The Islamic Development Bank (IDB) and the International Organisation for Migration (IOM) are set to partner the Nigerians in Diaspora Commission (NIDCOM) on Diaspora Humanitarian Sukuk.
A statement issued by the media office of NIDCOM said that the partnership will focus on diaspora remittances and capacity development programmes, training and research.
The News Agency of Nigeria (NAN) reports that Sukuk is an Islamic financial certificate, similar to a bond in Western finance that complies with 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, Abike Dabiri-Erewa in Abuja.
Kamara explained that the Diaspora Humanitarian Sukuk would help assuage the sufferings of Nigerians, particularly those who have lost their means of livelihood and were struggling for any means of survival.
He said the initiative will involve a multilateral banking strategy, involving the World Bank and African Development Bank among others.
Kamara said the initiative would be all-inclusive and global in structure and scope.
He stated that diaspora remittances would guarantee discounted rates, insurance, infrastructure, projects and crises relief.
According to him, the diaspora sukuk will have a positive impact on the economy, adding that similar programmes have been successfully implemented in Israel, India and Ethiopia.
National Project Officer of IOM, Ms Ukamaka Osigwe, assured that the organisation was working with IDB to ensure a successful take-off of the initiatives in Nigeria.
The NIDCOM Chairman on her part advised that a committee be constituted, within one week, to fashion out modalities for the full implementation of the initiatives as put forward by both IDB and IOM.
Dabiri-Erewa also harped on mainstreaming migration in such a way that “irregular migration can be made regular’’.
She emphasized the need for diaspora data mapping as well as an 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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