Non-interest financial institution, TAJBank Limited, has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme. The agreement ceremony took place on Tuesday at the bank’s headquarters in Abuja, solidifying TAJBank’s position as a frontrunner in ethical, Shari’ah-compliant financing in Nigeria’s capital market.
This latest issuance follows the successful launch of TAJBank’s maiden ₦10 billion Sukuk bond in 2023, which marked the first-ever listing of a non-interest instrument of its kind on the Nigerian Exchange (NGX). The first tranche was oversubscribed by over 115 per cent, reflecting strong investor confidence in the bank’s financial instruments and governance model.
The N20 billion tranche, which has already received all required regulatory approvals, is expected to offer investors—both individuals and institutions—a competitive return of 20.5 per cent per annum under a profit-sharing model, in line with Islamic finance principles.
Speaking at the signing ceremony, Chairman of TAJBank, Tanko Gwamna, expressed confidence in the new issuance. “As the Board and management of our bank demonstrated in the maiden issuance of the bank’s Sukuk, the offer of the new N20bn Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” he said.
He also encouraged interested investors to engage with their financial advisors for detailed information about the bond and the listing procedure.
TAJBank operates under a Mudarabah model, where investors provide capital while the bank acts as the managing partner. Profits are shared based on pre-agreed ratios, and the model strictly avoids interest (riba), in accordance with Islamic financial ethics.
Kayode Fadahunsi, Chief Executive Officer of AVA Capital Ltd, the lead issuing house for the Sukuk, described the development as a major milestone. “We are very excited to be part of TAJBank’s success story in the non-interest banking industry, which is being consolidated upon with the planned issuance of its N20bn Mudarabah Sukuk on the NGX,” he said.
Fadahunsi added that TAJBank’s maiden Sukuk had already set a high standard and that the second tranche would meet and likely exceed investor expectations in terms of returns and ethical value.
Investment experts have hailed the bond as one of the most attractive offerings currently available in the Nigerian capital market, especially for investors seeking portfolio diversification, ethical compliance, and sustainable returns. The 20.5% return is seen as highly competitive, especially considering the bond’s risk profile and backing by one of Nigeria’s fastest-growing non-interest banks.
In February 2023, during the ceremonial gong beating event to mark the listing of the first tranche on the NGX, TAJBank’s founder and Managing Director, Hamid Joda, had assured investors of healthy returns. That confidence, backed by solid performance, appears to be paying off as the bank expands its reach within the alternative finance space.
TAJBank’s Mudarabah Sukuk programme aligns with Nigeria’s broader efforts to deepen the non-interest finance market and diversify investment instruments available to the public, especially in a climate where many investors are seeking stable and inflation-beating returns.
With this second tranche completed, TAJBank has now raised ₦30 billion out of its planned ₦100 billion Sukuk programme, signalling more issuances in the near future to support its growing asset base and customer reach.
Non-interest financial institution, TAJBank Limited, has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme. The agreement ceremony took place on Tuesday at the bank’s headquarters in Abuja, solidifying TAJBank’s position as a frontrunner in ethical, Shari’ah-compliant financing in Nigeria’s capital market.
This latest issuance follows the successful launch of TAJBank’s maiden ₦10 billion Sukuk bond in 2023, which marked the first-ever listing of a non-interest instrument of its kind on the Nigerian Exchange (NGX). The first tranche was oversubscribed by over 115 per cent, reflecting strong investor confidence in the bank’s financial instruments and governance model.
The N20 billion tranche, which has already received all required regulatory approvals, is expected to offer investors—both individuals and institutions—a competitive return of 20.5 per cent per annum under a profit-sharing model, in line with Islamic finance principles.
Speaking at the signing ceremony, Chairman of TAJBank, Tanko Gwamna, expressed confidence in the new issuance. “As the Board and management of our bank demonstrated in the maiden issuance of the bank’s Sukuk, the offer of the new N20bn Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” he said.
He also encouraged interested investors to engage with their financial advisors for detailed information about the bond and the listing procedure.
TAJBank operates under a Mudarabah model, where investors provide capital while the bank acts as the managing partner. Profits are shared based on pre-agreed ratios, and the model strictly avoids interest (riba), in accordance with Islamic financial ethics.
Kayode Fadahunsi, Chief Executive Officer of AVA Capital Ltd, the lead issuing house for the Sukuk, described the development as a major milestone. “We are very excited to be part of TAJBank’s success story in the non-interest banking industry, which is being consolidated upon with the planned issuance of its N20bn Mudarabah Sukuk on the NGX,” he said.
Fadahunsi added that TAJBank’s maiden Sukuk had already set a high standard and that the second tranche would meet and likely exceed investor expectations in terms of returns and ethical value.
