The Alternative Bank and TK Tech Africa are poised to transform the landscape of financial technology and non-interest banking in Nigeria through their innovative $500 million Digital Sukuk initiative. This partnership is pioneering the use of blockchain technology for the issuance, trading, and settlement of Sukuk bonds, championing ethical and Sharia-compliant investments in the country.
Group Head of Structured Trade & Commodities Finance at The Alternative Bank,
Gbenga Awe emphasized the bank’s foremost position as a bank-tech, leveraging its digital innovations and competencies in the financial services sector. Awe underscored the bank’s efforts to create wealth by developing digital products for everyone interested in commodities and precious metals.
The Founder and Chief Executive Officer of TK Tech Africa, Oludamola Akindolire while speaking on the transformative nature of this collaboration said “We are setting a new benchmark for financial innovation in Africa, offering an ethical investment avenue through the synergy of Islamic finance and blockchain technology”
He highlighted the initiative’s target demographic as urban middle- to high-income Nigerians aged 25 to 60, highlighting its role in fostering inclusive economic growth.
The initiative has received accolades from various industry leaders. Akinsola Akeredolu-Ale, Managing Director and Chief Executive Officer of Lagos Commodities and Futures Exchange (LCFE) commended The Alternative Bank for bringing significant assets to the table, underscoring the importance of engaging the youth in gold investment.
Eguarekhide Longe, Managing Director and CEO of the NASD OTC Securities Exchange expressed optimism about the initiative’s potential, stressing the importance of raising awareness for its success.
