Abuja: 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 and Managing Director of TAJBank, Mr. Hamid Joda, announced this development in a statement, highlighting the significance of this latest investment initiative.

According to News Agency of Nigeria, Joda specified that the agreement, finalized on Tuesday, comes nearly two years after the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023. He emphasized that this new opportunity is designed for both individual and corporate investors to invest in an ethical instrument offering a competitive 20.5 percent annual return.

Joda confirmed that the new Mudarabah Sukuk bond has received all necessary regulatory approvals. It is crafted to provide a stable and ethical investment avenue allowing investors to engage in the bank’s profit-sharing ventures. This move also demonstrates TAJBank’s dedication to broadening access to innovative financial solutions and enhancing financial inclusion in Nigeria.

The Sukuk bond is accessible to all investors, with the objective of offering a reliable source of additional income that can be managed conveniently from the subscribers’ homes. TAJBank’s Chairman, Alhaji Tanko Gwamna, stated that the offer aligns with ethical financial principles, providing the public with a unique investment opportunity. He encouraged potential investors to reach out to their financial advisors or visit the bank’s official website for further details.

Mr. Kayode Fadahunsi, CEO of the lead issuing house, AVA Capital Ltd, expressed excitement over the collaboration with TAJBank. He assured investors that the bank’s management would exceed expectations, as demonstrated in the oversubscription of the maiden N10 billion Sukuk bond on the NGX in February 2023, which was oversubscribed by 115 percent.