News Agency of Nigeria
TAJBank has surpassed CBN’s minimum capital requirement- CEO
Banking

TAJBank has surpassed CBN’s minimum capital requirement- CEO

By Kadiri Abdulrahman

TAJBank, one of Nigeria’s non-interest banks, says it has met the Central Bank of Nigeria’s (CBN) new minimum capital requirement for national non-interest banks.

The Managing Director of the bank, Mr Hamid Joda, confirmed the capitalisation feat in a statement on Friday in Abuja.

“I am happy to report that through the leadership of our bank’s board and support of our valued shareholders and investors, TAJBank has fulfilled the mandatory recapitalisation requirement.

“The bank is now fully prepared for a more customer friendly, innovative banking services delivery to our growing customers nationwide,” he said.

Joda commended the CBN Governor, Mr Olayemi Cardoso, and the management of the apex bank for the recapitalisation initiative.

According to him, by all standards, the exercise will reposition Nigerian banks for competitiveness in the rapidly changing global banking space.

“I want to assure all our shareholders, new investors and customers that TAJBank will continue to prioritise their interests in our operations.

“As our mantra says, our only interest is our customers, we shall be investing more in technological assets, solutions and our human resource to surpass the customers, shareholders and other investors’ expectations.

“We will do this through real time delivery of world-class and Shari’ah-compliant financial solutions to meet their needs,” he assured.

The News Agency of Nigeria (NAN) reports that the CBN had in March 2024, announced the increase in minimum capital requirements for licensed banks in the country.

This is part of the apex bank’s regulatory moves to strengthen the banking sector for improved contributions to Nigeria’s economic growth amid growing uncertainties in the global economic system. (NAN)(www.nannews.ng)

Edited by Isaac Aregbesola

TAJBank pays 3rd dividend in 5 years, as total assets grow by 84%
Economy/Business

TAJBank pays 3rd dividend in 5 years, as total assets grow by 84%

By Kadiri Abdulrahman

TAJBank Limited, a fast growing non-interest bank, has sustained its feat in the nation’s banking history with the payment of 20 kobo per share dividend to its shareholders at the end of the 2024 financial year.

TAJBank’s Founder/CEO, Hamid Joda, said this in a statement on Monday in Abuja.

Joda explained that the payment was the third investment reward for the investors in its five years of operations.

According to him, available industry data on dividends paid to shareholders by most banks during the year under review showed that TAJBank’s dividend represented one of the best.

He said that the verdict was based on earnings per share, and in terms of dividend ratio to share value of banks nationwide.

”The major highlights of the TAJBank’s financial results showed that the bank’s total assets grew from N518.33billion in 2023 to N953.10 billion in 2024, representing 84 per cent growth year-on-year.

”Its Gross earnings also increased to N75.5 billion in the year under review from N43.2 billion in 2023, indicating 80 per cent growth,” he said.

Joda said that the bank also recorded impressive performance in its deposit base, which surged by 89 per cent, from N369.33 billion in 2023 to N696.34 billion in 2024.

“Profit Before Tax (PBT) grew by 61 per cent to N18.2 billion from N11.3 billion in the preceding year, among other impressive financial indices.

“With the payment of the third dividend to the shareholders within five years of operations, TAJBank’s Board and management have again demonstrated that investors’ interest remains a priority.

“The sterling performances of TAJBank clearly attest to the management’s proactive strategies and innovativeness in service delivery.

“I want to assure our investors that their interests will always be prioritised in our operations at all times,” he said.

The bank’s Co-Founder/Executive Director, Mr Sherif Idi, said that the payment of the third dividend was historic and aligned with the primary goal of TAJBank being in business.

According to Idi, this is to continually serve the interests of our shareholders, customers, and the public.

“We want to thank all our shareholders for contributing to the growth of the bank.

“We urge them to encourage their friends to invest in TAJBank as doing so will guarantee them sustained benefits”, he said.(NAN) (www.nannews.ng)

Edited by Isaac Aregbesola

TAJBank signs agreement for N20bn Sukuk bond issuance
Banking

TAJBank signs agreement for N20bn Sukuk bond issuance

By Kadiri Abdulrahman

TAJBank, Nigeria’s leading non-interest lender,  has signed the completion agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme.

The Founder/Managing Director, of TAJBank, Mr Hamid Joda, made this known in a statement on Wednesday in Abuja

Joda said that the latest investment initiative sealed on Tuesday, was coming after about two years of the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023,.

According to him, it presents another opportunity for individuals and corporate investors to stake their funds in an ethical instrument with a competitive 20.5 per cent per annum return.

“Specifically, the new Mudarabah Sukuk bond of TAJBank has secured all necessary regulatory approvals.

“It is designed to offer a stable and ethical investment option to investors to participate in the bank’s profit-sharing ventures.

“It also underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country,” he said.

According to him, the new Mudarabah Sukuk bond is open to all investors, both individuals and corporates.

He said that the goal was to provide a reliable source of extra income, accessible from the comfort of the subscribers’ homes.

The Chairman of TAJBank, Alhaji Tanko Gwamna, said that the offer would avail members of the public an investment opportunity that aligned with ethical financial principles.

“The offer of the new N20 billion Sukuk bond on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” the chairman said.

He further advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing processes.

The Chief Executive Officer of the lead issuing house, AVA Capital Ltd, Mr Kayode Fadahunsi, said that the company was excited to be part of TAJBank’s success story in the non-interest banking industry.

“I want to assure investors that as was the case in the bank’s maiden Sukuk bond listing on the Exchange, the bank’s management will surpass expectations in this second outing,” he said.

