By Michael Eboh
Lotus Capital LimitedÂ has announced the listing of its Islamic Halal Investment Fund on the Daily Official List of the Nigerian Stock Exchange (NSE). The fund was listed on the Memorandum Quotation segment of the official list.
According to a statement by Lotus Capital, the fund is a reflection of its commitment to providing innovative asset management, private wealth management, and general financial advisory services, especially as it pertains to Islamic law.
The statement quoted the Managing Director of the company, Mrs. Hajara Adeola as saying, â€œWe 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.â€
She disclosed that the fund is structured in line with the tenets of Islam, having various checks and balances that ensures that it is not used for prohibited activities.
She said, â€œAt Lotus Capital, we adhere strictly to a code of ethics that does not patronise usury. Our operations are open and transparent and are reviewed by a Shariâ€™ah Advisory Board. This and many other â€œchecks and balancesâ€ ensure that our funds are not used for prohibited activities.â€
She disclosed that the company 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, otherwise known as Sukuk.
She further stated that Islamic finance uses sale, leasing and sharing-based modes like murabaha, ijara and musharaka to conduct its business, while looking at the value creating developmental impact of transactions which introduces the much needed moral standard into finance and investment.