Business

TAJBank’s ₦20 Billion Sukuk Bond Sees 185.5% Oversubscription

Published

3 weeks ago

October 10, 2025

Cyril Ogar

TAJBank Limited, the fastest growing non-interest bank in Nigeria, has again demonstrated its frontline visibility in Nigeria’s non-interest banking investment market with its latest N20 billion Mudarabah Sukuk bond offer recording 185.15% oversubscription rate.

The data just released by the investment market authorities on the performance of the bond indicated that the debt instrument, with annual profit rate at 20.5% per annum, recorded N57,029,771 billion allotment, representing 185.15% oversubscription and highlighting the growing investor confidence in the bank.

Speaking on the performance of the bond, TAJBank’s Founder/Managing Director, Mr. Hamid Joda, described the N20 billion Mudarabah Sukuk bond subscription rate, which is the second tranche of the bank’s N100 billion Sukuk bond programme, as impressive given the current micro and macroeconomic factors in the economy, which continue to rob off on the real income of Nigerians and other residents in the country.

He said: “Let me say that this outstanding performance of the Sukuk bond is a clear demonstration that the bank is enjoying growing investor confidence and this can only be attributed to the quality of innovative products and services, value addition TAJBank is delivering in the non-interest banking subsector of the banking system, especially when analyzed within the context of the current realities in the debt instrument market today.

“I want to thank the board, management and staff of the bank, the regulatory authorities and the investors for their contributions to the success of the bond issuance.
“I also assure them that TAJBank shall continue to protect their interest to ensure a win-win experience for all stakeholders as we sustain our drive to sustain the bank as the leading player in the nation’s non-interest subsector of the banking system”, he added.

In his remarks, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, enthused: “This investment feat is a clear demonstration that investors’ trust in TAJBank and we will continue to do our best to surpass their expectations through world-class products and services. As we always, our interest in the customers and investors.”

Analysts in the investment market believe that with the outstanding success of the latest TAJBank’s N20 billion Mudarabah Sukuk bond, more investors, businesses and bank customers will be encouraged to do business with the bank for the purposes of exploring the opportunities in its innovative products and services and good returns on their investments.

Since the TAJBank debuted in the non-interest banking space in Nigeria about five years ago, it has, through investor-customer centric products and services delivery, been promoting world-class ethical non-interest banking in line with the management’s vision to transform the bank into one of Nigeria’s first top 20 banks by year 2029.

In recognition of its commitment to best practices in non-interest banking globally, TAJBank has won several awards, including the Global Islamic Finance Award (GIFA) 2023 for its ‘Best Sukuk Deal of the Year 2023’.

Before then, it had won BusinessDay newspaper’s ‘Islamic Bank of The Year’ awards for 2021, 2022 and 2023 and before then clinched the Leadership newspapers’ ‘Bank Of The Year Award’ in 2020, amongst other laurels

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Business

TAJBank Emerges Nigeria’s Biggest Non-Interest Bank

Published

1 week ago

October 23, 2025

The Gleamer

Cyril Ogar

After five years of operations in Nigeria’s rapidly evolving non-interest banking (NIB) space, TAJBank Limited has become the biggest player in the NIB subsector based on its total assets and gross earnings values.

Disclosing this during his paper presentation on the key performance indices in the non-interest banking space over the past few years at a seminar organized by Leaders Corporate Services with the theme “Roles of Non-Interest Banks In SMEs’ Financing” for SME entrepreneurs yesterday in Abuja, an investment expert, Mr. Olabode Akeredolu-Ale, maintained that based on the non-interest banks’ approved financial statements for the half year 2025, TAJBank currently remained the biggest in terms of its total assets.

The expert, a chartered stockbroker, specifically confirmed that his recent investment researches on the NIBs and their financial performances showed that TAJBank, with its total assets rising to N1.017 trillion in half year 2025 up from N953.098 billion as of December 2024, which is about N53 billion higher than the nearest NIB’s assets, now ranked top in the banking subsector.

According to him, TAJBank’s gross earnings for H1 2025 also surged to N53.752 billion from N32.86 billion as of December 2024, representing a 64% growth, and higher than the nearest NIB’s gross earnings in the period under review.

This is even as he disclosed that on the NIBs’ earnings per share during the half year, TAJBank reported N61.36 kobo earnings per share, about 92% higher than the earnings per share of the next NIB during the period.

Akeredolu-Ale, who is also a chartered accountant, clarified: “The figures I am reeling out here on the NIBs are sourced from the banking and capital market regulatory institutions’ platforms, which anyone can access to verify.

“I am part of this event because of my research interest in non-interest banking and how the players in the subsector in Nigeria can help to leverage their competencies in innovation and ethical banking to support our MSMEs.

“Today, the MSMEs cannot access DMBs’ loans due to high lending rates and other inclement macroeconomic factors. This is where I think the NIBs have become very crucial to Nigeria’s economic growth.

“Overall, my findings on the NIBs indicated that they are all trying their best with non-interest loans to support entrepreneurs, particularly the MSMEs owners. I have advised those of them at this seminar to explore the cost-friendly financing options of the NIBs to grow their businesses by opening accounts with the NIBs”, the expert added.

Another speaker at the event, Benjamin Chukwudi, also commended the NIBs for their “catalytic roles in helping SMEs to access interest-free loans and providing them the needed financial management advisory, which have been helping them in sustaining their operations in the face of rising cost of doing business in the country.”

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