TAJBank, AIFC partner to boost non-interest banking
By Kadiri Abdulrahman
TAJBank Nigeria has signed pact with Astana International Financial Centre (AIFC) Kazakhstan to promote non-interest banking, boost Nigeria’s merchandise trade with Asian countries, and enhance the nation’s foreign exchange (FX) earnings.
Its Managing Director, Hanid Joda, said this at the signing of Memorandum of Understanding (MoU) between the two institutions in Abuja.
The MoU was formalised with the Ooni of Ife, Oba Enitan Ogunwusi, and other prominent dignitaries in attendance.
”It specifically focuses on promoting and developing non-interest banking products and services in Nigeria, in line with Islamic financial principles.
”It also aims to streamline and secure the management of export proceeds, particularly for agricultural commodities like cocoa.
”The agreement seeks to explore innovative financial instruments and mechanisms to enhance trade finance and provide comprehensive support to Nigerian exporters,” he said.
Joda emphasised that the partnership represented another significant milestone in the bank’s ongoing commitment to support Nigerian businesses across the country.
He described the development as the financial institution’s dedication to fostering growth and prosperity nationwide.
“We are excited to have our Royal Father, the Ooni of Ife here at this event, which is a clear demonstration of his endorsement of our partnership with the AIFC.
“I assure all our customers and potential ones that TAJbank will continue to do its best to support them with world-class non-interest banking products and services,” Joda added.
In his remarks, Ogunwusi commended TAJBank’s management for formalising a strategic framework with AIFC, leveraging non-interest banking opportunities to benefit Nigerians, Asians, and their businesses.
He recalled its remarkable efforts and achievements towards deepening financial inclusion through non-interest banking model in the country over the past few years.
“I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan.
”We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan,” he said.
The royal father expressed delight that the MoU would promote and develop non-interest banking products and services within Nigeria.
Yernar Zhanadil, AIFC’s Director, noted that the Islamic market, with over eight million users in Kazakhstan was still untapped.
“We can issue Ijara or Sukuk using Nigeria’s model. It has so much potential. With the Ooni’s involvement and TAJBank.
”I am even surer of the immense benefits of the MoU for bank customers and the economies of the two countries,” Zhanadil stated.(NAN)(www.nannews.ng)
Edited by Isaac Aregbesola
