The Debt Management Office (DMO) has said that the N250 billion Sovereign Sukuk offer attracted unprecedented over-subscription of N865 billion.

Director-General of the DMO, Ms Patience Oniha made this known in a statement on Saturday.

Oniha said that the massive response was an indication that the idea of growing the domestic investors’ base and promoting financial inclusion through Sovereign Sukuk was achieved.

She stated that the over-subscription by 346 per cent emanated from high level participation by banks, fund managers and non-interest financial institutions.

“The N250 billion Sovereign Sukuk whose offer opened on Dec. 16 closed on Dec. 23, with an unprecedented subscription level of over N865 billion.

“This outcome represents a subscription level of 346 per cent


An analysis of the subscription data revealed high levels of subscription from banks and fund managers (including pension funds), as well as non-interest financial institutions, ethical funds, cooperative societies and retail investors.

“The increasing level of participation by a more diverse and larger number of investors is a confirmation that the DMO’s objectives of issuing Sovereign Sukuk to grow the domestic investor base and promote financial inclusion is being achieved,” she said.

Oniha said that high level of subscription was a vote of confidence on the DMO’s past Sukuk offers.


She reassured that the proceeds would be used to finance rehabilitation and reconstruction of road projects across the country.

“The high subscription level is proof of investors’ acknowledgement of the impact the N362.57 billion Sovereign Sukuk issued between 2017 and 2020 has had on the development of road infrastructure in Nigeria.


“The DMO reaffirms that the proceeds of the N250 Billion Sovereign Sukuk will be used to finance the rehabilitation and reconstruction of road projects across the six geopolitical zones and the Federal Capital Territory

Debt Management Office(DMO) Mrs Patience Oniha sovereign sukuk

https://www.google.com/amp/s/pmnewsnigeria.com/2021/12/25/n250billion-sukuk-bond-oversubscribed-3-46-times/%3famp=1

Beauty of Islamic finance

Religion is not our problem but rather a solution to our problem
First and second WW were not caused by religion

First WW claimed 16 million lives while second WW claimed 85 million lives

Man will always find excuse to pursue his selfish interest on account of what he believes in

Wole Soyinka established a so called fraternity in his University days, but now the fraternity has turned to cultism becomes one of the security challenges we face now in Nigeria. That's how man behaves.

Biodun556:
Beauty of Islamic finance

Religion is not our problem but rather a solution to our problem
First and second WW were not caused by religion

Children of hatred would soon call you names. Forgotten the so called world powers have long ago went into Islamic finance. Cause of it stability and fairness

This is a very good part of islamic banking...

A guy said to God, "God, is it true that to you a billion years is like a second?"
God said yes.

The guy said, "God, is it true that to you a billion dollars is like a penny?"

God said yes.

The guy said, "God, can I have a penny?"

God said, "Sure, just a second."


Today, that guy is DANGOTE!
make a choice today, and your life will never remain the same

D beauty of human accountability.

Shekau and the rest of them terrorist don see where to keep money made from years of doing bokoharam.

Now ready to spread it even deeper into more and large scale terror activities. With the help of that useless Saudi crude-oil powered non- interest banking. We shall see how long you terrorist will be able to sustain that by the time solar powered and green energy becomes popular.

The same sun that you worship is the same sun that is going to shut down your madness.

Check UAE. They have seen the bigger picture and already leaving you idiots behind to continue on your unsustainable madness

Oyyanaa

Okay

Seen

K

Ok

Sukuk Bond is a game changer benefited by all

This is highly commendable. If i get millions i for subscribe like two weeks ago too

Islamic banking is the best! Many have committed suicide because of indebtedness caused by interest rate, brought about by Western banking system. Islam is the only system that can solve the world's problems.

drlateef:
I am very sure majority of subscribers will be Christians.

Undoubtedly, they are! But you know what..... they used to be the first to condemn anything Islamic, even though they will benefit from it (e.g this sukuk bond).

Also, don't forget that they attacked this very bond they will benefit from, the time the government revealed its plan for it.

chigator2:










For your information, Islam didn't Invent or even Introduce non-Interest finance to the world.
Even Muhammad came to meet non-Interest finance practiced in his time.
In Medieval Europe Usury was a Sin/Crime for Christians. It was only allowed for Jews who could only practice such to only non-Jews.
Later, The Medici's adopted the trade and rose to power in Europe.

Tranquility4u:


The fact still remains that Islamic banking is the best. Prophet Muhammad condemned and banned the usury-based finance system he met when he was sent to the world as God's Prophet and Messenger. He practised and preached a non-interest finance system during his life time and it's the legacy of that that brought about the present non-interest finance or Islamic banking the world is seeing today.

So you know that usury is a sin for Christians. Yes, you are right. It's a sin, not for only Christians but for all mankind.

So my question is why are you Christians still dealing with usury?

chigator2, has been dodging my question. I just can't help it. I must drag you to the front page for the world to see your hypocritical religion because your hypocrite self has shunned my simple question regarding why you Christians or the Christian world deal with the usury/interest even though it is a sin according to your Bible. Not even one Christian church, home or abroad, has ever preached against usury, and your Bible is against it. They are even the biggest actors in usury, very greedy and uncompassionate people. So are you guys not flouting the rules and commands of your scripture?

Biodun556:
Beauty of Islamic finance

Religion is not our problem but rather a solution to our problem
First and second WW were not caused by religion

First WW claimed 16 million lives while second WW claimed 85 million lives

Man will always find excuse to pursue his selfish interest on account of what he believes in

The problem with most of you Muslims is that you always like to play religion in everything.
Dont forget that most of the good practice systems in the world also have Christian origin but nobody has made noise about it.
If you have something you presented, why making it look Islamic always? Why not allow it flow in order not to draw unneccessary religious dimension to it? For instance, how would it be that some people attach thier religion to the origin of football? Attach to the origin of many
great scientific feats. Attach religion to even our calendar system and much more

Quit being stupid, it creates an atmosphere of suspicion. You muslims will never learn sha

I am very sure majority of subscribers will be Christians.

