Sanusi launches UTLAM halal fund in Kano

The Emir of Kano, Muhammadu Sanusi II, has unveiled the UTLAM Halal Fund, a Shariah-compliant investment product designed to expand access to ethical financial services.

The Emir performed the symbolic launch of the fund alongside the commissioning of the Kano branch office of UTL Asset Management Limited.

Chairman of the company’s board and former Minister of Finance, Dr. Shamsuddeen Usman, said the firm specialises in investment management, wealth management and portfolio solutions, adding that Kano remained a strategic location for expanding its services.

He noted that the city’s established commercial networks, entrepreneurial community and position within Northern Nigeria’s economy made it an important market for professional financial services.

Managing Director of UTL Asset Management Limited, Stephen Igwewanne, said the company prioritised understanding clients’ needs and was pleased to extend its operations to Kano, where demand for Shariah-compliant financial products remained significant.

He said the Halal Fund had received the necessary regulatory approvals, adding that its initial public offering (IPO) opened on the day of the launch.

“Our Halal Fund is duly approved by the relevant authorities. Our IPO opens today, and it offers tremendous opportunities for the investing public,” Igwewanne said.

Portfolio Manager Olayinka Longe said the company believed that Halal and ethical investment products would appeal to residents of Kano and other Nigerians seeking investment options consistent with Islamic principles.

She explained that the fund invests in instruments that comply with Shariah principles, which prohibit interest-based transactions.

According to her, the minimum investment is ₦100,000, with units offered at ₦1 each, while dividends are paid quarterly.

In his remarks, Emir Sanusi commended the company for bringing its services to Kano and expanding access to Halal investment products.

He said awareness and understanding of Halal and ethical financial services were growing across the country.

The launch and commissioning of the branch office mark UTL Asset Management Limited’s effort to deepen its presence in Kano and broaden investment opportunities for individuals and institutions seeking Shariah-compliant financial solutions.

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