The $500 million Digital Sukuk initiative, a creative partnership between The Alternative Bank and TK Tech Africa, has the potential to revolutionise non-interest banking and financial technology in Nigeria.
As a leader in the nation’s adoption of blockchain technology for Sukuk bond issuance, trading, and settlement, this cooperation promotes morally and Sharia-compliant investment practices.
The Alternative Bank’s Group Head of Structured Trade & Commodities Finance, Gbenga Awe, highlighted the company’s leading role in the financial services industry as a bank-tech by utilising its digital innovations and proficiencies.
Awe emphasised the bank’s endeavours to generate wealth by creating digital products that cater to the interests of all individuals involved in commodities and precious metals. He claims that the project will offer previously unheard-of accessibility and flexibility by enabling anyone to invest in the commodities market using tokenized alternative assets.
He affirmed that the bank’s involvement goes beyond just digital. “We are deeply engaged in the agricultural sector, with significant assets like cocoa, soybeans, sesame, precious metals, and warehousing facilities. Showcasing the bank’s preparedness to support the Sukuk initiative with tangible, real assets,” he elaborated.
The CEO and founder of TK Tech Africa, Oludamola Akindolire, gave a speech about how revolutionary this partnership is. By combining blockchain technology with Islamic banking, we are offering a morally-responsible investment option that is revolutionising the financial innovation landscape in Africa, according to Akindolire.
He emphasised the initiative’s significance in promoting inclusive economic growth and underlined its target audience as urban Nigerians between the ages of 25 and 60 who are middle-class to well-off.
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