TAJ Bank to list N100bn Sukuk on NGX

TAJ Bank has obtained regulatory approval to list its N10 billion Sukuk on the Nigerian Exchange (NGX).

TAJ Bank had under the first tranche of its N100 billion Sukuk issuance programme, launched a N10 billion capital raising through its special purpose vehicle- Taj Sukuk Issuance Programme SPV Plc.

The company offered series 1 Mudarabah Sukuk at N1,000 per Sukuk certificate with a projected profit of 15 per cent per annum.

The net proceeds of the Sukuk will be used by TAJBank as additional Tier-1 Capital under the capital regulation and will be used by the bank to support its Tier-1 capital for the purpose of maintaining its capital adequacy and for its general corporate business activities.

TAJBank plans to expand its operations across the nation by upgrading its operating licence to national banking licence.

Chairman, TAJBank Limited, Alhaji Tanko Gwamma, said the non-interest bank is focused on growing its business and attaining nationwide market.

Source: TAJ Bank to list N100bn Sukuk on NGX – StocksWatch (stocksng.com)

Related Posts

09

Sep
Business & Economy

SEC Warns Nigerians Against Investing in CMTRADING

The Securities and Exchange Commission (SEC) has cautioned the public against investing in CMTRADING, a cryptocurrency and commodities trading platform. In a statement published on its official website, the Commission noted that CMTRADING falsely presents itself as a licensed operator under GCMT South Africa Pty Ltd by the Financial Sector Conduct Authority (FSCA) of South Africa and […]

02

Sep
Business & Economy

SEC launches redesigned website

The Securities and Exchange Commission (SEC) has officially launched its newly redesigned official website, making a significant approach toward enhancing digital engagement, regulatory transparency, and investor protection. The regulator, in a statement on Monday, said the upgrade introduces a modern design, enhanced functionality, and a streamlined user experience aimed at investors, market operators, and the general public. According to[…]