SEC’s roundtable on Islamic capital market kicks off

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