Home Business TAJBank’s N20bn Sukuk Offer Attracts N57bn in Oversubscription

TAJBank’s N20bn Sukuk Offer Attracts N57bn in Oversubscription

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TAJBank Limited has recorded an impressive 185.15 per cent oversubscription of its ₦20 billion Mudarabah Sukuk bond, underscoring its growing dominance in Nigeria’s non-interest banking sector.

Managing Director of the bank, Mr. Hamid Joda, disclosed this in a statement on Friday in Abuja, citing official data from investment market authorities on the performance of the debt instrument.

According to the data, the Sukuk bond, which carries an annual profit rate of 20.5 per cent, attracted a total of ₦57.03 billion in allotments — far exceeding the initial offer.

Joda described the outcome as “remarkable,” noting that it reflected growing investor confidence in the bank’s stability and performance despite prevailing macroeconomic headwinds.

“This outstanding performance of the Sukuk bond is a clear demonstration that the bank is enjoying strong investor confidence,” Joda said. “It can only be attributed to the quality of innovative products and value-added services TAJBank delivers in the non-interest banking space, especially considering the current realities in the debt market.”

He expressed appreciation to the bank’s board, management, staff, regulators, and investors for their contributions to the successful issuance, assuring stakeholders of continued protection of their interests.

The MD emphasized that TAJBank remains committed to consolidating its leadership position in Nigeria’s non-interest banking sub-sector.

Also speaking, the bank’s Executive Director, Mr. Sherif Idi, said the record-breaking subscription reflected investors’ trust in the bank’s vision and performance.

“This is a strong vote of confidence from investors. We will continue to surpass their expectations through world-class products and services, staying true to our customer-centric values,” Idi said.

Market analysts believe the successful Sukuk issuance will further attract businesses and customers seeking competitive returns through ethical and innovative non-interest banking products.

Since entering Nigeria’s non-interest banking space five years ago, TAJBank has consistently positioned itself as a pioneer of world-class ethical banking, driven by investor- and customer-focused services.

The bank aims to be among Nigeria’s top 20 banks by 2029.

In recognition of its performance and commitment to global best practices, TAJBank has won multiple awards, including:

Global Islamic Finance Awards 2023 – “Best Sukuk Deal of the Year”

BusinessDay Media “Islamic Bank of the Year” (2021, 2022, 2023)

Leadership Newspapers “Bank of the Year” (2020)

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