TAJBank Limited’s N20 billion Mudarabah Sukuk bond has recorded 185.15 per cent over-subscription, showcasing its leading position in Nigeria’s non-interest banking market.

TAJBank’s managing director, Hamid Joda, said this in a statement on Friday.

According to him, the data just released by the investment market authorities on the performance of the bond confirmed the development.

”It indicated that the debt instrument, with an annual profit rate of 20.5 per cent per annum, recorded a N57,029,771 allotment. This is representing 185.15 per cent oversubscription and highlighting the growing investor confidence in the bank,” he said.

Speaking on the performance of the bond, Joda described the N20 billion Mudarabah Sukuk bond subscription rate as impressive, given the current micro- and macroeconomic factors.

He said the development, which was the second tranche of the bank’s N100 billion Sukuk bond programme, continued to positively impact the real income of Nigerians and other residents in the country.

“Let me say that this outstanding performance of the Sukuk bond is a clear demonstration that the bank is enjoying growing investor confidence.

”This can only be attributed to the quality of innovative products and services and the value addition TAJBank is delivering in the non-interest banking subsector of the banking system. Especially when analysed within the context of the current realities in the debt instrument market today.

“I want to thank the board, management, and staff of the bank, the regulatory authorities, and the investors for their contributions to the success of the bond issuance,” he said.

He also assured them that TAJBank would continue to protect their interest to ensure a win-win experience for all stakeholders.

According to him, the bank will strive to sustain its drive as the leading player in the nation’s non-interest subsector of the banking system.

The bank’s executive director, Sherif Idi, said the investment feat was a clear demonstration that investors trust TAJBank.

Mr Idi said that the bank would continue to do its best to surpass its expectations through world-class products and services.

”Analysts in the investment market believe that with the outstanding success of the latest TAJBank’s N20 billion Mudarabah Sukuk bond, more investors, businesses, and bank customers will be encouraged to do business with the bank. This is specifically for the purposes of exploring the opportunities in its innovative products and services and good returns on their investments.

“Since the TAJBank debuted in the non-interest banking space in Nigeria about five years ago, it has been promoting world-class ethical non-interest banking through investor-customer-centric products and services delivery.

”This approach aligns with the management’s vision to transform the bank into one of Nigeria’s first top 20 banks by the year 2029,” Mr Idi said.

According to him, in recognition of its commitment to best practices in global non-interest banking, TAJBank has won several awards.

(NAN)