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NSE CEO hints on opportunities for Islamic finance, banking In Nigeria

By David Oladele

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Islamic finance and banking in Nigeria

The Chief Executive Officer of the Nigeria Stock Exchange, Oscar Onyema, said Islamic finance has continued to prosper and gain prominence across the globe spurred by the adoption of socially responsible and investment principles.

Onyema disclosed this while speaking at the 2020 NSE/Red Money Islamic Finance Nigeria On Air Forum Report 2020, which explored how Islamic Finance and Banking can flourish in the country.According to him, from the Islamic Finance Development report 2019, the $2.5trn industry recorded a growth of 3%  in 2018 from $2.4trn in 2017.

This positive growth was fuelled by the increase of Sukuk Issuances amidst continuous appetite from investors for alternative assets.

He expressed optimism that Islamic banking is beginning to take shape in Nigeria with the emergence of new regulations and markets to support the industry growth, which has resulted in a growing number of players resulting in two Islamic banks, four takaful insurance companies, several microfinance banks, and managed funds.

NSE boss also said the Islamic finance industry has recorded steady growth since its inception in the 1970s.  S&P global ratings industry estimated that the $2.4trn industry is expected to register role to meet single-digit growth in 2020 and 2021 amidst the impact the public amidst economic crises fuelled by the COVID19 pandemic.

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