Ascent Capital eyes Shariah potential in underserved market niches with new products

As a new entrant into the Nigerian asset management landscape, Ascent Capital has identified two market niches that it feels has strong potential to attract investors seeking Shariah opportunities, managing director and CEO Habeeb Oyewole told IFN Investor.

To capitalize on these opportunities, Ascent Capital is aiming to launch the first dedicated Shariah compliant SME fund where investors can participate in supporting SME growth and benefit from profits earned – which will flow back and be distributed as dividends.

“Currently, there is no asset manager in Nigeria offering such a product. This will allow us to support SMEs directly.” Details for this fund, structured along the Wakalah principle, are still being finalized, with plans to launch it by the end of this year.

“This is about providing growth capital to enterprises that are critical to Nigeria’s economy. By investing in SMEs, we are also investing in job creation and long-term community development.”

Habeeb said Ascent Capital has begun conducting related asset management activities using its own shareholder funds, with an extra focus on the other market opportunity that the firm plans to give emphasis to – drawing in female investors.

“There is no dedicated product for women investors. At Ascent, it is part of our strategy to have integrated products for them, with dedicated female advisers.”

The women’s Mudarabah product is designed to channel savings into Shariah compliant equities, real estate and commodities, while ensuring liquidity management through non-interest banks, Habeeb explained.

By focusing on financial literacy and tailored advice, the firm hopes to create a more welcoming environment for women who may be reluctant to invest due to religious sensitivities or a lack of dedicated support.

Leveraging on these two market niches, Ascent Capital aims to build a foundation to attract both retail and institutional investors – as it was licensed by the Securities and Exchange Commission of Nigeria in September 2025, to provide alternative investment solutions rooted in Islamic principles.

The firm is further preparing what it claims will be Nigeria’s first US dollar-denominated Halal mutual fund. “Global investors are also looking at Nigeria, and they want Shariah compliant options.”