TAJBank to Launch N20 Billion Sukuk Bond, Aiming for N100 Billion Yield
TAJBank plans to issue a N20 billion Mudarabah Sukuk bond to enhance its AT1 capital as part of a N100 billion programme. The Sukuk offers a 20.5 percent return and is open to individual and institutional investors, promoting ethical investment and financial inclusion in Nigeria. Interested investors can learn more through the bank’s website.
TAJBank, a prominent non-interest bank in Nigeria, is poised to issue a Mudarabah Sukuk bond valued at N20 billion to enhance its Additional Tier 1 (AT1) capital. Mr. Hamid Joda, the bank’s Founder and CEO, made this announcement during a virtual press conference in Abuja, highlighting the significance of this financial instrument which lacks a fixed maturity date.
This bond issuance forms part of TAJBank’s overarching N100 billion Sukuk programme intended to support its business expansion objectives. Mr. Joda noted that this strategic move follows the successful launch of the inaugural N10 billion Sukuk bond on the Nigerian Exchange in 2023, offering a lucrative investment opportunity that ensures a return of 20.5 percent per annum.
Emphasizing the ethical dimension of this financial product, Mr. Joda stated that the new Mudarabah Sukuk bond aims to attract both individual and corporate investors by allowing them to participate in profit-sharing activities. He asserted that this initiative reflects TAJBank’s commitment to fostering financial inclusion and offering innovative financial services across Nigeria.
The Mudarabah Sukuk is designed to provide an accessible source of additional income for investors, conveniently from their own residences. Mr. Joda expressed enthusiasm about the bond’s introduction, affirming its alignment with ethical investment principles and its listing on the Nigerian Exchange, which will broaden investor participation in TAJBank’s growth and profit-sharing model.
He encouraged potential investors to seek advice from their financial advisors or to visit www.tajbank.com for further information on this investment opportunity and the listing process.
In summary, TAJBank is undertaking a significant initiative by issuing a N20 billion Mudarabah Sukuk to boost its AT1 capital as part of a larger N100 billion Sukuk programme. This opportunity not only promises a competitive return for investors but also underscores the bank’s dedication to ethical investment and financial inclusion in Nigeria. Interested individuals and corporations are encouraged to engage with their financial advisors or access further information through the bank’s official website.
Original Source: nannews.ng
