The Emir of Kano, Muhammad Sanusi II has advised Kano state government to explore the financial instrument of Sukuk, the Islamic equivalent of bonds, to finance projects in the education sector of the state.
As opposed to conventional bonds, which simply confer ownership of a debt, Sukuk grants the investor a share of an asset, along with the commensurate cash flows and risk. As such, Sukuk securities adhere to Shari’ah principles, which prohibit the charging or payment of interest.
He maintained that the viability of the instrument was demonstrated by Osun state government, which was the only state in Nigeria that raised a Sukuk bond worth billions of Naira from the capital market to fund educational development.
The Emir made the call, Tuesday, during the combined graduation of 2,000 In-Service Teachers under the state’s Teacher Upgrade Training Programme, as part of activities to mark the Kano Basic Education Week.
“The funds were used to finance construction of education projects, among other development initiatives, and I think it holds potential for states like Kano,” Emir Sanusi stated.
Turning to the graduating teachers, he charged them to remain focused and dedicated, saying the Kano Emirate Council identified with the state government in its stride to turn around the education sector.
In his remarks, the state Governor, Dr. Abdullahi Umar Ganduje, said “the Teacher Upgrade Training Programme was envisioned to serve as an instrument for transforming instructional delivery system through acquisition of teacher professional qualifications and upgrading teachers’ capacities for higher performance and better learning outcome.”
“The zeal of the state government to overcome the problem of professionally unqualified teachers led to the collaboration with teacher training institutions in the state to embark on professional upgrade of over 25,000 different categories of unqualified teachers using the provisions of the National Commission for Colleges of Education (NCCE) and the Teachers Registration Council of Nigeria (TRCN) at the post-graduate level as guides,” he added.
Dr. Ganduje announced that his administration has concluded arrangement for implementation of promotions of teachers in all Local Education Authorities and SUBEB, adding that it is the intention of the government to continue providing teachers’ welfare package, aimed at supporting and enhancing teachers’ performances.