The Securities and Exchange Commission has commended the Debt Management Office on issuance of the maiden 100 billion Sukuk in the Nigerian Capital Market.
A statement by SEC said the offer was a milestone for Nigeria as it will help the development of non-interest capital market products.
The coming of the Sukuk follows diligent advocacy efforts by the Securities and Exchange Commission on the need to issue the instrument to serve as an alternative product for investors.
Sukuk is the non-interest equivalent of bonds.
Several countries have increasingly issued non-interest financial instruments to fund their infrastructure deficit. Examples are in South Africa, Senegal and Cote d’Ivoire.