Wednesday, February 19, 2025
26.9 C
Lagos

PenOp Partners PenCom on Maximising Potential of RSA Fund VI, Exploring Sharia-Compliant Investment

The Pension Fund Operators Association of Nigeria (PenOp), along with the National Pension Commission (PenCom) recently convened a webinar titled “Maximising the Potential of RSA Fund VI: Exploring Sharia-Compliant Investments.”

The event gathered industry stakeholders to address the growing interest in non-interest financial products, particularly those under RSA Fund VI, a dedicated Sharia-compliant fund within the Contributory Pension Scheme.

In his opening remarks, Oguche Agudah, CEO of PenOp, emphasised the importance of expanding the investment options available under RSA Fund VI. He called for deeper industry collaboration to address existing challenges and seize opportunities for growth in Sharia-compliant and ethical investments.

The Chairman of the Pension Industry Non-Interest Advisory Committee (PINAC), Dr. Adam Muhammad Abubakar outlined the current challenges PFAs face in accessing Sharia-compliant instruments. He stressed the need for more investment outlets and enhanced awareness about the growth potential of non-interest financial products.

Bil-yaminu Yakubu, Who represented the Head of Investment Supervision at Pencom- Mr. Dahiru, Abdulqadir, highlighted the efforts the Commission had made to advancing the ethical investment space, stating: “We understand the challenges PFAs are facing in terms of regulatory clarity. Pencom is committed to providing clear rules that will foster confidence in investing in non-interest instruments, ensuring compliance while driving innovation.”

The session also highlighted how Sharia-compliant investments, particularly Sukuk bonds, have played a crucial role in raising infrastructure funds.

Attendees argued that expanding the issuance size of such instruments is seen as key to attracting more PFA participation and driving the growth of RSA Fund VI.

Participants also discussed the importance of clear guidelines from Pencom and SEC to support the growth of non-interest financial instruments.

Abimbola Yusuf, Treasurer of Alternative Bank, spoke about their transition into a standalone non-interest bank and highlighted upcoming products for Fund VI, stating, we are committed to delivering tailored financial services that comply with Islamic finance principles. Our goal is to offer pension fund administrators innovative products that meet both liquidity needs and ethical standards.

Akeem Oyewale, CEO of Marble Capital, echoed similar sentiments, adding, the market for Sharia-compliant investments is growing, and we are developing a robust pipeline of instruments to support PFAs in diversifying their portfolios. Collaboration with issuers is key to ensuring that the size of Sharia-compliant issuances grows, creating more investment opportunities.”

As the demand for non-interest financial products continues to grow, PenOp remains committed to ensuring that Sharia-compliant and ethical investments can thrive within Nigeria’s pension framework. The association continues to work closely with regulators and industry players to unlock the full potential of RSA Fund VI.

The session was sponsored by Alternative Bank and Marble Capital.

spot_img
spot_img
spot_img

Hot this week

NCDMB Chief Visits Samsung, Africoat, Insists on Patronage of Local Facilities

The Executive Secretary, Nigerian Content Development and Monitoring Board...

Engr Jimi Onanuga Honoured at 93rd Anniversary of ICOBA

Engineer Jimi Onanuga (left) received Prestigious Service to ICOBA...

NCDMB, Starzs Gas, Upbeat about Industrialisation at Ceremony for Integrated CNG Project

General Manager, Corporate Communications and Zonal Coordination, Nigerian Content...

Cairo Ojougboh: Family Marks One Year Memorial with Charity Outreach

Mrs. Bose Ojougboh, wife of the Late Dr. Cairo...

Let the DISCOs Die for Nigerians to Have Light

By Michael Owhoko, Ph.D The unending darkness permeating Nigeria today,...

Topics

PenCom Extends Online Pension Verification & Enrolment to Dec 31, 2021

NOTICE OF EXTENSION OF THE ONLINE VERIFICATION AND ENROLMENT...

NLNG: No Flood Impact on Operations Nationwide

The attention of Nigeria LNG Limited (NLNG) has been...

Epetimehin to deliver inaugural lecture on Micro-insurance @ JABU

Chairman, Mofes Insurance Brokers Limited, Prof Festus Mobolaji Epetimehin  will...

NCC Fine Impacts MTN Result Ending June 2016

MTN, a leading emerging markets mobile operator, connecting 233...

Global Airlines Financial Monitor: March 2018

The final data for Q4 2017 confirms the...

Emirates Flight Catering Opens World’s Largest Vertical Farm in Dubai

Emirates Flight Catering is opening the world’s largest farm...

‘Africa Must Leverage Strengths to Accelerate Drive Towards Integration’

Participants to the 13th African Economic Conference called for African countries to...

Mobile Technologies to Gulp $1.2tr by 2019

Organisations across industries are increasingly leveraging mobility to transform their businesses. Mobility may have started with the simple concept of shifting employees from being deskbound to being mobile. Industry-specific applications will be a driving force as businesses look for solutions that can be easily configured to their unique business and vertical requirements.
spot_img

Related Articles

Popular Categories

spot_imgspot_img