By Muhammad Salisu
Kano State Government says will soon introduce a SUKUK bond, an Islamic financial instrument that complies with Shari’ah law, with the aim of boosting infrastructure funding across the state.
In a statement made available to newsmen on Saturday in Kano by the Director of Public Enlightenment, Kano State Ministry of Finance, Mr. Ameen Yassar, the Director-General of the State Debt Management Office, Dr. Hamisu Sadi Ali said the introduction of the SUKUK bond, signals Kano State’s effort to bring innovation in public finance and deepen investment in infrastructure projects within an ethical and Shari’ah-compliant framework.
Dr. Sadi Ali explained during the opening of a two-day workshop on the state’s 2026–2027 Medium-Term Debt Management Strategy (MTDS) that the SUKUK bond is designed to expand funding sources while adhering to ethical investment principles. Unlike conventional bonds, SUKUK offers investors partial ownership in assets funded through certificate sales.
He emphasized in the statement that "this innovative financing approach will channel resources into key infrastructure projects that directly benefit Kano’s citizens.
"This instrument will not only diversify our funding sources but also align with ethical investment principles,” he said.
On the state’s current debt position, Dr. Sadi Ali assured that Kano’s debt remains within approved fiscal limits, and the administration is committed to maintaining fiscal discipline.
“Our Medium-Term Debt Management Strategy is not just about borrowing; it’s about managing risks and strengthening fiscal policy,” he added.
He described the MTDS as a roadmap for sustainable debt management and economic resilience, supporting the growth of a well-functioning domestic capital market and reducing macro-financial risks.
“The 2026–2027 MTDS reflects our collective commitment to prudence and responsibility in every borrowing decision, all aimed at improving the lives of our people,” Dr. Sadi Ali noted.
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