Leverage SUKUK to Fund Projects, Economists Advise FG

The federal government has been advised to formulate a policy and introduce programmes that will leverage revenue of Sukuk and ensure self funding projects to free government resources for other purposes.

Participants of a Five Day International Workshop and Study Tour on Sukuk Structuring and Other Non-Interest Capital Market Products gave the advice in a Seven-Point Communique issued at the end of the Workshop held from December 13 to 17 in Dubai, United Arab Emirates.

They pointed out that the Debt Management Office, the Federal Ministry of Finance, the Central Bank, the Infrastructure Concession Regulation Commission and other relevant Government Agencies should intensify discussions on leveraging Islamic Finance Models to deepen Financial Literacy and Inclusion, through development of Shari’a compliant products by Banks and other Financial Institutions.

The Communiqué suggested to the Organisers to increase collaboration with Nigerian stakeholders in areas of education, research, sensitization and policy formulation. The International Institute of Islamic Banking and Finance (IIIBF) of Bayero University Kano, was specifically advised to decentralized its programs to enable more stakeholders benefit without travelling to its headquarters.

The participants acknowledged that what they learnt at the workshop will enhance and strengthen their skills in product & policy development, stakeholder management and consumer education in the financial markets.

Twenty-five (25) Top Management Staff, Economists and Financial Experts from the Central Bank of Nigeria, Bloomfield Law Firm, UTL Trust Management Services Limited, Equity Capital, Universal Chambers and One 17 Capital Limited attended the Workshop jointly organized by the International Centre for Islamic Culture and Education (ICICE), Wuse II, Abuja, and the International Institute of Islamic Banking and Finance (IIIBF) of Bayero University Kano in collaboration with Sahla Academy, Dubai.

A Press Statement issued by Abdulkadir Ahmed Ibrahim, Special Advisor on Media and Publicity to Dr Kabir Kabo Usman, the Director General of the ICICE, said the workshop featured Lecture presentations and discussions on Leadership and Emotional Intelligence in Non-Interest Banking and Islamic Products, Principles of Islamic Finance for Islamic Capital Market, Islamic Finance Contracts related to Islamic Capital Markets, Nigerian Regulatory Framework for Islamic Finance and Sukuk Structuring.

Other themes covered are Introduction of Non-Interest Equities and I-Funds, Governance Framework for Islamic Capital Markets, Introduction to Takaful Insurance, Post-Training Tests/Assessment and a Study Tour of Sukuk financed projects in the United Arab Emirates.