United Capital Asset Management claims that the size of its Sukuk fund has expanded by a record N1.5 billion in the year since the Islamic (ethical) fund was initially launched. The firm stated that its N1 billion Sukuk fund subscription offer was oversubscribed.
Peter Ashade, Group CEO of United Capital Plc, made the announcement yesterday during the re-launch of the United Capital Sukuk Fund. He also stated that the investment management firm has expanded its registered units to 4,000,000,000.
“The company came out to launch N1 billion Sukuk fund last year. We currently have N1.5 billion. We are trying to increase the bandwidth because we are taking it as an open-ended fund whereby investors can always come and have free entry and exit,” Mr Ashade said yesterday at the event that was held at Transcorp Hilton hotel in Abuja.
He stated that the re-launch of the product in the North is about returning the market’s business to its rightful place. “It is part of our commitment to the growth of the Nigerian capital market.” It also has a role to play in one of the primary areas of collecting investment schemes, which is a significant field. “It’s about contributing our quoters as a group to the market,” he explained.
Alh. Mustapha Bintube, Chairman of Buraq Capital Limited, stated that Islamic financing is beginning to be incorporated into the Nigerian financial system, noting that the pension and insurance industries have also begun to invest in the Islamic financing process.
“The future of not only Sukuk but Islamic financing in Nigeria is very bright. We need to braze up for the days ahead,” the chairman said while appreciating the company’s management for taking the initiative, expressing hope that the Sukuk fund re-launch will be a success.
Odiri Oginni, MD/CEO of United Capital Asset Management, introduced the United Capital Sukuk Fund, stating that the company has generated N6.85 billion in revenue as of June 2021. The MD stated that her organization is searching for creative goods to develop that would benefit both the company and the market.
“In terms of target, we’ve sustainably delivered value and grew our assets. Right now, we want to consolidate on our strength in terms of growth and also create new products and deepen the capital market and expand the fund’s management space,” she stated.
Oginni stated that the relaunch in Abuja was only the beginning of a big rollout across the North, utilizing the company’s existing locations in the region.