Emphasis on greater regulatory clarity for Nigeria’s evolving Islamic finance market

An industry source emphasised on the importance of having greater clarity in regulations for the evolving Shariah-compliant finance sector in Nigeria. The country’s capital market regulators have been supportive in general, as reflected in the two Federal Government of Nigeria (FGN) Sukuk issuances between 2017 and 2018.

The FGN has planned for a third Sukuk issuance in 2020. More sub-national Sukuk issuances are anticipated through 2020, as many states in Nigeria seek non-interest sources of funding for infrastructure development.

Sukuk finance calls for greater accountability and faces tighter scrutiny with regards to how the funds are utilised. Therefore, it is vital that regu...