TAJBank Nigeria has entered into a strategic partnership with the Astana International Financial Centre (AIFC) in Kazakhstan to enhance Nigeria’s foreign exchange (FX) earnings and promote non-interest banking.
The agreement is expected to boost Nigeria’s merchandise trade with Asian countries.
The Memorandum of Understanding (MoU) was formalized in Abuja, with the Ooni of Ife, Oba Enitan Ogunwusi, and other distinguished dignitaries in attendance.
TAJBank Managing Director, Hamid Joda, expressed his excitement about the partnership, stating, “It specifically focuses on promoting and developing non-interest banking products and services in Nigeria, in line with Islamic financial principles. It also aims to streamline and secure the management of export proceeds, particularly for agricultural commodities like cocoa.”
Innovative financial instrument
Joda added that the agreement seeks to explore innovative financial instruments and mechanisms to enhance trade finance and provide comprehensive support to Nigerian exporters. He emphasized that the partnership represents another significant milestone in the bank’s ongoing commitment to support Nigerian businesses across the country.
“We are excited to have our Royal Father, the Ooni of Ife, here at this event, which is a clear demonstration of his endorsement of our partnership with the AIFC. I assure all our customers and potential ones that TAJBank will continue to do its best to support them with world-class non-interest banking products and services,” Joda added.
Yernar Zhanadil, AIFC’s Director, noted that the Islamic market in Kazakhstan, with over eight million users, remains largely untapped.
“We can issue Ijara or Sukuk using Nigeria’s model. It has so much potential. With the Ooni’s involvement and TAJBank, I am even surer of the immense benefits of the MoU for bank customers and the economies of the two countries,” Zhanadil stated.
What you should know
- The Ooni of Ife commended TAJBank’s management for formalizing a strategic framework with AIFC, leveraging non-interest banking opportunities to benefit Nigerians, Asians, and their businesses.
- He also highlighted TAJBank’s remarkable efforts and achievements in deepening financial inclusion through the non-interest banking model over the past few years.
“I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan. We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan,” the royal father remarked.
- Last week, the National Hajj Commission of Nigeria (NAHCON) approved four banks to support and implement the Hajj Savings Scheme. Taj Bank, Alternative Bank, and Lotus Bank will now operate alongside Ja’iz Bank to implement the savings scheme.
The official signing and acknowledgment of the appointment letters took place at Hajj House in Abuja, where representatives from the three new banks received their official letters from the National Hajj Commission of Nigeria (NAHCON).
