Nigerian bank TAJBank Limited is a non-interest bearing institution that operates in accordance with Islamic banking practices. It is Nigeria’s second non-interest bank, and it has its headquarters in Abuja, the nation’s capital. In 2019, TAJBank was established.
TAJBank is on a Mission
“to build a sustainable ethical brand through exceptional service, innovation and professionalism whilst enhancing stakeholders’ value,”
and on a Vision, “to be the leading African financial institution with a reputation for excellent customer experience and innovative solutions.” While emphasizing core values like trust and justice, customer centric, excellence, determination and
innovation. One of Nigeria’s leading non-interest finance institutions, TAJBank, has secured approval for nationwide banking operations from the Central Bank of Nigeria (CBN).
The bank’s Managing Director, Mr Hamid Joda, made this known in a statement recently. The Nigerian Apex bank has given TAJBank Limited, the top non-interest bank in Nigeria, permission to conduct nationwide banking operations.
The license is coming on the heels of several awards bagged by the bank in the past two years of operations in recognition of its outstanding banking services, including three International Standards Organisation (ISO) certifications for its commitment to customer safety assurance, service excellence and business operations resilience prioritization. According to Joda, it is another feat achieved by the bank to leverage our cutting-edge and impressive products and service delivery scorecards.
“We want to thank the regulatory authorities for issuing a national license as well as the growing number of our customers who are yearning to see us give them the best in non-interest banking services.
“I want to assure them that with the latest approval by the authorities, we will deploy all human and technological resources to their doorsteps and give real meaning to the National Financial Inclusion Strategy (NFIS).
“We will be bringing world class non-interest banking products and services to their doorsteps for growth and prosperity,” he said.
Using cutting-edge technologies and solutions, Joda credited TAJBank’s excellent results over the previous two years to innovation in several crucial areas of customer-centric service delivery.
According to him, the national license would help in growing the bank’s agency network to 25,000 by 2025, thereby reducing the financial exclusion rate.
Sherif Idi, the bank’s executive director, expressed joy over receiving the license for national operation. He said, “we are very excited to achieve this feat, especially when the potential benefits to our customers and the nation’s economy cannot be quantified in socio-economic terms.
“For us, it is a call for more services to millions of Nigerians who are desirous of having access to credit without pain. Let me say it loud, we shall not disappoint them on this expectation.”
The management of TAJBank revealed plans to issue Nigeria’s first 100 billion Naira ($3 billion) Mudarabah-structured Sukuk in June.
In the Nigerian debt markets, it signaled a historic change from government-dominated Sukuk sales to an entirely private sector-oriented offering.
The bank recorded Profit Before Tax (PBT) of N1.6 billion in Financial Year 2021. The growth represented 433 per cent improvement on the bank’s profit for 2020. Similarly, TAJBank also recorded 117 per cent growth in gross revenue, from N3.3 billion to N7.2 billion.
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