TAJBank plans to raise N20 billion through a Mudarabah Sukuk bond to strengthen its additional capital. This bond is part of a larger N100 billion Sukuk initiative aimed at supporting business growth and financial inclusion, with a sustainable 20.5 percent return for investors. The offering is accessible to both individuals and corporate entities and follows a previous successful bond issuance.
TAJBank, a prominent non-interest bank in Nigeria, is preparing to issue a Mudarabah Sukuk bond valued at N20 billion to enhance its Additional Tier 1 (AT1) capital. The announcement was made by the bank’s Founder and Chief Executive Officer, Mr. Hamid Joda, during a virtual news conference in Abuja. AT1 capital consists of capital instruments that are perpetual and lack a fixed maturity date.
This bond issuance forms part of TAJBank’s ambitious N100 billion Sukuk programme, aimed at supporting its business expansion initiatives. This move follows the successful issuance of Nigeria’s first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023, demonstrating TAJBank’s commitment to innovation in the financial sector.
The newly introduced Mudarabah Sukuk bond provides investors with an ethical investment opportunity accompanied by a competitive return of 20.5 percent per annum. Joda emphasized that this bond facilitates participation in the bank’s profit-sharing ventures, highlighting TAJBank’s dedication to promoting financial inclusion and offering innovative financial solutions to a broader audience.
Joda noted that the Mudarabah Sukuk is accessible to all investors, including both individuals and corporate entities. He expressed excitement about the opportunity this bond presents, allowing investors to earn a reliable source of extra income from the comfort of their homes. Additionally, he mentioned that the Sukuk’s listing on the Nigerian Exchange would enable more investors to be part of the bank’s growth and to benefit from its profit-sharing model.
Interested investors are encouraged to seek guidance from their financial advisors for more detailed information on the Sukuk and the listing process or to visit the TAJBank website for further insights.
TAJBank is set to issue a N20 billion Mudarabah Sukuk bond as part of its N100 billion Sukuk programme aimed at enhancing its capital and facilitating business expansion. This initiative reflects the bank’s commitment to providing ethical investment opportunities with competitive returns. With accessibility for all investors and a focus on financial inclusion, TAJBank aims to attract a broad investor base interested in ethical finance.
Original Source: nannews.ng