yuguda noted that with these new responsibilities, promoting capacity-building programmes, such as theWorkshop, on Shariah-compliant processes and products (Regulators and Operators) has become necessary for the NCIM. 

He said the Commission, in recognising the potentials of the Non-Interest Capital Market for economic growth, dedicated a component in its ten-year (2015-2025) Capital Market Masterplan for the speedy development of the Market in the Financial system. 

The DG said the workshop is aimed at exposing participants who have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market’s operations as it relates to Shariah principles and rulings. It is also planned to be in two levels – 1 and 2.