TAJBank Limited, Nigeria’s fastest-growing non-interest bank, has recorded a landmark achievement with its latest ₦20 billion Mudarabah Sukuk issuance, which closed with a 185.15% oversubscription rate.
The offering attracted over ₦57 billion in commitments, signalling deepening investor confidence in the bank and the broader Islamic finance market in Nigeria.
The Sukuk, offering an annual profit rate of 20.5%, is the second tranche of TAJBank’s ₦100 billion Sukuk programme. The strong performance comes despite persistent macroeconomic headwinds and a volatile interest rate environment that has dampened sentiment in other parts of the debt market.