TAJBank plans to issue a N20 billion Mudarabah Sukuk bond to enhance its AT1 capital as part of a larger N100 billion Sukuk program. This bond offers a competitive 20.5 percent annual return and aims to provide ethical investment opportunities for individuals and corporates. Interested investors can learn more by visiting TAJBank’s website.
TAJBank, a prominent non-interest bank in Nigeria, is in the final stages of preparing to issue a Mudarabah Sukuk bond amounting to N20 billion. This initiative is intended to bolster the bank’s Additional Tier 1 (AT1) capital. Mr. Hamid Joda, the Founder and Chief Executive Officer, announced this during a virtual press conference held in Abuja.
The AT1 capital consists of capital instruments that are essentially perpetual, as they do not have a fixed maturity. The Sukuk issuance is part of a larger N100 billion Sukuk program aimed at facilitating the bank’s expansion efforts. Notably, this follows TAJBank’s successful issuance of Nigeria’s inaugural N10 billion Sukuk bond on the Nigerian Exchange in 2023.
Mr. Joda emphasized that the new Mudarabah Sukuk bond offers a distinctive opportunity for ethical investment with a promising return of 20.5 percent per annum. This ethical structure allows investors to actively engage in the bank’s profit-sharing initiatives, reflecting TAJBank’s dedication to enhancing access to innovative financial solutions and promoting financial inclusion throughout Nigeria.
The Mudarabah Sukuk is available to all investors, whether individuals or corporate entities, providing a steady source of income from the convenience of their homes. Mr. Joda expressed excitement over presenting this Sukuk opportunity, which aligns with ethical finance principles. The inclusion on the Nigerian Exchange (NGX) aims to broaden investor participation and offer benefits through the profit-sharing model.
He encouraged interested investors to seek advice from their financial advisors or visit the bank’s official website, www.tajbank.com, for more details on the Sukuk and its listing process.
TAJBank’s forthcoming N20 billion Mudarabah Sukuk bond marks a significant step in enhancing its AT1 capital while promoting ethical investments. This bond aims to offer a competitive return and facilitate broader access to financial opportunities for various investors. By integrating innovative financial solutions, TAJBank continues to underscore its commitment to financial inclusion in Nigeria.
Original Source: nannews.ng
