Enhancing Market Inclusion and Transparency in Islamic Finance
The Nigerian Exchange Limited (NGX) is actively working to enhance market inclusion and transparency within the Islamic finance sector. This commitment was reaffirmed through a press statement released by the NGX, highlighting its leadership role at the recently concluded 7th African International Conference on Islamic Finance.
At the conference, the Group Chairman of the Nigerian Exchange Group, Umaru Kwairanga, emphasized the importance of the NGX’s Non-Interest Finance Board in achieving these goals. “Our commitment to broadening market participation is unwavering. Through our Non-Interest Finance Board, we are dedicated to expanding access to Sharia-compliant financial instruments that attract investors who value transparency, inclusivity, and sustainability,” Kwairanga stated.
The two-day conference, held in Lagos from November 4 to 5, 2025, was organized by Metropolitan Skills Limited in collaboration with the Securities and Exchange Commission. It brought together policymakers, regulators, development partners, and market participants. The discussions focused on vital policy reforms, innovative product development, and strategies aimed at unlocking liquidity across Africa’s Islamic finance markets.
With over N1.3tn listed Sukuk, the NGX is well-positioned to capitalize on the growing appetite for ethical investment. The Chief Executive Officer of NGX, Jude Chiemeka, commented on the strategic significance of non-interest finance, stating, “Our Non-Interest Finance Board represents more than just a platform; it embodies our commitment to unlocking ethical capital and ensuring sustainable development. By embracing innovation and building strategic partnerships, we are setting the stage for inclusive growth.”
The conference also highlighted discussions led by Vice President Kashim Shettima, represented by his Special Adviser to the President on Economic Matters, Dr. Tope Fasua. He remarked, “Islamic finance is a credible mechanism for fostering equitable prosperity and sustainable development, and broader adoption across African economies is essential.”
As Nigeria’s non-interest capital market continues to expand, significant strides have been made, including sovereign Sukuk issuances that have raised over N1.4tn to fund various national projects. This underscores Nigeria’s growing influence in shaping the future of Islamic finance across Africa.
Key Developments and Strategic Moves
The NGX has made notable progress in promoting ethical and sustainable investments. The organization has taken several steps to ensure that its operations align with the principles of Islamic finance, which emphasize fairness, transparency, and social responsibility. These efforts include the development of new financial products and the strengthening of regulatory frameworks to support the growth of the sector.
In addition to its focus on market inclusion, the NGX has also announced an interim dividend of N1.00 per ordinary share of 50 kobo each. This decision was made following the approval of its unaudited financial statements for the third quarter ended September 30, 2025. The announcement was reached during a meeting of the Group’s Board of Directors held on Wednesday, October 29, 2025.
The NGX Group Plc serves as the holding company for a diversified portfolio of businesses operating across the financial market ecosystem in Nigeria. It is the successor entity to the erstwhile Nigerian Stock Exchange (NSE), which demutualised in March 2021. This transition marked a significant milestone in the evolution of Nigeria’s capital market, paving the way for greater efficiency and competitiveness.
Future Outlook
Looking ahead, the NGX is poised to play a pivotal role in the continued development of Islamic finance in Africa. With its strong foundation and commitment to innovation, the organization is well-equipped to meet the evolving needs of investors and market participants. The NGX’s efforts to promote transparency and inclusivity will not only benefit the Nigerian market but also contribute to the broader African financial landscape.
As the demand for ethical investment grows, the NGX is expected to remain at the forefront of this movement, driving sustainable development and fostering economic growth across the continent. The organization’s strategic initiatives and collaborative approach will be crucial in shaping the future of Islamic finance and ensuring that it remains a viable and attractive option for investors.