Securities and Exchange Commission (SEC) has reaffirmed its commitment to expand the depth of the nation’s capital market and promote financial inclusiveness.

The Director-General of the commission, Mr. Mounir Gwarzo, gave the assurance at a High Level Regional Roundtable on Non-Interest Capital Market in Kano on Monday.

According to him, the commission has already put in place measures aimed at realising the set objective.

“Our role is to boost non-interest capital market product innovation so that the segment can be at least 25 per cent of the overall market capitalisation.

“We intend to build a strong regulatory regime for non-interest products, encourage stakeholders in the non-interest capital market.

“In addition, we intend to ensure the emergence of Nigeria as a prominent non-interest capital market hub, both at the regional and global levels.”

Gwarzo said in order to harness this potential, proper planning was necessary.

He said: “This is why at the SEC we set up a committee of experts last year to produce a 10-year master plan.

“We are confident that our own master plan objectives will be achieved.”

Gov. Abdullahi Ganduje of Kano State commended the commission for initiating the workshop.

He assured that the government would give all the necessary support to enable the commission to realise its dream.

“Kano will like to be seen as a base for Islamic banking and finance for financial market development.”

Similarly, the Emir of Kano, Alhaji Muhammadu Sanusi, recalled how Central Bank of Nigeria established solid structures for non-interest banking system during his tenure.

He, therefore, called on the commission to do its best to ensure effective implementation of its policies.

Sanusi called on policy makers and stakeholders to appreciate the role of non-interest capital market in bridging the gaps in the nation's financial institutions.

The theme of the workshop is ‘Financing development through Islamic Capital Market - A viable alternative.’ (NAN)

•Photo shows DG Sec, Mr. Mounir Gwarzo.

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