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Sigma Pensions Reaffirm Importance of Non-interest Fund in Deepening Financial Inclusion 

The Managing Director and Chief Executive Officer, Sigma Pensions, Mr Dave Uduanu, has the new pension non-interest fund, which will be launched later in the year, will help to deepen financial inclusion in the country.

A statement titled ‘Uduanu: Non-interest fund will deepen financial inclusion’ on Thursday quoted him as saying this at a virtual conference organised by the company to promote ethical investments in Nigeria on non-interest investing.

According to the statement, the non-interest fund, which is Fund VI under the multi-fund structure introduced by the National Pension Commission, is for contributors who choose to have their pension contributions invested in non-interest money and capital market products.

Uduanu said when launched, the non-interest fund would boost investments in the nation’s non-interest finance sector.

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He said, “The Islamic finance global market has been expanding rapidly in recent years, recording 15-20 per cent annual growth, and is estimated to be worth $3tn, and the industry is gaining wider recognition in Nigeria.

“The non-interest fund will take off in the fourth quarter of this year. It will boost interest in non-interest finance and also deepen financial inclusion in Nigeria given the country’s large Muslim population that is not participant in the ethical fund investments and Islamic financing and this is the right time for it.”

The Sigma Pensions boss called on ethical investors to tap into the many investment opportunities, which, according to him, abound in the country.

He said the non-interest fund would be a positive development for the pension industry.

According to him, Nigeria is probably the only country with a large Muslim population that does not currently have such an ethical fund.

He explained that for the second time in two years, Sigma Pensions decided to host the 2021 conference, which had as its theme, ‘Non-interest investing: Investing my money; my values’, as part of its efforts to raise public awareness about non-interest finance ahead of the launch of the non-interest fund.

Also speaking at the conference, the Managing Director/Chief Executive Officer, Lotus Capital, Hajara Adeola, who was the guest speaker, commended Sigma Pensions for providing a platform for increasing public awareness about non-interest finance.