TAJBank’s N20bn Sukuk bond records 185.5% oversubscription

TAJBank Limited, the fastest growing non-interest bank in Nigeria, has disclosed that its latest N20 billion Mudarabah Sukuk bond offer recorded 185.15% oversubscription rate. The data just released by the investment market authorities on the performance of the bond indicated that the debt instrument, with annual profit rate at 20.5% per annum, recorded N57,029,771  billion […]

TAJBank Limited, the fastest growing non-interest bank in Nigeria, has disclosed that its latest N20 billion Mudarabah Sukuk bond offer recorded 185.15% oversubscription rate.

The data just released by the investment market authorities on the performance of the bond indicated that the debt instrument, with annual profit rate at 20.5% per annum, recorded N57,029,771  billion allotment, representing 185.15% oversubscription and highlighting the growing investor confidence in the bank

Speaking on the performance of the bond, TAJBank’s Founder/Managing Director, Hamid Joda, described the N20 billion Mudarabah Sukuk bond subscription rate, which is the second tranche of the bank’s N100 billion Sukuk bond programme, as impressive given the current micro and macroeconomic factors in the economy, which continue to rob off on the real income of Nigerians and other residents in the country.

He said: “Let me say that this outstanding performance of the Sukuk bond is a clear demonstration that the bank is enjoying growing investor confidence and this can only be attributed to the quality of innovative products and services, value addition TAJBank is delivering in the non-interest banking subsector of the banking system, especially when analyzed 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. I also assure them that TAJBank shall continue to protect their interest to ensure a win-win experience for all stakeholders as we sustain our drive to sustain the bank as the leading player in the nation’s non-interest subsector of the banking system”, he added.

In his remarks, the bank’s Co-Founder/Executive Director, Mr. Sherif Idi, said, “This investment feat is a clear demonstration that investors’ trust in TAJBank and we will continue to do our best to surpass their expectations through world-class products and services. As we always, our interest in the customers and investors.”