NGX Strengthens Africa’s Islamic Finance Leadership with Expansion of Non-Interest Finance Board
The Nigerian Exchange Limited (NGX) has reaffirmed its leadership in advancing Africa’s Islamic finance landscape with the strategic expansion of its Non-Interest Finance Board. This announcement was made during the 7th African International Conference on Islamic Finance (AICIF) held in Lagos, a two-day event organized by The Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission (SEC). The conference brought together policymakers, regulators, development partners, and market participants to explore innovative reforms and strategies that could unlock liquidity and deepen Islamic finance across the continent.
Speaking at the event, the Group Chairman of the Nigerian Exchange Group, Alhaji Umaru Kwairanga, emphasized that NGX’s Non-Interest Finance Board has become a central hub for expanding access to Sharia-compliant investment opportunities. “Through the Non-Interest Finance Board, NGX is building a dedicated platform for Sukuk, Islamic collective investment schemes, and non-interest exchange-traded funds,” he said. “Our goal is to broaden market participation while channeling capital toward productive sectors of the economy.”
Currently, NGX hosts over ₦1.3 trillion in listed Sukuk, reflecting growing investor confidence in ethical and socially responsible investments. In partnership with the Securities and Exchange Commission (SEC) and the National Insurance Commission (NAICOM), the Exchange continues to strengthen regulatory frameworks and governance structures to attract a wider base of non-interest and ethical investors across Africa.
The Chief Executive Officer of NGX, Mr. Jude Chiemeka, highlighted that the Exchange’s commitment to non-interest finance goes beyond market expansion—it aligns with Nigeria’s sustainable development goals. “Our Non-Interest Finance Board embodies our dedication to unlocking ethical capital, diversifying investments, and driving inclusive growth,” he stated. “By leveraging innovation and strategic partnerships, we are positioning Nigeria as a leader in Africa’s Islamic finance ecosystem.”
Representing Vice President Kashim Shettima, the Special Adviser to the President on Economic Matters, Dr. Tope Fasua, described Islamic finance as a powerful instrument for achieving equitable prosperity and sustainable economic transformation. Nigeria’s non-interest capital market has experienced remarkable growth, with sovereign Sukuk issuances surpassing ₦1.4 trillion, funding critical infrastructure and social projects nationwide—a clear indication of the sector’s rising influence and long-term potential.
source: Leadership