lasilkiin.com
  • Home
  • Politics
  • Business
  • Sports
  • Health
  • Religion
  • Editorial
  • Youth wing
No Result
View All Result
Donate
  • Home
  • Politics
  • Business
  • Sports
  • Health
  • Religion
  • Editorial
  • Youth wing
No Result
View All Result
lasilkiin.com
No Result
View All Result
Home Business

TAJBank to kick off N100bn Sukuk bond issuance, lists benefits

lasilkiinadmin by lasilkiinadmin
August 29, 2022
in Business, National, News, Top Story, Trending
0
TAJBank to kick off N100bn Sukuk bond issuance, lists benefits
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter

TAJBank Limited, Nigeria’s leading non-interest lender, has formalized the kickoff the bank’s N100 billion Sukuk bond issuance with the signing of the all parties for issuance of the first ever non-interest private Sukuk bond offer in the nation’s capital market.

The Bank has secured all regulatory approvals required for opening the Sukuk to the general public and the bond will be listed on the Nigerian Exchange.

Speaking during the epoch-making event at the bank’s headquarters in Abuja, the bank’s Managing Director/Chief Executive Officer, Mr. Hamid Joda, described the bank’s latest investment initiative as a very important milestone in the annals of Nigeria’s capital market development and assured investors of good returns on their investment in the TAJBank Sukuk bond.

He explained: “The Sukuk bond issuance by TAJ Bank is a very important milestone in the history of Nigeria’s capital market. I believe that after this issuance, we will see a number of companies in the Nigerian market coming out to issue Sukuk bonds and that will lead to deepening of the non-interest market and eventually economic development of Nigeria.

“My message to the investing public is to take advantage of the opportunity in view of its potential for good returns. The instrument is coming out at an expected rate of 15 percent. It is also an ethical instrument and there are very few ethical instruments out there and I believe a lot of investors are looking for instruments that have ethical leaning”, Joda assured.

In his remarks, the bank’s Executive Director, Mr. Sheriff Idi, also stressed the importance of the Sukuk bond to the TAJ Bank’s operations, capacity to provide financial support to needy enterprises with the attendant positive implications for the nation’s economic growth.

The non-interest banking expert clarified: “In the last two years of the bank’s operations we have raised additional capital apart from the Sukuk we are issuing now. With the Sukuk bond issuance, we wanted to raise TAJ Bank’s capital base to about N30 billion by the end of the year and that means we can now finance those sectors that probably some initially thought we cannot provide funding support. That is the essence of this Sukuk bond issuance.”

Idi recalled that when the bank commenced business about two years ago, its capital base or finance obligor element was little and that this limited the bank’s financial support to people and businesses that approached it for funding support for either importation, transportation or other sectors.

However, he explained that in view of the lender’s improved capital base and other positive financial trajectory recorded over the last two years, especially the latest Sukuk bond issuance, TAJ Bank would be fully positioned to surpass public expectations in its capacity to support business owners and ensure improved returns to shareholders and more positive impact on the economy.

He added: “In the last two years of the bank’s operations we have raised additional capital apart from the Sukuk we are issuing now. With the Sukuk bond issuance, we wanted to raise TAJ Bank capital base to about N30 billion by the end of the year and that means we can now finance those sectors that probably some initially thought we cannot provide funding support. That is the essence of this Sukuk bond issuance”, Idi added.

The bank’s Chairman, Alhaji Tanko Isiaku Gwamna, also spoke on the multidimensional ways the issuance of the Sukuk bond will benefit investors the nation’s economy.

He explained: “The impact of the Sukuk bond on the economy is that we are trying to provide more liquidity for the economy and return on the investment is very favourable in such a way that we’re virtually competing even more than what is available in the market because its potential returns on investment is going to be very huge to investors.

“The funds raised through the Sukuk bond and innovative deployment to needy sectors of the economy will help to create jobs, boost economic activities and improve the non-interest banking sub sector’s contributions to the nation’s Gross Domestic Product (GDP) growth in the years ahead”.

Earlier in his remarks, the Chairman/CEO of Buraq Capital Limited, Alhaji Mohamed Mustapha Bintube, recalled how TAJ Bank secured its licence from the monetary authorities and its remarkable performance since it debuted and charged the management “to continue deliver on various innovative products and services the lender has been known for with a view to sustaining this bank at the forefront of the non-interest banking sub-sector in the years ahead.

The investment expert said: “In this volatile environment, your ability to innovate is very important. Tenacity and focus are also crucial to your marketing drive. I think if I may summarize, the officers in the bank’s management team belief in themselves, in innovation, tenacity and their faith in God and themselves. I think that is what brought us here today. I am very happy and proud to be associated with this team.”

Speaking on the importance of the bond to the Nigerian economy, the Managing Director of Greenwich Merchant Bank, the Issuing House for the bond, Mr. Bayo Rotimi, said: “We are doing something new here today. This is an innovative instrument, obviously the first time by a non-interest bank and it is an alternative way through which Tier 1 capital can be raised.

“It is important for innovation to happen in our capital market. Hopefully this Sukuk bond offer by TAJ Bank will continue to broaden the market. We strongly believe that the Nigerian financial market will benefit from the non-interest bank’s trail-blazing investment initiative”, he added.

The Sharia Adviser to TAJ Bank and CEO of One17 Capital Market, Alhaji Attahiru Maccido, commended the bank’s board and management on the additional Tier 1 offer on the Nigerian Exchange in view of its benefits to investors, businesses, the equities market and the economy.

