For the second consecutive year, judges at the BusinessDay’s ‘Banks and Other Financial Institutions (BAFI) Awards have rated TAJBank Limited, Nigeria’s leading non-interest bank, as the winner of the ‘Islamic Bank of the Year Award’ 2022 for the bank’s impressive performance during the year.
TAJBank beat other nominees for the award after a rigorous assessment criteria of banks, including financial performance of banks in the year under review, global ratings by rating agencies, branch network expansion investments, digitalization of payment systems, international standards organization (ISO) certifications, and uncompromising fidelity in baking principles, amongst others.
In a pre-award ‘Notification of Shortlisting At BusinessDay Banks and Other Financial Institutions’ (BAFI) Awards’ letter by the management of BusinessDay dated October 13, 2022 to TAJBank management, the organisers of the awards noted that the non-interest bank had impressively performed in all areas of the assessment criteria, thereby justifying its nomination.
The letter partly reads: “It would not be an exaggeration to say that 2022 has been the Year of TAJ when the bank has been setting one record after the other. Having won the Islamic Bank of the Year Award at the 2021 edition of the BAFI Awards, this back-to-back shortlisting would make it a first if TAJBank wins again this year.”

TAJBank Limited, Nigeria’s leading non-interest lender, has formalized the start of the bank’s N100 billion Sukuk bond issuance with the signing of the all parties for issuance of the first ever non-interest private Sukuk bond offer in the nation’s capital market.

The Bank has secured all regulatory approvals required for opening the Sukuk to the general public and the bond will be listed on the Nigerian Exchange.

Speaking during the epoch-making event at the bank’s headquarters in Abuja, the bank’s Managing Director/Chief Executive Officer, Mr. Hamid Joda, described the bank’s latest investment initiative as a very important milestone in the annals of Nigeria’s capital market development and assured investors of good returns on their investment in the TAJBank Sukuk bond.

He explained: “The Sukuk bond issuance by TAJ Bank is a very important milestone in the history of Nigeria’s capital market.

“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 deepening of the non-interest market and eventually economic development of Nigeria

“My message to the investing public is to take advantage of the opportunity in view of its potential for good returns. The instrument is coming out at an expected rate of 15 percent. It is also an ethical instrument and there are very few ethical instruments out there and I believe a lot of investors are looking for instruments that have ethical leaning”, Joda assured.

In his remarks, the bank’s Executive Director, Mr. Sheriff Idi, also stressed the importance of the Sukuk bond to the TAJ Bank’s operations, capacity to provide financial support to needy enterprises with the attendant positive implications for the nation’s economic growth.

The non-interest banking expert clarified: “In the last two years of the bank’s operations we have raised additional capital apart from the Sukuk we are issuing now. With the Sukuk bond issuance, we wanted to raise TAJ Bank’s capital base to about N30 billion by the end of the year and that means we can now finance those sectors that probably some initially thought we cannot provide funding support. That is the essence of this Sukuk bond issuance.”

Idi recalled that when the bank commenced business about two years ago, its capital base or finance obligor element was little and that this limited the bank’s financial support to people and businesses that approached it for funding support for either importation, transportation or other sectors.

However, he explained that in view of the lender’s improved capital base and other positive financial trajectory recorded over the last two years, especially the latest Sukuk bond issuance, TAJ Bank would be fully positioned to surpass public expectations in its capacity to support business owners and ensure improved returns to shareholders and more positive impact on the economy.

He added: “In the last two years of the bank’s operations we have raised additional capital apart from the Sukuk we are issuing now. With the Sukuk bond issuance, we wanted to raise TAJ Bank capital base to about N30 billion by the end of the year and that means we can now finance those sectors that probably some initially thought we cannot provide funding support. That is the essence of this Sukuk bond issuance”, Idi added.

The bank’s Chairman, Alhaji Tanko Isiaku Gwamna, also spoke on the multidimensional ways the issuance of the Sukuk bond will benefit investors the nation’s economy.

He explained: “The impact of the Sukuk bond on the economy is that we are trying to provide more liquidity for the economy and return on the investment is very favourable in such a way that we’re virtually competing even more than what is available in the market because its potential returns on investment is going to be very huge to investors.

“The funds raised through the Sukuk bond and innovative deployment to needy sectors of the economy will help to create jobs, boost economic activities and improve the non-interest banking sub sector’s contributions to the nation’s Gross Domestic Product (GDP) growth in the years ahead”.

Earlier in his remarks, the Chairman/CEO of Buraq Capital Limited, Alhaji Mohamed Mustapha Bintube, recalled how TAJ Bank secured its licence from the monetary authorities and its remarkable performance since it debuted and charged the management “to continue deliver on various innovative products and services the lender has been known for with a view to sustaining this bank at the forefront of the non-interest banking sub-sector in the years ahead.

