TAJBank, one of Nigeria’s leading non-interest banks, is set to raise N20 billion through a Mudarabah Sukuk bond to strengthen its Additional Tier 1 (AT1) capital.
Founder and Chief Executive Officer Hamid Joda announced this during a virtual media briefing on Monday in Abuja.
The AT1 capital comprises perpetual financial instruments with no fixed maturity. According to Joda, the Sukuk issuance is part of TAJBank’s broader N100 billion Sukuk programme, aimed at fueling its business expansion.
This new investment opportunity follows the bank’s historic issuance of a N10 billion Sukuk bond in 2023—the first of its kind on the Nigerian Exchange. The latest Sukuk bond offers investors an attractive 20.5% per annum return, making it a competitive and ethical investment option.
“Our Mudarabah Sukuk is designed to provide a stable and ethical investment avenue,” Joda stated. “It allows investors to participate in our profit-sharing ventures, reinforcing TAJBank’s commitment to financial inclusion and innovative financial solutions.”
The Sukuk is open to both individual and corporate investors, offering a reliable source of income accessible from anywhere.
“We are excited to introduce this investment opportunity, which aligns with ethical financial principles. Listing on the NGX will broaden investor participation and strengthen our growth,” Joda added.
He encouraged interested investors to consult their financial advisors or visit www.tajbank.com for more details on the Sukuk and listing process.