Nice

More money for looters to loot

This is an indication that Nigerians still have believe in this government.

Nairametrics wrote a better story. No mention of rental rate here.

drlateef:
I am very sure majority of subscribers will be Christians.

I have the data, they are.

That's unlike Nigerians, especially in December... so good persons still de Abuja

dawnomike:
This is a very good part of islamic banking...

Biodun556:
Beauty of Islamic finance

Religion is not our problem but rather a solution to our problem
First and second WW were not caused by religion

Tranquility4u:
Islamic banking is the best. Many have committed suicide because of indebtedness caused by interest rate, brought about by Western banking system. Islam is the only system that can solve the world's problems.

drlateef:
I am very sure majority of subscribers will be Christians.

AbuMaryam1:

Children of hatred would soon call you names. Forgotten the so called world powers have long ago went into Islamic finance. Cause of it stability and fairness

These fanatics again.... Hold your high horses.

Why are you guys trying to imply silly religious narratives into these report.

For your information, Islam didn't Invent or even Introduce non-Interest finance to the world.
Even Muhammad came to meet non-Interest finance practiced in his time.
In Medieval Europe Usury was a Sin/Crime for Christians. It was only allowed for Jews who could only practice such to only non-Jews.
Later, The Medici's adopted the trade and rose to power in Europe.

So it's nothing new or original to Islam that you should brag or blab about. It shouldn't even be addressed as Islamic finance rather Non-Interest/Ethical Finance
No system is perfect as some naive people claim.

Islamic finance differs on 2 major concepts:
1. Shariah Permissible/Ethical Investing
2. Profit/Loss Sharing

This does not magically delete the inherent risk in the business invested on. The business can fail woefully causing deeper losses for the lender than on the other hand, the flip side is that both parties share losses.
Hence
Ethical Finance is more sustainable and ensures the lender is a partaker of the risk so lending is more vetted rather than careless lending.
On the other hand, Interest charging finance offers more time value for the lended money and protects you better from inflation while sacrificing sustainability.

The Oversubscribing of Sukuk Bonds is also simply a feature of expanding Capital that is seeking returns. Capital is flowing about and needs returns so any available sustainable opportunity is a good bet.

It doesn't mean anyone wants to shout Allahu Akbar, pray 5 times or blow up stuff with you

Trustworthiness:


The fact still remains that this idealogy is from Islam. Then... It is worth mentioning.
There is nothing wrong all religious groups bring out a game changing ideas that can bring reformation in the country.
So, if your religion has something for the country, then let us know and don't keep it to yourself

Bruhh get educated and stop blabbing.

Muhammad came 600 years after Jesus Christ.
Read Church History, it was forbidden for Christians to loan a fellow Christian money and expect anything in return not even profit sharing was permitted.I guess inflation wasn't a worry thing then.
They practiced this for good 500 years + before Muhammad came around with his revelations
In Medieval Europe, Usury was also a crime.

Muhammad came to meet Ethical Investing and as usual everything was plagiarized into Islamic Banking.
So because the word "interest" was replaced with "Riba", it is now of Islamic origin. SMH.
Truly truly Madrassa no be school

BigDawsNet:
A guy said to God, "God, is it true that to you a billion years is like a second?"
God said yes.

The guy said, "God, is it true that to you a billion dollars is like a penny?"

God said yes.

The guy said, "God, can I have a penny?"

God said, "Sure, just a second."


Today, that guy is DANGOTE!
make a choice today, and your life will never remain the same

Dry

Biodun556:

https://www.google.com/amp/s/pmnewsnigeria.com/2021/12/25/n250billion-sukuk-bond-oversubscribed-3-46-times/%3famp=1

out of all the yeye fed loan bonds etc I am.pleased with this sukuk. If you travel to lag from Ondo state you go know watin I mean.

somebody shat hallelujah!!

meanwhile they keep smiling to the bank while their poor members keep weeping in poverty!!

them rich circle feed the poor with crumbs, and them go oppress the poor in the church with testimonies made possible via fraudulent activities!!

SpecialAdviser:

The problem with most of you Muslims is that you always like to play religion in everything.
Dont forget that most of the good practice systems in the world also have Christian origin but nobody has made noise about it.
If you have something you presented, why making it look Islamic always? Why not allow it flow in order not to draw unneccessary religious dimension to it? For instance, how would it be that some people attach thier religion to the origin of football? Attach to the origin of many
great scientific feats. Attach religion to even our calendar system and much more

Quit being stupid, it creates an atmosphere of suspicion. You muslims will never learn sha

The fact still remains that this idealogy is from Islam. Then... It is worth mentioning.
There is nothing wrong all religious groups bring out a game changing ideas that can bring reformation in the country.
So, if your religion has something for the country, then let us know and don't keep it to yourself

Hmm, using stolen government money to buy insurance from the same government

Trustworthiness:


The fact still remains that this idealogy is from Islam. Then... It is worth mentioning.
There is nothing wrong all religious groups bring out a game changing ideas that can bring reformation in the country.
So, if your religion has something for the country, then let us know and don't keep it to yourself

Practically almost all the system you have been running in the country especially as it in concerns education has Christian origin.
Remember we were colonized by Christian missionaries. The Red Cross and Human right groups have Christian origins.
Christians do not make noise or make refernce to call them Christian ideologies. Why are you guys so noisy like this?