Nigeria: Islamic Halal Fund Lists on NSE

Abuja — Lotus Capital has announced the Memorandum listing of its Islamic Halal Investment Fund on the Nigerian Stock Exchange (NSE).

According to a statement made available to Daily Trust, NSE has approved the listing of 3,205,725,266 Units of the Halal Fund in accordance with the stock exchange regulations.

Lotus Capital is a fully fledged ethical financial institution structured along Islamic law, committed to providing innovative asset management, private wealth management, and general financial advisory services.

According to the Managing Director, Lotus Capital Limited, Mrs. Hajara Adeola, "We have been in the Nigerian market since 2004, and first offered the Halal Investment Fund to the general public in 2008. This fund was a huge success and we are positive that having the Halal Fund listed on the stock exchange will increase the visibility of fund values to our investors and ensure greater transparency and accountability. Having worked hard to get listed, we will strive harder to maintain our integrity by offering our present and future customers innovative and rewarding investment products without violating their religious beliefs or personal values.

"At Lotus Capital, we adhere strictly to a code of ethics that does not patronize usury. Our operations are open and transparent and are reviewed by a Shari'ah Advisory Board. This and many other "checks and balances" ensure that our funds are not used for prohibited activities."

The company recently held a breakfast forum where "Islamic investments as an alternative to other forms of investment" was discussed.

Lotus Capital provides specialist financial advice on how the budget deficits of State governments can be eased through careful planning and implementation of development projects which make use of Islamic Bonds (Sukuk).

Lotus Capital is registered with the Securities and Exchange Commission (SEC) as Fund Managers and Corporate Investment advisers.

Islamic finance uses sale, leasing and sharing-based modes like Murabaha, Ijara and Musharakah to conduct its business. It also looks at the value creating developmental impact of transactions which introduces the much needed moral standard into finance and investment.