The Debt Management Office recently opened an offering for a 10-year N100 billion Forward Ijarah Sukuk instrument at a rental rate of 15.64 percent per annum, payable half-yearly.
Sukuk refers to sharia-compliant financial instruments representing undivided interests in the ownership of defined assets. Sukuk are based on prescribed principles of Islamic law, and ‘Sukuk’ as an Arabic term relates to investment certificates or notes that indicate proportionate interest of the holders in the ownership of tangible assets, usufructs and services; or investment in the assets of particular projects and activities that adhere to the principles of Shariah.
Sukuk structures mandate accountability and transparency to investors due to its Shariah-compliant nature, thereby promoting better corporate and institutional governance.
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