TAJBank To Issue N20Bn Mudarabah Sukuk, Targets N100Bn Issuance
TAJBank, a leading non-Interest bank in Nigeria committed to providing innovative and customer-centric financial solutions, is finalizing arrangements on the raising the sum of N20 billion Mudarabah Sukuk bond to beef up its Additional Tier 1 capital with the aim of fueling its business expansion drive. The issuance is part of its N100 billion Sukuk programme.
The new investment initiative, which is coming after about two years following the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023, presents a unique opportunity for individuals and institutions to invest in an ethical instrument with a competitive 20.5% per annum return.
Specifically, the new Mudarabah Sukuk bond, is designed to offer a stable and ethical investment option, allows investors to participate in the bank’s profit-sharing ventures, and underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country.
According to the management of the bank, the Mudarabah Sukuk issuance terms and conditions, now undergoing final regulatory assessment and approval processes, is open to all investors, both individuals and corporates and the goal is to provide a reliable source of extra income, accessible from the comfort of your home.
Commenting on the current moves to raise the N20 billion Sukuk bond on the NGX during a virtual chat with journalists, the Founder/CEO of TAJBank, Mr Hamid Joda, said: “We are excited to bring this Mudarabah Sukuk to the market, offering a compelling investment opportunity that aligns with ethical financial principles.
“This listing on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model”, the banker added.
The bank’s management advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing process
It would be recalled that Joda had, at the beating of the Gong during the listing of the TAJBank’s maiden N10 billion Sukuk bond on the NGX in February 2023, which was over-subscribed by over 115%, assured investors that the bank’s board and management would ensure good returns on their investments.
He said: “As TAJBank gets the NGX’s endorsement today on its fund raising for operations, I want to assure all investors in the maiden Sukuk bond offer by our bank that the board and management will surpass their expectations in terms of return on their investment and other benefits.”
Investment analysts strongly believe that the N20 billion Mudarabah Sukuk provides investors with a secure and transparent avenue to grow their wealth while adhering to ethical guidelines.
For instance, they pointed out that the 20.5% annual return made it an attractive option for those seeking to diversify their investment portfolios and generate passive income.
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