L – R, the picture shows the Executive Director, Market Operations and Technology, The Nigerian Stock Exchange (NSE), Mr Adeolu Bajomo; Chief Executive Officer, NSE, Mr. Oscar Onyema; MD/CEO, Lotus Capital Limited, Mrs Hajara Adeola and Chief of Staff/Head, Corporate Division, NSE, Mr. Bola Adeeko at the launch of NSE – Lotus Islamic Index (NSE LII) on Monday, July 30, 2012 in Lagos.
WorldStage Newsonline-- In a bid to transform the nation's capital market, the Nigerian Stock Exchange (NSE), Monday launched the NSE Lotus Islamic Index (NSE LII).
Speaking at the launch, the Chief Executive Officer of the Exchange, Oscar Onyema said it “is one of the many steps we are charting to bring to fruition our vision of becoming the gateway to African markets.”
The Islamic Equity Index known as the “NSE Lotus Islamic Index”(with the code NSE LII) will consist of companies in conformity with the principles of Shari’ah. The NSE LII, which is the first index created to track the performance of Shari’ah compliant equities on the floor of the bourse, will increase the breadth of the market and create an important benchmark for investments as the alternative non-interest investment space widens.
According to the NSE boss, “We remain committed to our promise of providing a first rate platform that will enable all stake holders build and grow their businesses.”
He noted that early this year the Exchange signed a Memorandum of Understanding (MoU) with Lotus Capital Limited to develop and manage the first index created to track the performance of Shari’ah compliant equities on the floor of the Nigerian Stock Exchange, adding that by this launch the NSE has increased the variety of our indices to seven, giving opportunities to investors with varied investment appetite and interests that track our indices.
He noted that five of NSE indices were developed in partnership with a foreign partner, Bloomberg, adding that the NSE LII is the first index they are developing with a local partner.
The NSE boss said: "We are positive that this bold step will bring on board various ethical investors who were previously not sure about the suitability of investing in stocks, to embrace the market –this directly makes our market more accessible and more inclusive.
He added that "The NSE Lotus Islamic Index (NSE LII) consists of companies whose business practices are in conformity with the principles of Shari’ah.
"We believe that it will increase the breadth of the market and create an important benchmark for investments as the alternative non-interest investment space widens", he assured
Lotus Capital was founded in June 2004 with the specific objective of meeting needs of ethical individuals, businesses, and the investment organizations across West Africa. It is a full-service, Halal Investment Management Boutique specializing in Shari’ah compliant Asset Management, Private Wealth Management Advisory Services and Financial Advisory Services.