the National Pension Commission, PenCom has inaugurated the Pension Industry Non-Interest Advisory Committee, PINAC. 

This inauguration aims to boost financial inclusion and attract contributors seeking ethical and Shariah-compliant financial solutions .

According to PenCom’s Director-General, Omolola Oloworaran, the establishment of PINAC is a major step towards accommodating all financial preferences in the pension industry.

 Oloworaran noted that while non-interest finance has gained traction in Nigeria, pension fund administrators must do more to integrate such products into the mainstream retirement savings market.

The introduction of Non-Interest Pension Funds, also known as Fund VI, was a groundbreaking step towards providing an investment option free from interest-based instruments while ensuring competitive returns for contributors. However, Oloworaran acknowledged that the segment still faces challenges, including regulatory uncertainties, limited awareness, and the need for structured investment options that comply with ethical finance principles.

The chairman of PINAC, Prof. Adam Muhammad Abubakar, emphasized the importance of a strong compliance monitoring system to ensure that non-interest pension products adhere to ethical and Shariah principles.