Nigeria’s Sukuk Industry still at Nascent Stages with its First-Ever Sukuk Issuance to Mature in October 2020
March 11, 2020 | Updated at March 12, 2020
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Email In October 2020, Osun State, an inland state in the South-western region of Nigeria, will pay off the final tranche of its seven-year NGN 10 billion Sukuk Ijara. The issuance which took place in October 2013, by the Osun State was the country’s first Shariah-compliant bond to be issued.
According to the IslamicMarkets Sukuk Monitor, the issue was targeted at local pension funds and international investors, with the proceeds going towards the construction of schools in the country.
At the time of the issue, Osun Sukuk issuance marked the start of Nigeria’s Islamic finance market, with the country’s Securities and Exchange Commission having introduced a regulatory fr...
