IDB, IOM, partner NIDCOM on Diaspora Humanitarian Sukuk

IDB, IOM, partner NIDCOM on Diaspora Humanitarian Sukuk

The Islamic Development Bank (IDB) and the International Organisation for Migration (IOM) are set to collaborate with the Nigerians in Diaspora Commission (NIDCOM) on Diaspora Humanitarian Sukuk.


A statement issued by the media office of NIDCOM said that the partnership would focus on diaspora remittances and capacity development programmes, training and research.


Sukuk is an Islamic financial certificate, akin to a bond in the Western financial system, which complies with the tenets of Islamic religious law commonly known as Sharia.


Dr Mamoud Kamara, Regional Head of IDB in Nigeria, was quoted as announcing the proposed partnership when he held a strategic meeting with the Chairman/CEO, Nigerians in Diaspora Commission, Mrs Abike Dabiri-Erewa, in Abuja.


Kamara said that the Diaspora Humanitarian Sukuk would help assuage the sufferings of Nigerians, particularly those who have lost their means of livelihood and were struggling to eke a living.


He said the initiative would involve a multilateral banking strategy, involving the World Bank and African Development Bank, among others.


Kamara said that the initiative would be all-inclusive and global in structure and scope.


He also said that diaspora remittances would guarantee discounted rates, insurance, infrastructure projects and crisis relief.


He stressed that the Diaspora Humanitarian Sukuk would have a positive impact on the economy, adding that similar programmes had been successfully implemented in Israel, India and Ethiopia.


The National Project Officer of IOM, Ms Ukamaka Osigwe, said that the organisation was working with IDB to ensure a successful take-off of the initiative in Nigeria.


Dabiri-Erewa said that a committee would be constituted to fashion out modalities for the full implementation of the initiatives that were put forward by both IDB and IOM.


The NIDCOM Chairman, nonetheless, underscored the need restructure issues relating to migration in such a way that “irregular migration can be made regular’’.


She also emphasised the need for diaspora data mapping, while placing considerable emphasis on research and development.


The strategic meeting was facilitated by the newly appointed FCT Diaspora Focal Point Officer, Ms Sarah Areo David.

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