Ethical/Non-Interest Fund

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The Ethical/Non-Interest Fund, also called Fund VI under the Multi-Fund structure introduced by the National Pension Commission (PenCom), is for contributors who choose to have their pension contributions invested in non-interest money and capital market products. Our active contributors in Fund I, II or III who wish to move to Fund VI should make a formal request to FCMB Pensions via

Ethical/ Non-Interest Fund

The Fund is based on the principles of Wakala Bil-Istithmar (Investment Agency Contract) with FCMB Pensions acting as the Investment Agent for active RSA contributors in Funds VI. However, the principle of Mudarabah contract (profit-sharing and loss-bearing partnership) shall be used for retirees in Fund IV who opted for Fund VI.

Fund VI shall be separated into two; for Active RSA holders and Retirees. FCMB Pensions shall manage and invest the assets of the funds separately in accordance with the rules outlined by the framework and regulations issued by the Commission.

Fund VI assets are to be invested in instruments that are free from speculation and uncertainty that might lead to destruction or loss, otherwise known as 'Gharar' under the Islamic Commercial Jurisprudence.

Fund VI assets shall be invested in various instruments such as:

Government Sukuk:

A sukuk is an Islamic Financial Certificate similar to a bond in Western finance, that complies with Islamic religious law commonly known as Sharia. This includes Islamic Treasury Bills and Eurobonds issued by Central Bank of Nigeria or Federal Government of Nigeria agencies. Other forms of sukuk included in Fund VI are Corporate and Supranational Sukuk.

Shari'ah compliant

  • Ordinary shares (including Global Depository Receipt)
  • Infrastructure funds
  • Private equity funds
  • Money Market Instruments (including Bankers Acceptances)
  • Open/Closed/Hybrid funds (including Exchange Traded Funds and Real Estate Investment Trust)

Fund VI assets shall not be invested in the below:

No Production of alcohol

Production of alcohol

No Weaponry


No Gambling


Transfers between Fund Types within a PFA

An active Contributor may, subject to a formal application made to FCMB Pensions, switch from one Fund type to another, once in 12 months without paying any fees. However, any additional requests for switches within the 12 months period by the active Contributor shall attract a fee of an amount not less than a minimum value, to be determined by the Commission from time to time.

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