TAJBank, a leading non-interest bank, has announced plans to raise ₦20 billion through a Mudarabah Sukuk bond as part of efforts to strengthen its Additional Tier 1 capital.
Thank you for reading this post, don't forget to subscribe!The bank’s Founder and Chief Executive Officer, Hamid Joda, disclosed this in a statement on Monday in Abuja, according to the News Agency of Nigeria (NAN).
Joda explained that the issuance is part of TAJBank’s larger ₦100 billion Sukuk programme aimed at driving its business expansion. He noted that this latest investment initiative follows the bank’s historic issuance of Nigeria’s first-ever ₦10 billion Sukuk bond on the Nigerian Exchange (NGX) in 2023.
The new Mudarabah Sukuk bond offers investors an attractive 20.5% per annum return, making it a competitive and ethical investment option.
“Specifically, the new Mudarabah Sukuk bond is designed to offer a stable and ethical investment option,” Joda stated. “It allows investors to participate in the bank’s profit-sharing ventures, reinforcing TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country.”
According to him, the Sukuk bond is open to both individual and institutional investors, providing an opportunity for passive income generation.
“We are excited to bring this Mudarabah Sukuk to the market, offering a compelling investment opportunity that aligns with ethical financial principles,” Joda added. “This listing on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model.”
He urged interested investors to seek advice from their financial advisors or visit www.tajbank.com for further details on the Sukuk and the listing process.
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