By Aduragbemi Omiyale
The N10 billion Sukuk Mudarabah of TAJ Bank sold to investors at 15 per cent has been listed on the Nigerian Exchange (NGX) Limited.
The paper was issued by the non-interest bank, which operates in Nigeria under Islamic banking principles, under its N100 billion Sukuk Mudarabah Programme to strengthen its capital adequacy ratio.
The Sukuk was listed on the exchange on Tuesday, February 14, 2023, and a closing gong ceremony was held to commemorate it.
The chief executive of TAJ Bank, Mr Hamid Joda, while speaking at the event, reiterated the strategic importance of Islamic financing and how it can drive national development.
He also thanked the NGX for its support and pledged to continue to collaborate with the Exchange for the development of Islamic finance in the country.
He described the Sukuk bond issuance by TAJ Bank as a significant milestone in the history of Nigeria’s capital market, noting that, “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 the deepening of the non-interest market and eventually economic development of Nigeria.”
In his remarks, the Divisional Head of Capital Markets at NGX, Mr Jude Chiemeka, commended the efforts of Taj Bank’s leadership and the parties to the issue: Greenwich Merchant Bank, Lead Issuing House; 117 Capital & Buraq Capital, Joint Sharia Advisers; and United Capital, Brokers, on the transaction.
“NGX will continue to support issuers by providing a platform of choice for capital raising and linking them with a diverse pool of investors. The exchange is also committed to developing Islamic financing in the Nigerian capital market and continues to implement initiatives to deepen its offerings,” he stated.
Dipo Olowookere 
Adedapo Adesanya