The investment expert said: “In this volatile environment, your ability to innovate is very important. Tenacity and focus are also crucial to your marketing drive. I think if I may summarize, the officers in the bank’s management team belief in themselves, in innovation, tenacity and their faith in God and themselves. I think that is what brought us here today. I am very happy and proud to be associated with this team.”

Speaking on the importance of the bond to the Nigerian economy, the Managing Director of Greenwich Merchant Bank, the Issuing House for the bond, Mr. Bayo Rotimi, said: “We are doing something new here today. This is an innovative instrument, obviously the first time by a non-interest bank and it is an alternative way through which Tier 1 capital can be raised.

“It is important for innovation to happen in our capital market. Hopefully this Sukuk bond offer by TAJ Bank will continue to broaden the market. We strongly believe that the Nigerian financial market will benefit from the non-interest bank’s trail-blazing investment initiative”, he added.

The Sharia Adviser to TAJ Bank and CEO of One17 Capital Market, Alhaji Attahiru Maccido, commended the bank’s board and management on the additional Tier 1 offer on the Nigerian Exchange in view of its benefits to investors, businesses, the equities market and the economy.

TAJBank Limited, Nigeria’s leading non-interest bank, has secured the approval for nationwide banking operations from the Central Bank of Nigeria (CBN).

The license is coming on the heels of several awards bagged by the bank in the past two years of operations in recognition of its outstanding banking services, including three International Standards Organization (ISO) certifications for its commitment to customer safety assurance, service excellence and business operations resilience prioritization.

Speaking on the national licence issued to the bank by the Apex bank during a media chat on Wednesday in Abuja, the bank’s Managing Director/CEO, Mr. Hamid Joda, described it “as another feat achieved by the Bank to leverage on our cutting-edge and impressive products and service delivery scorecards and by so doing, make TAJBank the preferred choice in non-interest banking operations at the grassroots in the country.

“We want to thank the regulatory authorities for issuing a national license as well as the growing number of our customers who are yearning to see us give them the best in non-interest banking services, especially at the grassroots and throughout the country.

“I want to assure them that with the latest approval by the authorities, we will deploy all human and technological resources to their doorsteps and give real meaning to the National Financial Inclusion Strategy (NFIS) by bringing world class non-interest banking products and services to their doorsteps for growth and prosperity”, Joda assured.

L-R: Acting Chief Financial Officer, Mr. Babatunde Odumosu; Chief Compliance Officer of TAJBank, Mr. Saheed Ekeolere; the Executive Director, Mr. Sherif Idi; the Managing Director/Chief Executive Officer, Mr. Hamid Joda; the Group Head, Shariah Unit, Mr. Usama Saleh; the Deputy Chief Risk Officer, Mr. Kamoru Adeyemi; and the Group Head, Marketing Communications, Mr. Taiwo Oluwafemi; during the media briefing on the issuance of National Licence to TAJBank by the Central Bank of Nigeria (CBN) held on Wednesday in Abuja

Attributing TAJBank’s impressive performances over the past two years to innovativeness in key areas of customer-centric service delivery powered by world-class technologies and solutions, human resource capacity building and shareholders and customers’ growing confidence, the CEO said the national license would help in growing the bank’s agency network to 25,000 by 2025, thereby reducing the financial exclusion rate.

It would be recalled that TAJBank’s management had last month unveiled plans to launch Nigeria’s first private sector Sukuk offering under a N100 billion programme under a Mudarabah structure, thereby marking a historic shift from government-dominated Sukuk offerings to a fully private sector-oriented offering in the Nigerian debt markets.

Commenting on the national licence issuance to the non-interest lender, the bank’s Executive Director, Mr. Sherif Idi enthused: “We are very excited to achieve this feat, especially when the potential benefits to our customers and the nation’s economy cannot be quantified in socio-economic terms. For us, it is a call for more services to millions of Nigerians, who are desirous of having access to credit without pains. Let me say it loud, we shall not disappoint them on this expectations”.

