As FG N100bn Sukuk offer ends, group calls for extension

As the offer for subscription of the Federal government N100 billion Sukuk ends today, September 20th, a group called Muslim Rights Concern (MURIC) has called for the extension of the deadline.

The Federal Government issued its first sukuk (noninterest lease assets facilities) last week (on Thursday 14th September, 2017) and it expires today, Wednesday 20th September.

In a statement signed by the MURIC President, Professor Ishaq Akintola, it is stated: Although we commend FG for this historical development, we are disturbed by the short notice of the savings window. “The Central Bank of Nigeria (CBN) goofed by giving six days only as deadline when interest based bonds and shares are available for months before the closing date.”

“Six days notice is rather too short for a new facility. Afterall, Muslim Finance experts have for several decades been calling for noninterest financial instruments like the sukuk and FG needs to give this first chance a longer time until people get used to it.”

“We expect CBN to know all these facts. It knows the advantages of sukuk and its preference in modern financial institutions. Or does it, really?”

“MURIC charges FG to extend the sukuk’s deadline to the end of December 31st, 2017. We suggest that a robust publicity should be embarked upon between now and the proposed December 31st ultimatum. No serious nation plays with its economic survival and diversification of investments is one of the best means for achieving this.”