Abuja: TAJBank Nigeria has signed an agreement with the Astana International Financial Centre (AIFC) in Kazakhstan to promote non-interest banking, aiming to boost Nigeria’s trade with Asian countries and increase the nation’s foreign exchange earnings. TAJBank’s Managing Director, Hanid Joda, outlined these goals during the signing of a Memorandum of Understanding (MoU) between the two institutions in Abuja.
According to News Agency of Nigeria, the MoU was formalized with the presence of the Ooni of Ife, Oba Enitan Ogunwusi, and other notable dignitaries. The agreement specifically focuses on promoting and developing non-interest banking products and services in Nigeria, aligning with Islamic financial principles. Additionally, it aims to streamline and secure the management of export proceeds, especially for agricultural commodities like cocoa. The agreement will explore innovative financial instruments and mechanisms to enhance trade finance and provide comprehensive support to Nigerian exporters.
Hanid Joda emphasized that this partnership marks a significant milestone in the bank’s ongoing commitment to supporting Nigerian businesses nationwide. He highlighted the financial institution’s dedication to fostering growth and prosperity throughout the country. Joda also expressed excitement over the Ooni of Ife’s presence at the event, viewing it as an endorsement of the partnership with AIFC. He assured customers and potential clients that TAJBank would continue to offer world-class non-interest banking products and services.
In his remarks, Oba Enitan Ogunwusi commended TAJBank’s management for establishing a strategic framework with AIFC, which leverages non-interest banking opportunities to benefit Nigerians, Asians, and their businesses. He recalled TAJBank’s efforts and achievements in deepening financial inclusion through the non-interest banking model in Nigeria over the past few years. The royal father expressed optimism that the MoU would promote and develop non-interest banking products and services within Nigeria, enhancing export ties between Nigeria and Kazakhstan.
Yernar Zhanadil, AIFC’s Director, noted the untapped potential of the Islamic market, which has over eight million users in Kazakhstan. He suggested the possibility of issuing Ijara or Sukuk using Nigeria’s model, highlighting its potential. With the Ooni’s involvement and TAJBank’s participation, Zhanadil expressed confidence in the immense benefits the MoU would bring to bank customers and the economies of both countries.
