The Federal Government has
faulted the claims by the Christian Association of Nigeria that there are
underground plan to Islamise the country with the recent issuance of its N100bn
Sukuk bond.
The Minister of Finance, Mrs.
Kemi Adeosun, said this on the sidelines of an investor conference organised by
Stanbic IBTC Bank in Lagos.
The Christian Association of
Nigeria had last week kicked against the floating of the SUKUK Islamic bond by
the Federal Government.
It alleged that the move has
further confirmed its fears that the government was planning to Islamise
the country through the back door
Reacting, however, Adeosun stated
that several countries of the world, including South Africa had issued sukuk
bonds in the past, and Nigeria’s plan to issue the sukuk bond started about six
years ago, long before the current administration came into power.
Adeosun said, ‘’Sukuk is part of
our programme to deepen the financial market. Interestingly, it predated us.
The committee started work in 2011. So, they have been working on it for six
years, to structure products that would be compliant. Really, the Sukuk is
about two things -one is about raising money and deepening the financial
market.
“We need to include many people
in the market to raise the money that is needed for infrastructure. We have
already introduced the savings bond which is for small investors. They were
saying that the process of getting into government securities was too complex.
“So, we made the product for
them. And this is another product. We have other products that we are coming up
with. So, there is no religious driver behind it. It is really a financial
product to meet financial needs.”
She added, “This particular one
of N100bn is going to be used for road projects. We have identified the road
projects that it is going to be tied to and there is no religious attachment to
it. South Africa even did a sovereign Sukuk before Nigeria. So, there is no
Islamisation agenda at all.”
The minister said not every
investor wanted to put their money into regular bonds and Treasury bills and,
as such, there was the need to get everyone on board.
On concerns that the funds raised
from Sukuk must be used for Sharia-compliant activities strictly, the minister
said, “That is part of what is called the ethical investment. A lot of people
for example, don’t want their funds invested in particular items such
breweries, among others.
“Funny, a lot of investors that
we have been marketing the bond to are just looking at the yield. So, it is
really just another product which we hope would deepen the market and bring
more people in. Not everybody wants to do bond or treasury bills. And we are
still going to bring out many more products.”
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