Jutha Gupah, Maiduguri
August 29, 2022.
The TAJBank has commenced the issuance of N100bn Sukuk bond for the first-ever non-interest private bond offers to the nation’s capital market.
According to the bank, it has secured all regulatory approvals required for opening the Sukuk to the general public.
TAJBank’s Managing Director, Hamid Joda, yesterday (Monday) stated in Abuja that the bank has concluded plans to issue N100 billion Sukuk bond at zero rate interest.
“The commencement followed the signing of all parties for the issuance of the first-ever non-interest private Sukuk bond offer at the capital market,” he said.
Besides the issuance, he added that the bank had secured all regulatory approvals required for opening the Sukuk to the general public.
“The bond would be listed on the Nigerian Exchange,” he said.
He, therefore, assured investors of good returns on their investment in the bank.
Continued; “I believe that after this issuance, we will see a number of companies in the capital market coming out to issue Sukuk bonds,” noting that it could lead to the deepening of the non-interest market and with economic development in the various sectors of the economy.
The investing public, according to him, is to take advantage of the opportunity in view of its potential for good returns
He said that the instrument was coming out at an expected rate of 15 percent, as investors are looking for instruments that have an ethical leaning.
The bank’s Executive Director, Sheriff Idi added that TAJBank has the capacity to provide financial support to needy entrepreneurs for the nation’s economic growth and development.
“With the Sukuk bond issuance, the bank’s capital base is raised to about N30 billion by the end of the year,” he said, noting that it will ensure improved returns to stakeholders with positive impacts in the economy
According to him, the Sukuk bond will provide more liquidity for the various sectors of the economy.
Besides, he added that the issuance of bonds will create more job opportunities for economic growth in the country.
