TAJBank - NEWS AGENCY OF NIGERIA

isaac aregbesola
Mar, Mon, 2025

TAJBank to issue N20bn Sukuk, targets N100bn issuance

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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

isaac aregbesola
Mar, Mon, 2025

Economy/Business

TAJBank, AIFC partner to boost non-interest banking

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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

isaac aregbesola
Feb, Mon, 2025

Economy/Business

TAJBank gets new global rating, wins Islamic bank award

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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

isaac aregbesola
Oct, Mon, 2024

Defence/Security

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

578 total views today

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