Nigeria – Innovative products for Financial inclusion

Hajara Adeola, CEO of Lotus Capital discusses the Islamic finance market in Nigeria covering the size of the market, financial inclusion as well as performance of the NSE Lotus Islamic Index, which has outperformed the broader All Share Index over the last 12 months. The Index consists of 15 stocks which have met the eligibility requirements from a Sharia’h Advisory board. Hajara also outlines a planned sub-sovereign state Sukuk in Nigeria.

Africa Targeted by Cash Rich Gulf Islamic Banks

With large un-banked populations in Egypt and sub Sahara Africa, as well as established middle classes across the continent which is home to numerous OIC countries, Africa has been openly touted as a target Islamic finance market, especially by cash rich and relatively geographically local Gulf Islamic banks.

Development of African Sukuk Market

Africa is a developing Sukuk market with South Africa and Senegal both issuing Sovereign Sukuk last year. Usman Hassan, CEO of Jaiz Bank talks about the development of the Sukuk market in Nigeria with regards to its infrastructure requirements.