Halal Funds Drive Financial Inclusion, Attract Investors

‎As Nigeria intensifies efforts to deepen financial inclusion and broaden investment opportunities, halal funds is emerging as a viable vehicle for wealth creation, attracting growing interest from both Muslim and non-Muslim investors.
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‎Speaking with journalists in Abuja, Group Managing Director of the mutual fund company, Abigail Utomi said, Alternative banking is gaining traction across the country as more individuals seek ethical and interest-free financial products.

According to her, Industry stakeholders say halal funds is playing a significant role in expanding access to investment opportunities while supporting the growth of Nigeria’s non-interest finance sector.
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‎She posited that halal funds is helping to broaden investment opportunities for Nigerians regardless of their faith, beliefs or financial preferences. She noted that the funds, alongside other ethical investment products, provide avenues for wealth creation while supporting real economic activities and business growth.
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‎Utomi explained that the growing appeal of halal funds reflects increasing awareness of investment products that combine financial returns with ethical considerations.

According to her, the products are designed to create value for investors while contributing to broader economic development.
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‎Chairman of the company’s Board of Directors, Chibuzo Ekwekwo, said halal funds complied with Islamic finance principles by avoiding interest based transactions and investments in sectors considered unethical under Sharia law. He explained that the funds are invested in approved assets such as equities, real estate and Sukuk, offering investors opportunities for capital appreciation without exposure to conventional interest-bearing instruments.
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‎Ekwekwo noted that the company’s decision to deepen participation in the ethical investment space is driven by the need to bridge the gap between those with investable funds and those seeking capital.

He added that the strategy aligns with efforts to expand financial inclusion and make wealth management solutions accessible to people across different socioeconomic levels.
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‎Ekwekwo further stated that ethical investment products are helping to channel savings into productive sectors of the economy while providing investors with alternative avenues for long-term wealth creation.
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‎Industry stakeholders observed that beyond serving the Muslim population, halal funds is increasingly attracting non-Muslim investors because of its emphasis on transparency, risk-sharing and responsible investing.

They noted that the expanding range of non-interest financial products is helping to mobilise dormant savings, increase participation in Nigeria’s capital market and support economic development.
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‎The stakeholders also stressed that sustainable value creation remains central to their operations, with professionalism, accountability and trust serving as key pillars for delivering long-term benefits to investors.
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‎They expressed confidence that growing awareness of halal funds and alternative banking products will further expand Nigeria’s financial market, deepen financial inclusion and create more opportunities for wealth creation across the country.
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‎Umbwanko Baba, Edited By Grace Namiji