Nigeria Should Use Sukuk Innovation to Finance All Aspects of Socioeconomic Development: Expert

Ambassador Asiwaju Busari Shaamsuddeen Akande, an Islamic finance and business management expert, has called on the federal Government of Nigeria to use the Sukuk innovation to finance all aspects of socioeconomic development in the country.

Why it Matters?

According to Akande, the current size of the Islamic Finance market ranges from USD 2.5 trillion to USD 2.7 trillion, and it is likely to reach USD 3.4 trillion by the end of 2023.

Details

Akande observed that the Government can also finance the proposed Nigeria Air with Shariah-compliant aircraft finance transactions using Ijara Sukuk. Several aviation companies, including Emirates, Etihad Carriers, Saudi Arabian Airlines and Ethiopian Airlines, have entered...