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TAJ Bank Begins Issuance of its 15% Series 1 Sukuk Worth NGN 10 Billion 

TAJ Bank Begins Issuance of its 15% Series 1 Sukuk Worth NGN 10 Billion 

https://islamicmarkets.com/articles/taj-bank-begins-issuance-of-its-15-series-1-sukuk
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Nigeria-based TAJ Bank has announced the start of an NGN 10 billion (USD 23 million) 15% Series 1 Sukuk issuance programme, as per a bank statement on the 20th of September 2022.

Why it Matters?

Proceeds from the Sukuk will be utilised to increase Taj Bank's Tier 1 Capital. The offer has a minimum order quantity of 100 units, with each unit priced at NGN 1,000 (USD 2.31), and increments of 50 units moving forward. The Sukuk carry a perpetual tenor, however, the certificates are callable after a minimum of 5 Years.

Details

The offer runs from the 20th of September 2022 to the 28th of September 2022 and is carried out by a Special Purpose Vehicle created for the programme. The profits will accrue starting on the day...