With the signature of an agreement between all parties for the issuing of the first-ever non-interest private Sukuk bond offer in the country’s capital market, TAJBank Limited, Nigeria’s top non-interest bank, formally started the bank’s N100 billion Sukuk bond issuance.

The Sukuk will soon be made available to the general public, and the bank has already obtained all necessary regulatory approvals. The bond will then be listed on the Nigerian Exchange Limited (NGX).

Mr. Hamid Joda, the bank’s managing director and chief executive officer, gave a speech at the historic event at the bank’s headquarters in Abuja. He called the most recent investment initiative as a very important milestone in the annals of Nigeria’s capital market development and assured investors of good returns on their investment in the TAJBank Sukuk bond.

He said, “The Sukuk bond issuance by TAJ Bank is a very important milestone in the history of Nigeria’s capital market. I believe that after this issuance, we will see a number of companies in the Nigerian market coming out to issue Sukuk bonds and that will lead to the deepening of the non-interest market and eventually economic development of Nigeria.

“My message to the investing public is to take advantage of the opportunity in view of its potential for good returns. The instrument is coming out at an expected rate of 15 percent. It is also an ethical instrument and there are very few ethical instruments out there and I believe a lot of investors are looking for instruments that have ethical leaning”, Joda stated.

The TAJ Bank’s Executive Director, Mr. Sheriff Idi, emphasized in his remarks the significance of the Sukuk bond to the bank’s operations and its ability to support financially struggling businesses, with the consequent favorable effects on the growth of the country’s economy.

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