United Capital Asset Management says its Sukuk fund size has increased by a record N1.5 billion within the last one year of first launching the Islamic (ethical) fund. The firm said its N1 billion Sukuk fund offer for subscription was oversubscribed.
Group CEO, United Capital Plc, Peter Ashade who made the disclosure at the re-launch of United Capital Sukuk Fund yesterday, said the investment management firm has also increased its number of 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 said the re-launch of the product in the North is about taking the business of the market to where it belongs. “It’s part of our contribution to the Nigerian capital market development. It is also part to play out in one of the key areas of collecting investment scheme, which is a major area. For us, it’s about contributing our quoter as a group to the market,” he stated.
Chairman, Buraq Capital Limited, Alh. Mustapha Bintube remarked that Islamic financing is beginning to be integrated into the Nigerian financial system, noting that the pension and insurance sectors have also delved into investing 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.
Introducing the United Capital Sukuk Fund, the MD/CEO United Capital Asset Management, Odiri Oginni said as at June 2021, the company had generated revenue of N6.85 billion. The MD said her company is looking out for innovative products to create that will be beneficial to the firm and also beneficial to 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 funds management space,” she stated.
Oginni said the relaunch in Abuja was just to kickstart what she said will be a massive rollout across the North, using its existing offices in the region.