THE Securities and Exchange Commission (SEC), in its effort to promote financial inclusion through the Capital Market, is organising a regional roundtable on Islamic capital market, with the Theme: Financing Development through Islamic Capital Market – a Viable Alternative, on Monday, next week.
The workshop is in line with SEC strategic 10-year master plan on non-interest Capital Market. The objective of the workshop is to encourage states to explore the alternative model for financing infrastructure projects through Islamic capital market products such as Sukuk.
Guests expected at the workshop include state commissioners of Finance for Kano and Jigawa States, states’ investment companies, states’ Chambers of Commerce and Industries, Manufacturers Associations, SMEDAN, BUK Institute of Islamic Finance, Market Operators within the Region, corporate organizations and other stakeholders.
Only last week, the Commission revealed that it is planning to grow non-interest capital market products to about 25 per cent of the overall market capitalization. The disclosure was made by the Director General of SEC, Mr Mounir Gwarzo, in Abuja at a meeting with the Lord Mayor of London. The SEC boss, who was represented by Hon. Zakawanu Garuba, Executive Commissioner Corporate Services, said: “Our goal is to boost non-interest capital market product innovation so that the segment can be at least a quarter (25 per cent) of the overall market capitalization. We intend to build a strong regulatory regime for non-interest products, encourage stakeholders in the non-interest capital market and ensure the emergence of Nigeria as a prominent non-interest capital market hub both at the regional level and globally.
“To harness this potential, proper planning is imperative. That is why at the SEC, we set up an industry-wide committee of experts last year to produce a 10- year master plan on non-interest capital market product. Their recommendations have been incorporated into the broader capital market master plan, which we have begun implementing. There have been many successful examples of market development through implementation of master plans and we are confident that our own master plan objectives will be achieved as well over the next decade.”
Source : SunOnline