TAJBank, a non-interest bank, has said it is finalising arrangements to raise the sum of ₦20 billion Mudarabah Sukuk bond to beef up its Additional Tier 1 capital.
The Founder/Chief Executive Officer of TAJBank, Hamid Joda, said this in a statement on Monday in Abuja, according to NAN.
According to him, the issuance is part of its N100 billion Sukuk programme with the aim of fueling its business expansion drive.
Joda said that the new investment initiative was coming two years after the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023.
He said that it presented a unique opportunity for individuals and institutions to invest in an ethical instrument with a competitive 20.5 per cent per annum return.