The Securities and Exchange Commission (SEC) of Nigeria is targeting to have 25% of the market capitalisation of securities in the Nigerian capital market come from non-interest products. This is part of the 2015-2025 Nigerian Capital Market Master Plan of the Commission, which aims to deepen the capital market and enhance its contribution to economic growth.
To achieve this goal, SEC is encouraging the launch of new non-interest products that can attract a diverse range of investors. One such product is the Marble Halal Commodities Fund (MHCF), which recently launched its first commodities fund in Lagos. The MHCF is a new non-interest asset class designed to impact not only the Nigerian financial market but also the entire economic sector, especially agriculture and industry.
Speaking at the launching ceremony in Lagos, SEC’s Executive Commissioner for Operations, Dayo Obisan, noted the importance of the fund in achieving the Commission’s goals. “One of the cardinal points was for 25% of the market capitalization to come from non-interest areas such as Marble Halal Commodities Fund,” he said.
The MHCF is managed by Marble Capital Limited, and it provides investors with an opportunity to invest in the commodities market, which has historically been a significant contributor to the Nigerian economy. The fund is designed to provide investors with income diversification and generate returns by investing in diverse halal-compliant instruments.
According to Akeem Oyewale, the CEO of Marble Capital Limited, the fund would also contribute to the economic growth of the country. “We believe that we will be able to formalize a lot of non-formal agricultural investments, and that would allow investors to scale investment opportunities,” he said.
The launch of the MHCF is significant as it offers a new asset class to investors who are looking for non-interest investment options. It also enhances product diversification in the Nigerian economy while preventing the loss of investments to Ponzi schemes and fraudulent crowd funding programs.
The Nigerian capital market has been growing in recent years, and the introduction of non-interest products such as the MHCF is expected to attract more investors, both locally and internationally. It is also expected to contribute significantly to the development of the Nigerian economy, especially in the agro-economic and extractive sector.
In his remarks, Oyewale stated that the MHCF was designed to provide investors with a safe and secure investment option that is in line with Islamic principles. “We have designed the Marble Halal Commodities Fund to comply with the ethical and moral standards of Islamic finance. This is an important factor for investors who are looking for a safe and secure investment option,” he said.
The launch of the MHCF is a significant milestone for the capital market in Nigeria, and it is expected to pave the way for the introduction of more non-interest products in the near future. With the launch of the fund, investors can diversify their portfolio while contributing to the growth of the Nigerian economy.