Nigeria’s TAJBank Set to Issue Country’s First Private Sector Sukuk Offering at NGN 100 Billion 

Nigeria-based TAJBank Limited (TAJBank) is set to launch the country’s first private sector Sukuk offering as part of an NGN 100 billion (USD 241 million) programme, to be offered in tranches of NGN 10 billion (USD 24 million) as soon as the necessary regulatory approvals are obtained.

Why it Matters?

The Sukuk are expected to be issued soon under a Mudaraba structure, with the goal of increasing TAJBank’s capital base and eventually funding high-impact sectors that create jobs and improve the Nigerian population's standard of living while also opening up investment opportunities. According to the bank's Managing Director and Chief Executive Officer (CEO), Hamid Joda, the Sukuk is expected to pave the way for several offerings by other pri...