TAJBank Limited’s ₦20 billion Mudarabah Sukuk bond has achieved an impressive 185.15% oversubscription, reaffirming the bank’s growing dominance in Nigeria’s non-interest banking sector.
Managing Director of TAJBank, Mr. Hamid Joda, announced this in a statement on Friday in Abuja, citing data from market regulators confirming the remarkable performance of the Sukuk.
According to him, the debt instrument, which offers an annual profit rate of 20.5%, attracted a total subscription of ₦57.03 billion, underscoring investors’ rising trust in TAJBank’s financial products.
Joda described the strong performance of the second tranche of the bank’s ₦100 billion Sukuk programme as “exceptional,” especially given the prevailing macroeconomic challenges.
He noted that the success demonstrates sustained investor confidence in TAJBank’s innovative, ethical, and value-driven non-interest banking solutions.
“This remarkable outcome reflects the impact of our commitment to transparency, innovation, and sustainable returns,” Joda said, while commending the bank’s board, staff, regulators, and investors for their support.
He pledged that TAJBank would continue to safeguard investors’ interests and strengthen its leadership in the non-interest banking segment through continuous innovation and responsible financial management.
In his remarks, Mr. Sherif Idi, the bank’s Executive Director, said the subscription outcome was proof of investors’ unwavering trust in the institution’s operational excellence.
He assured stakeholders that TAJBank would keep enhancing its services to exceed customer expectations while expanding financial inclusion.
Financial analysts have described the success of the Sukuk offer as a significant boost for Nigeria’s ethical finance market, noting that it would attract more investors and businesses to the non-interest banking ecosystem.
Since entering the market about five years ago, TAJBank has gained a reputation for pioneering ethical finance and introducing investor-focused products. Its efforts have earned it multiple recognitions, including the Global Islamic Finance Award (GIFA) 2023 for Best Sukuk Deal of the Year, and BusinessDay’s Islamic Bank of the Year awards for three consecutive years.
With this milestone, TAJBank says it remains focused on achieving its long-term vision of becoming one of Nigeria’s top 20 banks by 2029, driven by innovation, integrity, and customer satisfaction.