AVA Capital Partners Limited is pleased to announce that the Taj Sukuk Issuance Programme SPV Plc’s (the “Company” or the “Issuer”) up to ₦10 billion Series 1 Mudarabah Sukuk Issuance (‘’the Issuance” or ‘’the Offer”) – under its ₦100 Billion Sukuk Issuance Programme is NOW OPEN. The offer closes on the 28th of October, 2022.
The Sponsor, TAJBank Limited (“TAJBank”) is a licensed national Non-Interest Bank domiciled and operating in Nigeria. TAJBank was formerly a regional bank having secured its banking license from the Central Bank of Nigeria on July 3, 2019 and commenced operations on December 2, 2019 with two pioneering branches. As a non-interest Bank with the strategic intent of providing excellent services through technology and digital innovation, the Bank focuses on building a powerful brand as a Deposit Money Bank with solutions and competences in Non-Interest Banking while adopting sustainably ethical Conventional Banking products and services.
From inception, the Bank has demonstrated immense appetite for growth and innovation, rendering exceptional quality services to customers and nurturing a well-motivated workforce. In this period, the Bank secured licenses for major critical banking products – Letter of Credit Dealership and Foreign Exchange, among others. The strategic commitment of the Bank is to be among the dominant Non-interest Banks operating in Nigeria with 75% Market Share and comprehensive Non-Interest Banking products and services.
This issuance is a Shariah Compliant Sukuk structure for raising additional Tier-1 Capital which will be invested in projects with shared ownership by the Bank and Trust Sukukholders.
Additional information and transaction documents can be obtained via this Link.