TAJBank signs agreement for N20bn Mudarabah Sukuk bond issuance

TAJBank, Nigeria’s leading non-interest lender, has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme.

The Founder/Managing Director, of TAJBank, Mr Hamid Joda, made this known in a statement on Wednesday in Abuja

Joda said that the latest investment initiative sealed on Tuesday, was coming after about two years of the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023,.

According to him, it presents another opportunity for individuals and corporate investors to stake their funds in an ethical instrument with a competitive 20.5 per cent per annum return.

“Specifically, the new Mudarabah Sukuk bond of TAJBank has secured all necessary regulatory approvals.

“It is designed to offer a stable and ethical investment option to investors to participate in the bank’s profit-sharing ventures.

“It also underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country,” he said.

According to him, the new Mudarabah Sukuk bond is open to all investors, both individuals and corporates.

He said that the goal was to provide a reliable source of extra income, accessible from the comfort of the subscribers’ homes.

The Chairman of TAJBank, Alhaji Tanko Gwamna, said that the offer would avail members of the public an investment opportunity that aligned with ethical financial principles.

“The offer of the new N20 billion Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” the chairman said.

He further advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing processes.

The Chief Executive Officer of the lead issuing house, AVA Capital Ltd, Mr Kayode Fadahunsi, said that the company was excited to be part of TAJBank’s success story in the non-interest banking industry.

“I want to assure investors that as was the case in the bank’s maiden Sukuk bond listing on the Exchange, the bank’s management will surpass expectations in this second outing,” he said.

Our correspondent recalls that the bank’s maiden N10 billion Sukuk bond on the NGX in February 2023 was over-subscribed by 115 per cen