TAJBank is releasing a N20 billion Mudarabah Sukuk bond to strengthen its AT1 capital as part of an N100 billion initiative aimed at business expansion. This investment opportunity offers a 20.5% annual return and is open to individuals and corporates, aligning with ethical financial principles.
TAJBank, a non-interest bank in Nigeria, is poised to launch a N20 billion Mudarabah Sukuk bond to enhance its Additional Tier 1 (AT1) capital. This announcement was made by the bank’s Founder and CEO, Mr. Hamid Joda, during a virtual news conference in Abuja. The bank aims to use this issuance as part of a broader N100 billion Sukuk programme to support its expansion efforts.
The AT1 capital reflects capital instruments with no predetermined maturity. Joda noted the upcoming bond issuance is a follow-up to the initial N10 billion Sukuk bond released on the Nigerian Exchange in 2023. This new investment avenue offers ethical investment options with a competitive return of 20.5% per annum for investors.
TAJBank is introducing a N20 billion Sukuk bond as part of a N100 billion programme aimed at business growth. The Mudarabah Sukuk presents a unique opportunity for ethical investment, appealing to both individuals and corporations. With a projected return rate of 20.5%, the offering underscores TAJBank’s dedication to providing innovative financial solutions and promoting inclusion in the financial landscape of Nigeria.
Original Source: nannews.ng
