TAJBank Limited, a prominent non-interest bank in Nigeria, is set to issue a ₦20 billion Sukuk Mudarabah as part of its ₦100 billion Sukuk program.

This initiative aims to enhance the bank's capital base and support its expansion plans.

This issuance follows TAJBank's successful launch of Nigeria's first corporate Sukuk under the same ₦100 billion program, where the initial tranche of ₦10 billion was oversubscribed by 113%.

The upcoming ₦20 billion Sukuk reflects the bank's commitment to providing ethical investment opportunities and supporting infrastructure development in Nigeria.

Sukuk, often referred to as Islamic bonds, are Sharia-compliant financial instruments that offer returns to investors without infringing on Islamic law, which prohibits interest. TAJBank's continued efforts in this area not only diversify its funding sources but also contribute to the growth of the non-interest banking sector in Nigeria.