TAJBank Gets Approval For Second Tranche Of N100bn Sukuk

TAJBank Limited, Nigeria’s pioneering non-interest bank, has received the regulatory approval to issue the second tranche of its N100 billion Mudarabah Sukuk bond programme.Valued at N20 billion, the bond offers a competitive 20.5 percent annual return, reinforcing the bank’s commitment to ethical investing and financial inclusion.

According to the bank, all necessary regulatory approvals have been obtained for the issuance, which is structured to align with Islamic finance principles and attract ethically conscious investors.

This development comes nearly two years after the bank launched its debut N10 billion Sukuk in 2023—Nigeria’s first non-interest instrument listed on the Nigerian Exchange. That initial issuance was oversubscribed by 115 percent, a strong endorsement of market confidence in TAJBank’s financial model.

The new tranche is part of the bank’s broader strategy to scale its Sukuk offerings and deepen access to non-interest, profit-sharing investment products across the country.

“TAJBank is proud to offer another opportunity for retail and institutional investors to benefit from a secure, ethical, and high-yield investment vehicle,” the bank noted. “With a 20.5 percent return per annum, this Sukuk issuance underscores our long-term vision of delivering value while staying true to our non-interest banking ethos.”

The signing of the completion agreement for the N20 billion tranche marks another significant step in TAJBank’s growth trajectory as it continues to attract interest from investors seeking alternatives to conventional financial products.

Further details on the offering, including subscription timelines and investor categories, are expected to be disclosed in due course.