OVERVIEW
The NGX Non-Interest Finance Board is a dedicated market segment for listing and trading financial instruments structured in accordance with the principles of Islamic finance. These instruments include Sukuk, Shari’ah-compliant equities, Exchange-Traded Funds (ETFs), and collective investment schemes.
The Board provides a credible and transparent platform for both issuers and investors seeking ethical, interest-free, and Shari’ah-compliant capital market products. It plays a key role in promoting financial inclusion, expanding the depth of Nigeria’s capital market, and positioning the NGX as a hub for Islamic finance in Africa
Objectives
- Provide a specialized platform for listing and trading Shari’ah-compliant instruments across multiple asset classes.
- Attract both domestic and international non-interest capital, including sovereign wealth funds, ethical investors, and Islamic finance institutions.
- Deepen Nigeria’s capital market by offering products that align with ethical investment principles and appeal to a broad investor base.
- Facilitate product innovation in line with global Islamic finance standards and best practices.
- Enable visibility and transparency for non-interest finance products within a distinct, trusted framework
Non-Interest Finance Instruments
Eligible instruments for listing on the NGX Non-Interest Finance Board must be certified as Shari’ah-compliant and structured to comply with Islamic finance principles. These include:
Asset-backed securities that represent ownership in tangible assets or projects, structured to avoid interest and promote risk-sharing.
- Ijara Sukuk – Lease-based structures
- Murabaha Sukuk – Cost-plus sale-based structures
- Mudarabah Sukuk – Profit-sharing partnerships
- Wakalah Sukuk – Agency-based arrangements
Publicly listed equities that pass established Shari’ah screening criteria, including permissible business activities, financial ratios, and governance practices.
Exchange-traded funds that invest in Shari’ah-compliant assets and are governed by a Shari’ah Supervisory Board.
Real estate investment trusts that generate rental income from permissible activities under Islamic finance principles.
Key Benefits
Below are some of the benefits of listing on the NGX Sustainable Instruments Market (Impact Board)
Issuers and investors participating in the Non-Interest Finance Board benefit from:
- Targeted Visibility: Instruments listed on a distinct Shari’ah-compliant board gain greater recognition among ethical and faith-based investors.
- Access to Ethical Capital: Tap into growing pools of domestic and international Islamic capital.
- Investor Confidence: Instruments are certified by credible Shari’ah Advisory Boards, ensuring compliance with Islamic finance principles.
Listed Sustainable Finance Instruments
| Asset Class | Symbol | Security Details | Issuer | Maturity Date | Market Capitalization | Compliant Type |
|---|---|---|---|---|---|---|
| DEBT | FGSUK2027S3 | 11.200% FGN JUN 2027 | FEDERAL GOVERNMENT OF NIGERIA | 16-06-2027 | 154,429,150,000.00 | Shari’ah-compliant |
| DEBT | FGSUK2031S4 | 13.00% FGN DEC 2031 | FEDERAL GOVERNMENT OF NIGERIA | 29-12-2031 | 197,500,250,000.00 | Shari’ah-compliant |
| DEBT | FGSUK2032S5 | 15.64% FGN DEC 2032 | FEDERAL GOVERNMENT OF NIGERIA | 02-12-2032 | 123,500,000,000.00 | Shari’ah-compliant |
| DEBT | FGSUK2032S7 | 19.75% FGN MAY 2032 | FEDERAL GOVERNMENT OF NIGERIA | 23-05-2032 | 357,000,600,000.00 | Shari’ah-compliant |
| DEBT | FGSUK2033S6 | 15.75% FGN OCT 2033 | FEDERAL GOVERNMENT OF NIGERIA | 13-10-2033 | 390,250,000,000.00 | Shari’ah-compliant |
| DEBT | FHSUK202801 | 13.00% FHSUK JUL 2028 | FAMILY HOMES SUKUK ISSUANCE PROGRAM PLC | 15-07-2028 | 10,000,010,000.00 | Shari’ah-compliant |
| DEBT | FHSUK202902 | 14.00% FHSUK SEP 2029 | FAMILY HOMES SUKUK ISSUANCE PROGRAM PLC | 19-09-2029 | 20,000,000,000.00 | Shari’ah-compliant |
| EQTY | JAIZBANK | JAIZ BANK PLC | JAIZ BANK PLC | 347,797,400,589.60 | Shari’ah-compliant | |
| FUND | LASUK2030S2 | 14.675% LASUK MAY 2030 | LAGOS STATE GOVT. BOND | 23-05-2030 | 19,815,000,000.00 | Shari’ah-compliant |
| ETF | LOTUSHAL15 | LOTUS HALAL EQUITY ETF | LOTUS HALAL EQUITY ETF | 4,625,900,000.00 | Shari’ah-compliant | |
| DEBT | TAJSUKS1 | 15% TAJ SUKUK S1 | TAJ SUKUK ISSUANCE PROGRAMME SPV PLC | 13-02-2028 | 11,132,789,220.00 | Shari’ah-compliant |
| DEBT | TAJSUKS2 | 20.5% TAJ SUKUK S2 | TAJ SUKUK ISSUANCE PROGRAMME SPV PLC | 14-11-2030 | 57,029,542,880.92 | Shari’ah-compliant |