TAJBank Limited’s N20 billion Mudarabah Sukuk bond has recorded 185.15 per cent oversubscription, showcasing its leading position in Nigeria’s non-interest banking market.
TAJBank’s Managing Director, Mr Hamid Joda, said this in a statement on Friday in Abuja.
According to him, the data just released by the investment market authorities on the performance of the bond confirmed the development.
”It indicated that the debt instrument, with annual profit rate at 20.5 per cent per annum, recorded N57,029,771 billion allotment.
”This is representing 185.15 per cent oversubscription and highlighting the growing investor confidence in the bank,” he said.
Speaking on the performance of the bond, Joda described the N20 billion Mudarabah Sukuk bond subscription rate as impressive given the current micro and macroeconomic factors in the economy.
He said the development, which was the second tranche of the bank’s N100 billion Sukuk bond programme, continued to rob off on the real income of Nigerians and other residents in the country.
“Let me say that this outstanding performance of the Sukuk bond is a clear demonstration that the bank is enjoying growing investor confidence.
”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 analysed 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.”
He also assured them that TAJBank would continue to protect their interest to ensure a win-win experience for all stakeholders.
According to him, the bank will strive its drive to sustain as the leading player in the nation’s non-interest subsector of the banking system.
In his remarks, the bank’s Executive Director, Mr Sherif Idi, said the investment feat was a clear demonstration that investors’ trust in TAJBank.
Idi said that the bank would 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.
”This is specifically 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 been promoting world-class ethical non-interest banking through investor-customer centric products and services delivery.
”This approach aligns with the management’s vision to transform the bank into one of Nigeria’s first top 20 banks by year 2029.”
According to him, in recognition of its commitment to best practices in non-interest banking globally, TAJBank has won several awards.
”The awards include the Global Islamic Finance Award (GIFA) 2023 for its ‘Best Sukuk Deal of the Year 2023’.
”The bank had also won BusinessDay newspaper’s ‘Islamic Bank of The Year’ awards for 2021, 2022 and 2023.
”Before then clinched the Leadership newspapers’ ‘Bank Of The Year Award’ in 2020, amongst other laurels.”(NAN)