The News Agency of Nigeria (NAN) recalls that the bank’s maiden N10 billion Sukuk bond on the NGX in February 2023 was over-subscribed by 115 per cent.(NAN) (www.nannews.ng)

Edited by Isaac Aregbesola

TAJBank to issue N20bn Sukuk, targets N100bn issuance
Economy/Business

TAJBank to issue N20bn Sukuk, targets N100bn issuance

By Kadiri Abdulrahman

TAJBank, one of Nigeria’s non-interest banks, says it is finalising arrangements to raise the sum of N20 billion Mudarabah Sukuk bond to beef up its Additional Tier 1 (AT1) capital.

The Founder and Chief Executive Officer of the bank, Mr Hamid Joda, said this via a virtual news conference on Monday in Abuja.

AT1 capital comprises capital instruments that are evergreen, in that there is no fixed maturity.

According to Joda, the issuance of the bond is part of the bank’s N100 billion Sukuk programme with the aim of fueling its business expansion drive.

Joda said that the new investment initiative was coming two years after the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023.

He said that it presented a unique opportunity for individuals and institutions to invest in an ethical instrument with a competitive 20.5 per cent per annum return.

“Specifically, the new Mudarabah Sukuk bond, is designed to offer a stable and ethical investment option.

“It allows investors to participate in the bank’s profit-sharing ventures, and underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country,” he said.

Joda said that the Mudarabah Sukuk was open to all investors, both individuals and corporates.

According to him, the goal is to provide a reliable source of extra income, accessible from the comfort of homes.

“We are excited to bring this Mudarabah Sukuk to the market, offering a compelling investment opportunity that aligns with ethical financial principles.

“This listing 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 advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing process.(NAN)(www.nannews.ng)

 

Edited by Isaac Aregbesola

TAJBank, AIFC partner to boost non-interest banking
Economy/Business

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

TAJBank gets new global rating, wins Islamic bank award
Economy/Business

TAJBank gets new global rating, wins Islamic bank award

By Kadiri Abdulrahman

TAJBank Limited has consolidated its frontline position as Nigeria’s most innovative and value-driven non-interest lender, winning an award at the just-concluded Islamic Finance News (IFN) Awards in Dubai.

Its Managing Director, Hamid Joda, said this in a statement on Monday in Abuja.

He said that the Nigeria’s fastest growing non-interest banking services provider won the “Best Islamic Bank in Nigeria” award through a global survey conducted by the IFN.

Joda attributed the bank’s global recognition to the commitment of the board, management and members of staff to best industry standards in products and services.

“We want to thank IFN for the very credible poll that indicated that TAJBank is leading the non-interest banking segment of Nigeria.

“We also assure our growing customers that, as our mantra says, TAJBank’s only interest is the customers,” Joda said.

The bank’s Co-Founder, Sherif Idi, described the IFN award as a testament to relentless efforts of the management to ensure that TAJBank remains the preferred choice for customers.

The News Agency of Nigeria (NAN) reports that TAJBank had in 2022 received the Payment Card Industry Data Security Standard (PCI DSS) certification.

It also received three International Standards Organisation (ISO) certifications by the Certification Partner Global (CPG), namely ISO 27001, ISO 22301, and ISO 20000 on Information Security, Business Continuity, and IT Service Management Systems.

At the domestic level, the bank also won several awards, including the Leadership Newspaper’s “Banker of The Year Award 2020’’, BusinessDay Newspaper’s “Islamic Bank of the Year Award’’ for three consecutive years.(NAN)(www.nannews.ng)

Edited by Isaac Aregbesola

TAJBank sets industry record, pays 2nd dividend in 4yrs
Defence/Security

TAJBank sets industry record, pays 2nd dividend in 4yrs

By Ginika Okoye
TAJBank Limited, Nigeria’s fastest growing non-interest bank, has set a new record in the banking sector with the payment of dividends to its shareholders at the end of its half year ended June 2024.
The bank’s Chief Executive Officer, Mr Hamid Joda, who said this on Monday in Abuja, said this feat was the second in its 4th year of operations
According to him, the payment of the second tranche of dividends to its shareholders barely four years of TAJBank’s operations is historic.
”This is the first time such a feat is recorded in the over 100 years of banking services in Nigeria.
”With this milestone, the bank’s board and management are telling investors in Nigeria and outside the country that TAJBank will consistently add value to their investments.
”We will continue to reward them for their confidence in our bank,  not only financially, but also in creating opportunities for them to grow their businesses and improve their wellbeing,” he said.
Joda also said that the bank gross earnings for half year (June) 2024 increased to N32.8 billion from N17 billion recorded in 2023 financial year.
He said that the amount represented 93 per cent increase over the preceding year’s earnings.
He said that the bank also paid 10 per cent cash as interim dividend to its shareholders in the half year under review, following the approval of the financial statements by the Central Bank of Nigeria (CBN).
Joda said that the bank  shareholders’ fund also rose from N5 billion which is 20 per cent in 2019 to over N53 billion in June 2024, representing 960 per cent growth in the investors’ fund.
The bank’s Executive Director, Mr Sherif Idi, said that the financial performance in the half year 2024 demonstrated the bank’s resilience and its management’s zeal for excellence in all areas of its operations.
”Let me emphasise here that we are very grateful to all the shareholders and urge them to always support the board and management in their sustained efforts to transform TAJBank to the foremost non-interest bank in Africa,” he said.
The News Agency of Nigeria (NAN) reports that TAJBank had in 2022 financial year raised its earnings per share from N31.06 kobo to N65.40k per share, indicating 114.56 per cent on improved returns on investments.(NAN) (www.nannews)
Edited by Kadiri Abdulrahman
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