TAJBank, Islamic corporation to fund capital projects in Nigeria

 TAJBank Limited, a 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, to attract funding for major infrastructure projects in Nigeria.

In a statement on Monday, TAJBank said the MOU signing at the IsDB’s private sector forum in El Sheikh, Egypt, recently was to express a convergence of will to explore avenues of financing key capital projects in the country.

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The bank recently said it was unveiling a N100bn Sukuk (bond) under its Mudaraba structure, which the board noted would be offered in tranches of N10bn once the regulatory approvals were secured.

Speaking on the pact after the signing, TAJBank’s Managing Director/CEO, Mr Hamid Joda, said, “We are deeply delighted to have crossed another milestone with the signing of this MOU, and especially with the 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.”

Also speaking, the bank’s Executive Director, Mr Sherif Idi, said, “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, in its last two years, has opened 22 branches and plans a N100bn Sukuk, while the ICD of the IsDB supports the development of member-countries by providing funding for private sector projects.