TAJBank Ltd, a leading non-interest hank, has continued its service and financial inclusion drive with the opening of a new, technology-powered branch in Wuse 2, Abuja.The opening of the new branch brings the lender’s growing branch network to 22 within its first two years of operation.
Speaking during the event, which was witnessed by scores of traders and small business owners eager to do business with the non-interest financial services provider, the Managing Director/CEO; Mr. Hamid Joda, said the opening of the Wuse 2 branch aligned with the management’s strategy of deepening financial inclusion by taking banking products and services to millions of unbanked and undeserved populace in the grassroots.
Joda explained: “The opening of the new branch is to continue with our strategy of ensuring that we take the TAJBank brand to all the nooks and crannies of the Country with the aim of addressing the service needs of our teeming customers.
“We understand that Customers want to do business and sometimes need someone to give them that advisory service they yearn for which in turn will help to address their financial challenges”, he added.
In his remarks, the bank’s board Chairman, Alhaji Tanko Gwamma, stressed that one of TAJBank’s goals was to increase its visibility at the grassroots in demonstration of its commitment to continuously add socio-economic value to ordinary Nigerians.
According to him, Wuse 2 zone is one of the promising locations in the FCT where businesses are thriving every day and the idea of opening a branch there “is to ensure that customers don’t suffer in their banking transactions as TAJBank will not only give them real time service but also give them advice on how to grow their businesses.”
It would be recalled that TAJBank recently reported a 433% growth in PBT for the 2021 financial year and significant growth in gross revenue, balance sheet and other performance assessment indicators. The non-interest bank is also set to launch Nigeria’s first private sector Sukuk o8ering under a N100 billion programme.

Smarting from the impressive financial and other operational performance indices recorded since it debuted as a non-interest bank in Nigeria two years ago, the Board and Management of TAJBank Limited on Wednesday highlighted indices to ensure its continuous and sustainable growth in the years ahead.

The Managing Director/CEO of the bank, Mr. Hamid Joda, in his report at the bank’s 2022 Annual General Meeting (AGM) held in Abuja, attributed the performances of the non-interest lender over the past two years to innovativeness in key areas of customer-centric service delivery powered by world-class technologies and solutions, human resource capacity building and shareholders and customers’ growing confidence.

Specifically, the seasoned banker listed the key objectives considered crucial to transforming TAJBank into an industry leader in the years ahead as including, securing a license to make TAJBank a national bank by the second quarter of 2022; and promoting financial inclusion by leveraging various channels and touch points, especially through the bank’s electronic platforms.

In addition, Joda told the shareholders that one of their objectives was to make TAJBank to “be recognized as the market leader in the non-interest industry in Nigeria” and that another major strategy is to “expand its branch network across state capitals/major commercial centers in Nigeria to offer non-interest banking product and services to the understand markets.”

He also spoke on plans to grow the bank’s agency network to 100,000 agents by 2025 thereby reducing the financial exclusion rate; and to transform TAJBank into a leading digital bank in the country before the end of this year.

He expatiated: “Our success in 2021 demonstrates that we not only kept our commitment to our stakeholders, but we are growing in a sustainable manner so that we can continue to enhance value to society while also generating the revenue our shareholders will appreciate.

“We are constantly improving our operations so that we can respond to our clients’ ever-changing needs in their daily lives more efficiently and effectively. We are also pushing ourselves further beyond our comfort zones to provide a viable financial platform for all our stakeholders”, Joda added.

Earlier in his statement, the bank’s Chairman, Alhaji Tanko Gwamma, reported that TAJBank attracted and retained more customers, and recorded exponential growth in its risk asset base, while it is committed to achieving the required regulatory metrics, as well as pursuing strong growth in its balance sheet items, amongst other positive indices.

He enthused: “I am delighted to inform you that the future of the Bank is outstandingly bright and beautiful. We are confident to state that our exceptional service delivery, robust technological deployment, and responsive operational system yielded the excellent performance we have recorded so far.”

TAJBank Limited, Nigeria’s leading non-interest bank, has signed a Memorandum of Understanding(MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, aimed at attracting funding for major infrastructure projects in Nigeria.

The MOU signing between TAJBank and the ICD is to express a convergence of will between both entities and build a relationship between the Nigerian lender and the international organization to explore avenues of financing key capital projects in the Country.

According to the bank’s board, the Sukuk will be offered in tranches of N10 billion each as soon as regulatory approvals are secured.

Speaking on the MOU after the signing, TAJBank’s Managing Director/CEO, Mr. Hamid Joda, enthused: “We are deeply delighted to have crossed another milestone with the signing of this MOU and especially with the Islamic Corporation for the Development of the Private Sector (ICD), it only further buttresses our intention of stimulating investments in critical sectors of the economy leading to national development.

“As we all know, Nigeria has a huge infrastructure gap that requires funding through long-term funds like that of the ICD,” Joda added.

In his remarks on the deal, the bank’s Executive Director, Mr. Sherif Idi, also expressed joy over the development, stressing that the signing of the MoU further demonstrates that “TAJBank is sustaining its giant strides, and this is seen in this partnership as we hope to do more in securing investments that will further bring about creation of jobs and production for better national advancement.

