TAJBank’s N20bn Sukuk Bond Records 185% Oversubscription

TAJBank Limited’s N20 billion Mudarabah Sukuk bond has been oversubscribed by 185.15 percent, underscoring growing investor confidence in Nigeria’s non-interest banking sector.
Mr Hamid Joda, Managing Director of TAJBank, disclosed the development in a statement on Friday, noting that data released by investment market authorities confirmed the bond recorded an allotment of N57.03 billion, surpassing its initial N20 billion target. The instrument carries an annual profit rate of 20.5 per cent per annum.
“The impressive subscription rate demonstrates investors’ confidence in TAJBank’s innovative products and value delivery in the non-interest banking sector,” Joda said. He described the issuance as the second tranche of the bank’s N100 billion Sukuk bond programme, which has contributed positively to the income of Nigerians and residents across the country.
Mr Sherif Idi, Executive Director, added that the success reflects investors’ trust in TAJBank and its commitment to providing world-class products and services. He said the bank would continue to exceed investor expectations and solidify its leadership in Nigeria’s non-interest banking subsector.
Since its debut five years ago, TAJBank has pursued ethical, investor-focused non-interest banking, a strategy aligned with its vision to rank among Nigeria’s top 20 banks by 2029. The bank has also earned recognition, including the Global Islamic Finance Award (GIFA) 2023 for Best Sukuk Deal of the Year and BusinessDay’s Islamic Bank of the Year for 2021, 2022, and 2023.
“This performance reinforces the bank’s position as a trusted partner for investors exploring opportunities in innovative non-interest banking products and services,” Idi said.