Yemisi Izuora
The Securities and Exchange Commission, in its effort at expanding the depth of the Nigerian Capital Market and promoting financial inclusiveness through the Capital Market, is organizing the 2ndHigh level Regional Roundtable on Non- interest Capital Market (Islamic Capital Market) in Sokoto State.
The Roundtable which has as its theme: “Financing Development Through Islamic Capital Market – a viable Alternative, will hold on Monday at Sultan Maccido Institute for Qur’ran and General Studies Sokoto at 10 am.
This is in line with the Commission’s strategic Ten year Master Plan on Non-Interest Capital Market. The objective of the workshop is to encourage states to explore the alternative model for financing infrastructure projects through Islamic Capital Market Products such as Sukuk.
Guests expected at the event include States Commissioners of Finance for Sokoto, Kebbi and Zamfara States, States Investment Companies, States Chambers of Commerce and Industries, Manufacturers Associations, SMEDAN, UDUS Centre for Islamic Studies, Market Operators
At a similar Round Table held in Kano last year, Director General of SEC, Mounir Gwarzo said the SEC was determined to deepen the non-interest capital market space so as to enable millions of Nigerians and people of faith to invest their savings ethically.
He said that Investors worldwide are increasingly allocating their resources into Islamic a finance products adding that by the end of 2014, total assets under management in the global Islamic finance industry surpassed $2 trillion.
Gwarzo said while most people identify capital markets as an important source of medium-to-long term capital flow, there is also an amazing potential of capital markets to serve as a catalyst for financial inclusion adding that going forward, the SEC will focus on massive public enlightenment and also stronger capacity building initiatives.
The SEC recently disclosed that its goal is to boost non-interest capital market product innovation so that the segment can be at least a quarter (25%) of the overall market capitalization.
The Commission also intends to build a strong regulatory regime for non-interest products, encourage stakeholders in the non-interest capital market and ensure the emergence of Nigeria as a prominent non-interest capital market hub both at the regional level and globally.