TAJBank, a leading non-interest bank in the country, commenced operations about two years ago and has accomplished several milestones, including expanding its branch network to 22 within its franchise area during the period.

The non-interest banking services provider had a few days ago unveiled plans to launch a private sector targeted N100 billion Sukuk programme under a Mudaraba structure that will afford it the opportunity to grow its capital base and by so doing, position it on a strong pedestal to finance large and long term projects in Nigeria.

The ICD is a multilateral development financial institution under the IsDB saddled with the responsibilityof supporting the development of its member-countries through the provision of finance for private sector projects, promoting competition and entrepreneurship and encouraging cross border investments, amongst other key responsibilities.

TAJBank Limited, Nigeria’s leading non-interest bank, is set to launch the country’s first private sector Sukuk offering under a N100 billion programme.

The bank’s Sukuk offering, which is currently undergoing regulatory approvals, is expected to be launched soon, marking a historic shift from government-dominated Sukuk offerings to a fully private sector-oriented offering in the Nigerian debt markets.

TAJBank is launching the instrument under a Mudaraba structure that will afford the non-interest lender opportunity to grow its capital base and by so doing, position it on a strong pedestal to finance large and long-term projects in Nigeria while unlocking investment opportunities in Africa’s largest economy.

According to the bank’s board, the Sukuk will be offered in tranches of N10 billion each as soon as regulatory approvals are secured.
Commenting on the corporate Sukuk offering during an interactive session with journalists in Abuja, the bank’s Managing Director/CEO; Mr. Hamid Joda, explained:

“TAJBank’s Sukuk offer being the first private sector Sukuk offer in Nigeria would open the door for several Sukuk offers by other private sector entities thereby stimulating investments in critical sectors of the economy leading to national development.

“Our aim is to raise the needed funds that would be invested in targeted high-impact sectors that spur job creation and enhance the standard of living of Nigerians”, Joda stressed.

In his remarks at the forum, the Executive Director, Mr. Sherif Idi, said: “There are many economic activities or projects that well-meaning Nigerians and companies are unable to fund. The Sukuk is a perfect way of aiding to finance these projects. He further stated that the use of the Sukuk to fund these projects means that investors are incentivized to help the economy develop by creating and producing rather than consuming only.”

TAJBank started its operations through its Head Office in Abuja and a branch in Kano. Over the last two years, the Bank has accomplished several milestones, including expanding its branch network to 22 within its franchise area.

It would be recalled that apart from achieving break even within eight months of operation and remarkably growing its shareholders’ fund and returns on their investment within 12 months, TAJBank recently reported a 433% growth in PBT for the 2021 financial year and significant growth in gross revenue, balance sheet and other performance assessment indicators.

TAJBank Limited, one of Nigeria’s leading financial institutions and the second non-interest bank, recorded more milestones in its second year of operations with its profit before tax (PBT) surging to N1.6 billion in FY2021, representing 433% improvement over the preceding year’s profit.

This is even as the multiple award-winning lender, which recently received the Payment Card Industry Data Security Standard (PCI DSS) certification in recognition of its globally recognized information security standards in all areas of its operations, also recorded 117% growth in gross revenue from N3.3 billion in FY2020 to N7.2 billion in FY2021.

In the period under review, the bank recorded positive indicators which showed the remarkable growth that the nascent bank continues to achieve. The bank’s financial results showed a rise in its balance sheet figure from N50 billion in FY2020 to N110 billion in the FY2021 recording a 122% growth.

The bank also achieved a leap in shareholders’ funds during the year which also marked some great improvements for the Bank’s financial results coming from the previous year.

The non-interest bank’s audited financial statements also reflected outstanding positive indices which demonstrated its management’s professionalism in handling investors’ funds despite serious economic headwinds.

TAJBank’s drive for deposit base growth showed in the financial results as customer deposits also remarkably grew in the year under review, increasing by 99% over the previous year’s value and representing the highest in the industry.

Also, the bank also rapidly expanded its branch network by 22 new branches and business offices within the period under review.

Speaking on the financial results, the Managing Director/CEO, Mr. Hamid Joda, noted that “since commencing operations two years ago, TAJBank has continued to record giant strides in the financial services industry.

“It is on record that we achieved break-even in our 8th month of business, recorded profit in our first year of operations while also wiping-off preoperational expenses in the first year of operation. Generally, the bank has continued to record excellent financial performance within the short period of its existence”, he added.

The Executive Director, Mr. Sherif Idi, while reacting to the results said: “TAJBank has a healthy appetite for growth and for excellence and these results are a testament to what we portray and what we are about.”

