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Wednesday, 11 June 2025

TAJBank Launches N20 Billion Second Tranche of Mudarabah Sukuk Bond


TAJBank, a prominent non-interest financial institution in Nigeria, has finalised the agreement for the N20 billion second tranche of its N100 billion Mudarabah Sukuk bond programme.

The Founder and Managing Director of TAJBank, Mr. Hamid Joda, announced the development in a statement issued on Wednesday in Abuja. Joda stated that the investment initiative, completed on Tuesday, follows the issuance of the bank’s inaugural N10 billion Sukuk bond on the Nigerian Exchange in 2023.

According to Joda, the new Sukuk bond provides another opportunity for individual and corporate investors to invest in an ethical financial instrument offering a competitive return of 20.5 per cent per annum.

“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.

Joda emphasised that the new Sukuk bond is accessible to all categories of investors, aiming to provide a convenient and reliable source of additional income.

Chairman of TAJBank, Alhaji Tanko Gwamna, described the offer as an opportunity for the public to engage in an investment aligned with ethical financial values.

“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,” Gwamna said.

He encouraged potential investors to consult their financial advisors or visit www.tajbank.com for further details on the Sukuk and the listing process.

Chief Executive Officer of AVA Capital Ltd, the lead issuing house, Mr. Kayode Fadahunsi, expressed the firm’s enthusiasm to contribute to TAJBank’s progress in the non-interest banking sector.

“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.

TAJBank’s first Sukuk issuance in February 2023 attracted significant investor interest, being oversubscribed by 115 per cent.

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