TAJBank partners AIFC to boost non-interest banking, agric exports

TAJBank Nigeria has signed pact with Astana International Financial Centre (AIFC) Kazakhstan to promote non-interest banking, boost Nigeria’s merchandise trade with Asian countries, and enhance the nation’s foreign exchange (FX) earnings.

TAJBank Managing Director, Hanid Joda, said this in a statement on Monday in Abuja.

“The Memorandum of Understanding (MoU) between the two institutions was formalised in Abuja, with the Ooni of Ife, Oba Enitan Ogunwusi, and other prominent dignitaries in attendance.

“It specifically focuses on promoting and developing non-interest banking products and services in Nigeria, in line with Islamic financial principles.

“It also aims to streamline and secure the management of export proceeds, particularly for agricultural commodities like cocoa.

“The agreement seeks to explore innovative financial instruments and mechanisms to enhance trade finance and provide comprehensive support to Nigerian exporters.”

Joda emphasised that the partnership represented another significant milestone in the bank’s ongoing commitment to support Nigerian businesses across the country.

He described the development as the financial institution’s dedication to fostering growth and prosperity nationwide.

“We are excited to have our Royal Father, the Ooni of Ife here at this event, which is a clear demonstration of his endorsement of our partnership with the AIFC.

“I assure all our customers and potential ones that TAJbank will continue to do its best to support them with world-class non-interest banking products and services,” Joda added.

The Ooni of Ife in his remarks commended TAJBank’s management for formalising a strategic framework with AIFC, leveraging non-interest banking opportunities to benefit Nigerians, Asians, and their businesses.

Ogunwusi also recalled TAJBank’s remarkable efforts and achievements to deepen financial inclusion through non-interest banking model in the country over the past few years.

“I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan.

“We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan,” he said.

The royal father expressed delight that the MOU would promote and develop non-interest banking products and services within Nigeria.

In his brief remarks on the pact, Yernar Zhanadil, AIFC’s Director, noted that the Islamic market, with over eight million users in Kazakhstan was still untapped.

“We can issue Ijara or Sukuk using Nigeria’s model. It has so much potential. With the Ooni’s involvement and TAJBank.

“I am even surer of the immense benefits of the MoU for bank customers and the economies of the two countries,” Zhanadil stated.