The administration of President Bola Ahmed Tinubu has announced its intention to get more loans from Islamic financial institutions.
Kashim Shettima, the country’s vice president, disclosed this in its keynote address at the 6th African International Conference on Islamic Finance (AICIF) held in Abuja, BusinessDay reports.
According to him, Islamic finance has proven to be a viable option for development funding and, as such, will continue to explore Islamic finance tools such as Sukuk to tap into local and international investments.
His words: ” Islamic finance has proven to be a viable option for development funding as evidenced in the recent federal government’s 6th sovereign sukuk issuance which received about 435% subscription.
“In the deal, the government had offered N150 billion but eventually raised over N625 billion.
“This shows an increase in the level of public trust and awareness about the financial product.”
The VP also noted that Non-interest banking and microfinance could also potentially serve as a tool to drive industrialization, SME growth and micro-credit activities.
He further assured that considerations will be made to enhance the visibility of the Islamic finance market in line with global trends and within national policy goals for financial literacy, inclusion and the transition of millions of Nigerians to the formal economy in the near future.
Shettima added that these interventions are geared towards funding sustainable development projects and enabling the Islamic financial markets to contribute to the country’s clean and sustainable future.
