TAJBank unveils new N20bn Sukuk bond
TAJBank has announced plans to issue a N20bn Mudarabah Sukuk as part of its N100bn Sukuk programme, which aims to strengthen its Additional Tier 1 capital and support business expansion.
In a statement made available by the bank to our correspondent on Monday, the new investment initiative, coming nearly two years after the bank successfully issued Nigeria’s first N10bn Sukuk bond on the Nigerian Exchange in 2023, offers a competitive 20.5 per cent annual return to investors seeking ethical and stable investment options.
According to TAJBank’s management, the Mudarabah Sukuk is designed to provide profit-sharing opportunities for both individual and institutional investors, reinforcing the bank’s commitment to financial inclusion and financial solutions.
Commenting on the planned issuance, TAJBank’s Founder and Chief Executive Officer, Hamid Joda, said, “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.”
According to the statement, investment analysts have described the N20bn Mudarabah Sukuk as a secure and transparent investment that aligns with ethical finance principles.
They noted that the 20.5 per cent return makes it an attractive option for investors looking to diversify portfolios and generate passive income.
The bank’s previous N10bn Sukuk issuance in 2023 was oversubscribed by over 115 per cent, a development analysts believe signals strong investor confidence in TAJBank’s financial strategy.
The PUNCH reported that the profit before tax of TAJBank, one of the non-interest banks in Nigeria, grew by 122 per cent to N11.3bn in 2023.
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