The Marble Halal Commodities Fund (MHCF), a brand-new commodities fund based in the agro-economic and extractive sectors, has been established as the first commodities fund to receive approval from the Securities and Exchange Commission (SEC).
The new asset class was intended to impact Nigeria’s whole economy, including but not limited to agriculture and the Nigerian financial market. industry.
There are 30,000,000 units in the initial three billion naira fund, each worth N100 at par. Nonetheless, it may be raised with the SEC’s consent.
The Fund, which predominantly invests in commodities-linked instruments, operates in accordance with Shari’ah standards and only makes investments in securities that have received the halal certification.
Dayo Obisan, the Executive Commissioner for Operations of the Securities and Exchange Commission (SEC), said yesterday at the Fund’s inauguration ceremony in Lagos that the Fund’s launch will be crucial to accomplishing the Commission’s 2015–2025 Nigerian Capital Market Master Plan. One of the fundamental principles, according to Obisan, was that 25% of the market capitalization should originate from non-interest areas like the Marble Halal Commodities Fund.
Akeem Oyewale, the chief executive officer of Marble Capital Ltd, claimed that the Fund would increase product diversification in the Nigerian economy while guarding against the loss of assets to shady crowd fundraising projects and Ponzi schemes.
“The Fund’s primary goal is to diversify investor income and produce profits by investing in a variety of halal-compliant products. Also, the Fund would support the nation’s economic expansion. By formalizing many informal agricultural investments, investors will be able to scale their investment opportunities.
The Marble Halal Commodities Fund complies with the PenCom requirements for mutual fund investments and is accessible to both retail and institutional investors. N50,000 is the minimal amount needed for investment, according to Oyewale.
The Fund would be invested in various commodities-linked products, including gold and precious metals, among others, said Marble Capital Limited Chairman Alhaji Ali Ango earlier in his speech.
“Because of the Fund’s forward-looking nature, it will be able to adjust to new asset classes when they become accessible and receive regulatory approval. The introduction was appropriate, especially in light of the devastating floods that hit Nigeria last year, which prompted commodities markets to prioritize value-adding activities like off-taking and processing in addition to agricultural production. The Federal Government has decided to aid the farmers who suffered significant losses last year, and the launch is opportune because of this.
Ibrahim Jimoh, an analyst at Marble Capital, explained more details regarding the Fund: “The invested monies can be redeemed after 90 days. He emphasized that N50,000 was the minimum amount, which equals 500 units at a price of N100 each.
Many chief executive officers from the financial sector and other captains of industry attended the occasion.
