TAJ Bank eyes N20bn from Tranche II sukuk issuance

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TAJ Bank Limited Sukuk Issuance is now open for subscription. TAJ Bank Limited is targeting to raise about N20billion from the issuance of the second tranche (tranche II) of its Sukuk under its N100billion Sukuk programme.

The strategic intent of the bank is to be recognised as the dominant non-interest bank operating in Nigeria with comprehensive non-interest banking products and achieve 75 percent market share as well as a market leader in service delivery, ranking among the top 10 banks in the country.

The Sukuk issuance, which opened on June 19, will close on July 28. The Sukuk is being issued as part of TAJ Bank’s capital-raising programme to support the bank’s growth, infrastructure financing, and long-term strategic objectives, while delivering stable returns to investors.

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As part of its strategic initiatives, TAJ Bank Limited intends to pursue branch expansion to achieve at least (50) branches across state capitals/major commercial centres and e-channels (which includes agent banking) for the purpose of banking the unbanked populace and significantly promoting financial inclusion in Nigeria by 2025; while also eyeing international expansion in due course.

As a Non-Interest Bank with strategic intent of providing excellent services through technology and digital innovation, TAJ Bank Limited focuses on building a strong brand with solutions and competencies in non-interest banking while adopting sustainably ethical conventional banking products and services.

The tranche II Sukuk issuance provides an opportunity to invest in a Shariah-compliant fixed-income instrument backed by tangible assets and structured under Islamic finance principles.

In line with its mission and vision, TAJ Bank Limited seeks to redefine the banking landscape through continuous investment in cutting-edge information technology with a view to delivering exceptional service to its teeming customers while also committing itself to its Core values, which are Trust and Justice, Customer centricity, Excellence, Determination, and Innovation.

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.