Nigeria’s non-interest bank, TAJBank, has announced plans to issue a N20 billion Mudarabah Sukuk bond as part of its strategy to bolster its Additional Tier 1 capital.
The announcement was made by the bank’s Founder and Chief Executive Officer, Mr. Hamid Joda, in a statement on Monday.
According to Joda, the issuance is part of TAJBank’s N100 billion Sukuk programme designed to drive the bank’s business expansion.
He noted that this new initiative follows the successful issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023.
The proposed bond offers a unique opportunity for investors, providing a competitive 20.5% annual return.
“Specifically, the new Mudarabah Sukuk bond is designed to offer a stable and ethical investment option. It 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,”…
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