Investment experts have hailed the bond as one of the most attractive offerings currently available in the Nigerian capital market, especially for investors seeking portfolio diversification, ethical compliance, and sustainable returns. The 20.5% return is seen as highly competitive, especially considering the bond’s risk profile and backing by one of Nigeria’s fastest-growing non-interest banks.
In February 2023, during the ceremonial gong beating event to mark the listing of the first tranche on the NGX, TAJBank’s founder and Managing Director, Hamid Joda, had assured investors of healthy returns. That confidence, backed by solid performance, appears to be paying off as the bank expands its reach within the alternative finance space.
TAJBank’s Mudarabah Sukuk programme aligns with Nigeria’s broader efforts to deepen the non-interest finance market and diversify investment instruments available to the public, especially in a climate where many investors are seeking stable and inflation-beating returns.
With this second tranche completed, TAJBank has now raised ₦30 billion out of its planned ₦100 billion Sukuk programme, signalling more issuances in the near future to support its growing asset base and customer reach.
Non-interest financial institution, TAJBank Limited, has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme. The agreement ceremony took place on Tuesday at the bank’s headquarters in Abuja, solidifying TAJBank’s position as a frontrunner in ethical, Shari’ah-compliant financing in Nigeria’s capital market.
This latest issuance follows the successful launch of TAJBank’s maiden ₦10 billion Sukuk bond in 2023, which marked the first-ever listing of a non-interest instrument of its kind on the Nigerian Exchange (NGX). The first tranche was oversubscribed by over 115 per cent, reflecting strong investor confidence in the bank’s financial instruments and governance model.
The N20 billion tranche, which has already received all required regulatory approvals, is expected to offer investors—both individuals and institutions—a competitive return of 20.5 per cent per annum under a profit-sharing model, in line with Islamic finance principles.
Speaking at the signing ceremony, Chairman of TAJBank, Tanko Gwamna, expressed confidence in the new issuance. “As the Board and management of our bank demonstrated in the maiden issuance of the bank’s Sukuk, the offer of the new N20bn Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” he said.
He also encouraged interested investors to engage with their financial advisors for detailed information about the bond and the listing procedure.
TAJBank operates under a Mudarabah model, where investors provide capital while the bank acts as the managing partner. Profits are shared based on pre-agreed ratios, and the model strictly avoids interest (riba), in accordance with Islamic financial ethics.
Kayode Fadahunsi, Chief Executive Officer of AVA Capital Ltd, the lead issuing house for the Sukuk, described the development as a major milestone. “We are very excited to be part of TAJBank’s success story in the non-interest banking industry, which is being consolidated upon with the planned issuance of its N20bn Mudarabah Sukuk on the NGX,” he said.
Fadahunsi added that TAJBank’s maiden Sukuk had already set a high standard and that the second tranche would meet and likely exceed investor expectations in terms of returns and ethical value.
Investment experts have hailed the bond as one of the most attractive offerings currently available in the Nigerian capital market, especially for investors seeking portfolio diversification, ethical compliance, and sustainable returns. The 20.5% return is seen as highly competitive, especially considering the bond’s risk profile and backing by one of Nigeria’s fastest-growing non-interest banks.
In February 2023, during the ceremonial gong beating event to mark the listing of the first tranche on the NGX, TAJBank’s founder and Managing Director, Hamid Joda, had assured investors of healthy returns. That confidence, backed by solid performance, appears to be paying off as the bank expands its reach within the alternative finance space.
TAJBank’s Mudarabah Sukuk programme aligns with Nigeria’s broader efforts to deepen the non-interest finance market and diversify investment instruments available to the public, especially in a climate where many investors are seeking stable and inflation-beating returns.
With this second tranche completed, TAJBank has now raised ₦30 billion out of its planned ₦100 billion Sukuk programme, signalling more issuances in the near future to support its growing asset base and customer reach.
TAJBank Signs Completion Agreement for N20bn Second Sukuk Bond Tranche
Non-interest financial institution, TAJBank Limited, has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme. The agreement ceremony took place on Tuesday at the bank’s headquarters in Abuja, solidifying TAJBank’s position as a frontrunner in ethical, Shari’ah-compliant financing in Nigeria’s capital market.
This latest issuance follows the successful launch of TAJBank’s maiden ₦10 billion Sukuk bond in 2023, which marked the first-ever listing of a non-interest instrument of its kind on the Nigerian Exchange (NGX). The first tranche was oversubscribed by over 115 per cent, reflecting strong investor confidence in the bank’s financial instruments and governance model.
The N20 billion tranche, which has already received all required regulatory approvals, is expected to offer investors—both individuals and institutions—a competitive return of 20.5 per cent per annum under a profit-sharing model, in line with Islamic finance principles.