Tags: SukukTaj Bank
Previous Post

NIGERIA: Army de-kits, dismisses 2 soldiers over murder of Yobe Islamic cleric, Goni Aisami

Next Post

NASFAT GTB wins UK & Ireland 2022/23 Sports Day Championship

Related Posts

First batch of Lagos pilgrims arrive in Madinah
News

First batch of Lagos pilgrims arrive in Madinah

June 2, 2023
Hajj2023: NAHCON assures Nigerians the exercise won’t be affected despite technical hitch 
Business

Hajj2023: NAHCON assures Nigerians the exercise won’t be affected despite technical hitch 

June 1, 2023
Aircraft develops fault mid-air, makes emergency landing
Business

Aircraft develops fault mid-air, makes emergency landing

June 1, 2023
Next Post
NASFAT GTB wins UK & Ireland 2022/23 Sports Day Championship

NASFAT GTB wins UK & Ireland 2022/23 Sports Day Championship

Dangote To Save Forex, Through 40% Sugar Import Substitution

Dangote To Save Forex, Through 40% Sugar Import Substitution

Barcelona Striker Aubameyang Robbed, Beaten At Home

Barcelona Striker Aubameyang Robbed, Beaten At Home

Please login to join discussion

Recommended

UPDATE: Fresh Body Recovered, Death Toll Hits Four From Lagos Building Collapse

UPDATE: Fresh Body Recovered, Death Toll Hits Four From Lagos Building Collapse

9 months ago
Flood Sweeps Boy Away, Destroys Property In Gombe

Flood Sweeps Boy Away, Destroys Property In Gombe

10 months ago

Combating and halting Islamophobia

12 months ago
N2.5m Only: Nigeria Announces Price for 2022 Hajj

2022 Hajj: Lagos Begins 462 Pilgrims’ Airlifting Tuesday

12 months ago

Categories

  • Business
  • Editorial
  • Education
  • Empowerment
  • Entertainment
  • From NASFAT Chief Misssioner
  • Health
  • International
  • Lifestyle
  • National
  • News
  • Opinion
  • Photo Speaks
  • Politics
  • Religion
  • Sports
  • Top Story
  • Trending
  • Uncategorized
  • Youth wing
No Result
View All Result

Highlights

DODAN BARRACKS AUTHORITIES SURRENDER OBALENDE EID PRAYER GROUND TO LAGOS MUSLIM COMMUNITY – Buhari

PHOTOS SPEAK: Free Medical Mission at Nasrul-Lahi-L-Fatih Society NASFAT by Lions Club International Foundation District 404B2 NIGERIA in conjunction with Mercy International Medical Missions Inc. at NASFAT HQ Alausa Ikeja Lagos

Al-Mu’minaat sensitises women on networking, communal development

NSCIA calls on the President-elect to look into immorality vices being packaged into education of Nigerian children

FG declares Monday May 29th, work free day for Presidential Inauguration

NASFAT PARTNERS MSSN LAGOS TO HOLD QUIZ/ESSAY CONTESTS FOR STUDENTS

https://vimeo.com/754224285?loop=0

Trending

First batch of Lagos pilgrims arrive in Madinah
News

First batch of Lagos pilgrims arrive in Madinah

by Lasilkiinadmin
June 2, 2023
0

First batch of Lagos pilgrims arrive in Madinah June 2, 2023 No fewer than 390 Lagos State...

Hajj2023: NAHCON assures Nigerians the exercise won’t be affected despite technical hitch 

Hajj2023: NAHCON assures Nigerians the exercise won’t be affected despite technical hitch 

June 1, 2023
Aircraft develops fault mid-air, makes emergency landing

Aircraft develops fault mid-air, makes emergency landing

June 1, 2023
DODAN BARRACKS AUTHORITIES SURRENDER OBALENDE EID PRAYER GROUND TO LAGOS MUSLIM COMMUNITY – Buhari

DODAN BARRACKS AUTHORITIES SURRENDER OBALENDE EID PRAYER GROUND TO LAGOS MUSLIM COMMUNITY – Buhari

May 28, 2023
PHOTOS SPEAK: Free Medical Mission at Nasrul-Lahi-L-Fatih Society NASFAT by Lions Club International Foundation District 404B2 NIGERIA in conjunction with Mercy International Medical Missions Inc. at NASFAT HQ Alausa Ikeja Lagos

PHOTOS SPEAK: Free Medical Mission at Nasrul-Lahi-L-Fatih Society NASFAT by Lions Club International Foundation District 404B2 NIGERIA in conjunction with Mercy International Medical Missions Inc. at NASFAT HQ Alausa Ikeja Lagos

May 28, 2023

Lasilkiin Communications Limited is Radio and Television Service company....

Follow us on social media:

Lasilkiin

₦
Select Payment Method
Personal Info

To make an offline donation toward this cause, follow these steps:

Naira Account
Lasilkiin Communications Limited
United Bank of Africa1025788810

Dollar account
Lasilkiin Communication Limited
3003945088
United Bank of Africa

Donation Total: ₦ 100.00

Category

  • Business
  • Editorial
  • Education
  • Empowerment
  • Entertainment
  • From NASFAT Chief Misssioner
  • Health
  • International
  • Lifestyle
  • National
  • News
  • Opinion
  • Photo Speaks
  • Politics
  • Religion
  • Sports
  • Top Story
  • Trending
  • Uncategorized
  • Youth wing
  • About
  • Advertise
  • Careers
  • Contact
  • NASFAT

© 2022 Lasilkiin Communications Limited.

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Sports
  • Lifestyle
  • Religion
  • Health
  • Empowerment
  • From NASFAT Chief Misssioner
  • Editorial
  • Youth wing

© 2022 Lasilkiin Communications Limited.