According to Sanusi, the global Islamic financial market, has witnessed a rapid growth over the last decade. “The global Islamic finance assets grew by 14% in 2019 and are expected to rise to $3.69trillion by 2024. Nigeria is not left out of the massive evolution of the global Islamic financial market.”
He added: “In the last decade, we have seen new players emerge in the Islamic financial service industry including commercial banking, insurance, asset management, investment-banking, etc. In addition to the products designed by their Islamic counterparts, conventional financial institutions like FBN quest, United Capital, ARM and others have designed halal funds that will cater to the investment needs of this hugely underserved market.”
Expatiating, the Muslim Finance Coach observed that in the even Nigeria has reaped bountifully from the benefits of Islamic finance.
Specifically, he recalled that in the past five years, the federal government has issued three separate Sukuk that were primarily channeled into capital projects. “In 2020, the NSE Lotus Index outperformed the All Share Index by more than 5%. These metrics are strong indications that the Islamic financial sector has huge potential that mustn’t be neglected. The sector can play a massive role in driving changes in key sectors of the economy through socially responsible financing and impact investing.”