Speaking at the signing ceremony, Chairman of TAJBank, Tanko Gwamna, expressed confidence in the new issuance. “As the Board and management of our bank demonstrated in the maiden issuance of the bank’s Sukuk, the offer of the new N20bn Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” he said.
He also encouraged interested investors to engage with their financial advisors for detailed information about the bond and the listing procedure.
TAJBank operates under a Mudarabah model, where investors provide capital while the bank acts as the managing partner. Profits are shared based on pre-agreed ratios, and the model strictly avoids interest (riba), in accordance with Islamic financial ethics.
Kayode Fadahunsi, Chief Executive Officer of AVA Capital Ltd, the lead issuing house for the Sukuk, described the development as a major milestone. “We are very excited to be part of TAJBank’s success story in the non-interest banking industry, which is being consolidated upon with the planned issuance of its N20bn Mudarabah Sukuk on the NGX,” he said.
Fadahunsi added that TAJBank’s maiden Sukuk had already set a high standard and that the second tranche would meet and likely exceed investor expectations in terms of returns and ethical value.
Investment experts have hailed the bond as one of the most attractive offerings currently available in the Nigerian capital market, especially for investors seeking portfolio diversification, ethical compliance, and sustainable returns. The 20.5% return is seen as highly competitive, especially considering the bond’s risk profile and backing by one of Nigeria’s fastest-growing non-interest banks.
In February 2023, during the ceremonial gong beating event to mark the listing of the first tranche on the NGX, TAJBank’s founder and Managing Director, Hamid Joda, had assured investors of healthy returns. That confidence, backed by solid performance, appears to be paying off as the bank expands its reach within the alternative finance space.
TAJBank’s Mudarabah Sukuk programme aligns with Nigeria’s broader efforts to deepen the non-interest finance market and diversify investment instruments available to the public, especially in a climate where many investors are seeking stable and inflation-beating returns.
With this second tranche completed, TAJBank has now raised ₦30 billion out of its planned ₦100 billion Sukuk programme, signalling more issuances in the near future to support its growing asset base and customer reach.
Non-interest financial institution, TAJBank Limited, has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme. The agreement ceremony took place on Tuesday at the bank’s headquarters in Abuja, solidifying TAJBank’s position as a frontrunner in ethical, Shari’ah-compliant financing in Nigeria’s capital market.
This latest issuance follows the successful launch of TAJBank’s maiden ₦10 billion Sukuk bond in 2023, which marked the first-ever listing of a non-interest instrument of its kind on the Nigerian Exchange (NGX). The first tranche was oversubscribed by over 115 per cent, reflecting strong investor confidence in the bank’s financial instruments and governance model.
The N20 billion tranche, which has already received all required regulatory approvals, is expected to offer investors—both individuals and institutions—a competitive return of 20.5 per cent per annum under a profit-sharing model, in line with Islamic finance principles.
Speaking at the signing ceremony, Chairman of TAJBank, Tanko Gwamna, expressed confidence in the new issuance. “As the Board and management of our bank demonstrated in the maiden issuance of the bank’s Sukuk, the offer of the new N20bn Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” he said.
He also encouraged interested investors to engage with their financial advisors for detailed information about the bond and the listing procedure.
TAJBank operates under a Mudarabah model, where investors provide capital while the bank acts as the managing partner. Profits are shared based on pre-agreed ratios, and the model strictly avoids interest (riba), in accordance with Islamic financial ethics.
Kayode Fadahunsi, Chief Executive Officer of AVA Capital Ltd, the lead issuing house for the Sukuk, described the development as a major milestone. “We are very excited to be part of TAJBank’s success story in the non-interest banking industry, which is being consolidated upon with the planned issuance of its N20bn Mudarabah Sukuk on the NGX,” he said.
Fadahunsi added that TAJBank’s maiden Sukuk had already set a high standard and that the second tranche would meet and likely exceed investor expectations in terms of returns and ethical value.
Investment experts have hailed the bond as one of the most attractive offerings currently available in the Nigerian capital market, especially for investors seeking portfolio diversification, ethical compliance, and sustainable returns. The 20.5% return is seen as highly competitive, especially considering the bond’s risk profile and backing by one of Nigeria’s fastest-growing non-interest banks.
In February 2023, during the ceremonial gong beating event to mark the listing of the first tranche on the NGX, TAJBank’s founder and Managing Director, Hamid Joda, had assured investors of healthy returns. That confidence, backed by solid performance, appears to be paying off as the bank expands its reach within the alternative finance space.
TAJBank’s Mudarabah Sukuk programme aligns with Nigeria’s broader efforts to deepen the non-interest finance market and diversify investment instruments available to the public, especially in a climate where many investors are seeking stable and inflation-beating returns.
With this second tranche completed, TAJBank has now raised ₦30 billion out of its planned ₦100 billion Sukuk programme, signalling more issuances in the near future to support its growing asset base and customer reach.