He also stressed that the bank “is not looking at slowing down in its sustained commitment to continue to add value to our shareholders, surpassing our customers’ expectations in innovative products and services delivery and in ensuring that we continue to break frontiers in the Nigerian financial system.”

TAJBank Nigeria Limited, a leading Nigerian non-interest banking services provider, has received three International Standards Organisation (ISO) certifications for its commitment to customer safety assurance, service excellence and business operations resilience.

The bank’s Founder and Managing Director, Mr Hamid Joda said in a statement on Tuesday.

Joda said that the recognition, by Certification Partner Global (CPG), was coming on the heels of other numerous domestic and international awards bagged by the bank over the past three months.

“The latest certifications of TAJBank comprises the ISO 27001, ISO 22301, and ISO 20000 on
Information Security, Business Continuity, and IT Service Management Systems.

“They demonstrate the bank’s commitment to prioritising business operation resilience, customer safety, and service excellence at all times,” he said.

He added that the issuance of the ISO 27001certication to TAJBank also proved its assurance to customers that it had duly applied relevant information security controls, to ensure the confidentiality, integrity, and availability of customers’ information.

“The ISO 22301 is also evidence that TAJBank business operation is conducted with best practices to prevent, prepare for, respond to and recover from unexpected and disruptive incidents.

“Similarly, ISO 20000 shows that TAJBank makes IT a business enabler, through robust service management system in the delivery of IT-related services, and is also regularly optimizing technology for its current and future needs,” he said.

Joda assured that the bank’s management was fully aware of the risks and impact involved in using technology to drive businesses.

“This requires us to be increasingly aware of our roles and responsibilities in ensuring that we actively play our part in following international best practices and standards,” he said. .

Meanwhile, TAJBank’s Executive Director and Chief Marketing Officer, Mr. Sherif Idi, has said that the bank was one of the few banks in the country to have successfully integrated and passed three rigorous management standards.

“This certification has further positioned and strengthened TAJBank’s quest to continually drive our digital banking strategy for world-class financial services that enable our customers’ security, excellent services, and meet regulatory requirements”, he assured.
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TAJBank, a Nigeria’s leading non-interest banking services provider, has recorded the highest earning per share (EPS) in the nation’s banking industry with its shareholders earning N11.82k per share.

TajBank’s Founder and Chief Operating Officer, Mr Hamid Joda, in a statement on Monday in Abuja said that the bank grew its assets in the first year of operations ended in December 2020, by 443 per cent.

Joda said that the bank also reported N845 million Profit After Tax (PAT) in the period.

He said that the bank’s overall performance indices were upswing, demonstrating the management’s superior financial competencies to create sustainable value for its various stakeholders.

“The performance also lends credence to the success and market acceptance of the non-interest banking model.

“The bank’s impressive scorecard was posted during the financial year amid the devastating impact of the COVID-19 pandemic on the globe, particularly Nigeria’s economic landscape.

“TAJBank’s financial statements already approved by the monetary authorities indicated that the lender had achieved its breakeven mark barely nine months after it debuted in the non-interest banking terrain.

“It also grew its total assets from N9.2billion in 2019 to N50 billion in 2020, representing a 443 per cent increase and a remarkable growth,” he said.

He added that a further analysis of the bank’s financial statements showed 1,495 per cent growth in its deposit base showcasing its capacity to thrive in the non-interest banking sub-sector.

“All these were achieved through innovation and efficient service delivery in the face of the COVID-19 triggered disruptions in the financial sector.

“The Bank has also grown its agency banking network (TAJExpress), to over 3,000 agents within its first year of operations.

“Quite remarkably, at a time when electronic frauds are threatening the global banking system, TAJBank has guaranteed the safety of depositors’ and investors’ funds, recording no single incidence of fraud since its inception,” he assured.

He lauded the bank’s impressive performance in its maiden year and capacity to break even within nine months of operation,

Joda said the feat “is indicative that in this short period of business operations we have received such a massive amount of support and encouragement from various bodies and individuals.

“Breaking even in nine months of operation is a laudable feat and we are appreciative of the enormous support and encouragement that we have received so far.

“We assure our customers that we will continue to explore the business landscape with a view to consistently deliver on our mission to provide the very best of products and services to our customers,” he added.

Meanwhile, the bank’s Co-founder and Chief Marketing Officer, Mr Sherif Idi, said that creating cunstomer-friendly products and services remained its primary focus

“In our business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.

“We are delighted with the satisfaction rate and feedback we have received so far on the increasingly dynamic non-interest banking sub-segment of the banking industry, and its numerous value-adding services,” he said.