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NSE(Nigerian Stock Exchange) to promote growth of Islamic finance

In line with its desire to increase financial inclusion and unlock the capital market for economic growth and development, the Nigerian Stock Exchange (NSE) has intensified its intention to promote development of Islamic finance.

President, National Council of NSE, Abimbola Ogun banjo, who stated this at the exchange’s  58theAnnual General Meeting (AGM) in Lagos, said that the local bourse would continue to intensify efforts with its stakeholders to bring onboard new financial instruments to maximise organisational value.

“The year 2019 is to be driven by the advent of globalization 4.0, which is characterized by a global system that is knowledge based. To capitalize on the new opportunities that await us and take advantage of recent disruptions, we have redesigned our approach in executing our growth strategy and delivering the results that would create value for our members and the Nigerian financial market,” he said.

Ogunbanjo noted that with the global market, Nigerian equities market experienced a decline in 2018, adding that this trend, however, was counterbalanced by the NSE’s  delivery of key initiatives for the development of the Nigerian capital market .

“Throughout the year, we maintained a focus on transforming the exchange and reforming the market to be more efficient. Accordingly, we expanded our focus on retail investor activity and in positioning the exchange to deploy innovation to be agile, offering smart products and services.

“In 2018, we witnessed the Debt Management Office (DMO) list the pioneer N10.69 billion Federal Government of Nigeria (FGN) Sovereign Green Bond, and a N100 billion FGN Ijarah  Sukuk bond. This further asserted our aspiration as the platform for both the public and private sector to raise and to access capital, encouraging financial inclusion.

Source: https://www.newtelegraphng.com/2019/10/nse-to-promote-growth-of-islamic-finance/