Family Homes Funds wins Finance Deal of the Year at AICIF Awards

June 21, 2023

The Family Homes Funds’ Corporate Sukuk Issuance in July 2021 has been named the Islamic Finance Deal of the Year in Nigeria at the African International Conference on Islamic Finance (5^th AICIF) on 9^th November 2021, in Abuja.

According to the organizers of the conference and awards, Metropolitan Law Firm, the award is in recognition of Family Homes Funds’ contribution to the advancement of the Islamic finance industry in Nigeria.

On 15^th July 2021, the Family Homes Funds successfully completed the issuance of N10,000,000,000 7 Year 13% Series 1 Ijara Lease Sukuk (“Series I Sukuk”) under the N30,000,000,000 Sukuk Issuance Programme, becoming the first Securities and Exchange Commission registered corporate Sukuk to be issued in Nigeria.

The Sukuk was also the first-ever corporate Sukuk certified by the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria and represented Family Homes’ debut in the Nigerian Debt Capital Markets.

The transaction which was well received and attracted significant demand from a wide range of high value and quality investors including pension funds, ethical funds, fund managers, non-finance Islamic institutions, trustees, corporate and high net worth individuals reinforces Family Homes Funds’ commitment to facilitating the provision of affordable homes and diversifying its funding sources, as well as the resilience of the domestic debt capital market.

Commenting on the award, the Managing Director of Family Homes Funds, Mr Femi Adewole said, “We are very proud of this recognition, and its significance for the domestic debt capital market and for other institutions like us looking to explore this financing option for development programmes. Raising the Sukuk has given us the opportunity to further diversify our funding sources and provided the necessary support for our goal of providing affordable homes across Nigeria. This recognition is a great spur for our team and our commitment to affordable housing delivery for low-income earners in Nigeria. We really thank the organizers of the AICIF for deeming us fit for this prestigious recognition.’’

FHFL is currently in partnership with State Governments and private developers across the country to facilitate the construction of affordable homes for people on a modest income and has now completed 5,408 homes across eight states, with 9,148 under construction, and another 13,543 commencing building works before December 2021. FHFL is also implementing the Nigeria government’s National Social Housing Programme (NSHP) that will provide up to 300,000 homes and lead to the creation of 1.5 million jobs across the country.

About AICIF

Running for the fifth year, the annual African International Conference on Islamic Finance (AICIF) is a gathering of the leading financial experts, regulators, and frontline voices from the global banking community to discuss how Africa can enhance its markets, build stronger, more robust economic ecosystems, and ensure wider financial inclusion.

With the theme “Infrastructure Financing, Sustainability and the Future of African Markets 2.0,’’ this year’s AICIF featured special remarks from the Nigerian Minister of Finance, Budget and National Planning, Hon. Zainab Shamsuna Ahmed, as well as keynote addresses delivered by HRH Muhammadu Sanusi II – Former Governor of the Central Bank of Nigeria; Mansur Muhtar – Vice President, Country Operations, Islamic Development Bank and Former Minister of Finance, Nigeria; and Lamido Yuguda – Director-General, Securities and Exchange Commission, Nigeria and discussions with industry captains, seasoned finance experts, market regulators and other stakeholders.