‌ ‍ Nigeria’s⁣ Non-Interest Fund (Fund VI), a component of the country’s Contributory‌ Pension Scheme, ​experienced a important surge in growth, recording a 157% increase between August 2024 and August 2025. ​This growth underscores the increasing demand for ethical and Shari’ah-compliant investment⁤ options among ⁣Nigerian pension contributors.
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Fund VI Performance: A Detailed Look

As of August 31, 2025,⁤ Fund VI reached a total value of ₦181.23‌ billion ⁣(approximately $118.8 million⁢ USD, ⁤using​ an exchange ​rate of ₦1523.44 too 1 USD as of September 26, 2025). This represents a substantial increase from⁢ the ₦70.63 billion (approximately‍ $46.3 million⁤ USD) recorded in August 2024,as reported by the National Pension Commission (pencom) National Pension ⁤Commission‌ (PenCom). The 157% growth rate significantly outpaces other funds ​within ⁣the Contributory Pension Scheme.

‌ Fund VI was established by PenCom to provide⁤ Retirement Savings Account (RSA) holders with the opportunity to invest ⁤their ​pension contributions in financial instruments compliant with non-interest (Islamic) ‍finance principles. The fund⁤ is structured into two distinct categories: one for active RSA holders who are still contributing to their pensions, and another for retirees who are already receiving ⁣pension payments PenCom Launches Non-Interest Fund VI.

Shari’ah Compliance and Investment​ Restrictions

‍ ⁣ ‌ Fund VI adheres strictly to the ​principles of Islamic Shari’ah law, which ​governs ethical and financial conduct in Islam. This adherence necessitates‍ the exclusion of investments in specific industries ​and activities considered non-permissible. ⁤ Specifically, the fund​ prohibits investments in companies involved in the production or trade of alcohol, pornography, weaponry, ⁢gambling, or speculative activities Revised ‌Regulation on Investment of Pension⁤ Fund assets.

‍ Furthermore, investments in interest-based financial instruments -⁤ a‌ cornerstone of⁣ conventional finance – are also prohibited. This ‌commitment to Shari’ah compliance distinguishes Fund VI from other pension fund options and appeals to a growing segment ​of the Nigerian population seeking ethically responsible investment opportunities.