Norrenberger strengthens Islamic finance portfolio with NGX debut

Onome Amuge

Norrenberger Group, an integrated financial services firm, has successfully listed two of its flagship funds – the Norrenberger Islamic Fund (NIF) and the Norrenberger Turbo Fund (NTF) – on the Nigerian Exchange Limited (NGX).

The listing of both funds are registered as Collective Investment Schemes (CIS) by the Securities and Exchange Commission (SEC).

The Norrenberger Islamic Fund caters to investors who value adherence to Shariah principles and have both short-term and long-term investment goals.

On the other hand, the Norrenberger Turbo Fund is a mutual fund primarily focused on fixed income assets such as bonds, offering a solid option for investors seeking to generate returns through a diversified portfolio of government and corporate securities.

Pabina Yinkere, acting managing director of Norrenberger Group, celebrated the listing of the Norrenberger Islamic Fund (NIF) and Norrenberger Turbo Fund (NTF) on the NGX at the Closing Gong Ceremony, Tuesday, heralding the event as a momentous achievement in the firm’s history.

According to Yinkere, the listing will help the asset management firm to expand its reach and provide a wider range of investment solutions to Nigerians through its mutual funds.

He said, “So for the Islamic fund, the objective is to invest in an ethical way, to invest in line with the principles of Islamic finance. 

“But generally, it’s not only for Muslims or people of the Islamic faith. Anybody can invest it in it, because the overriding fundamentals of this fund, what it simply means, is that, you are investing in an ethical manner, investing in instruments or avenue that does not support gambling, that does not support pornography, that does not support crime, and dealing in ammunition and things like that. 

“So it makes it a very ethical investment for just anybody, not only for Islamic people of the Islamic faith, and for the Turbo Fund, what it does, it provides an avenue for investors to be able to access a market that is seemingly out of reach of many individual investors.”

The Norrenberger Group’s acting managing director reiterated that the funds have been consistently ranked in the top quarter of their respective categories since their inception and are top performers within those categories.

Jude Chiemeka, chief executive officer of the Nigerian Exchange Limited, applauded Norrenberger Group for creating new investment opportunities in the Islamic finance market, thereby deepening the NGX and providing investors with more options to diversify their portfolios. 

Chiemeka stated, “We have 63 mutual funds that are listed on our exchange and that begin to speak to our desire to create opportunities for retail investors to invest in our market. We have five Islamic products that are listed.

“Islamic finance is an area the exchange is really committed to and we must commend Norrenberger for deepening that market for us by creating an additional instrument that investors can trade.

“Islamic finance has helped the federal government through the issuance of Sukuk. Over a trillion naira has been reached on this market and we can see the effect of the funds that have been raised as they have been trying to refurbish most of the roads that we use in the country.” 

Emphasising the benefits of alternative investment options, the NGX chief encouraged retail investors to consider investing in mutual funds. 

Given the current inflation and interest rates in the country, Chiemeka noted that mutual funds can offer a more diversified, potentially less volatile approach to investing.