TAJBank, AIFC companion to spice up Nigeria’s FX earnings and commerce with Asia 

TAJBank Nigeria has entered right into a strategic partnership with the Astana Worldwide Monetary Centre (AIFC) in Kazakhstan to boost Nigeria’s overseas change (FX) earnings and promote non-interest banking.

The settlement is predicted to spice up Nigeria’s merchandise commerce with Asian nations.

The Memorandum of Understanding (MoU) was formalized in Abuja, with the Ooni of Ife, Oba Enitan Ogunwusi, and different distinguished dignitaries in attendance.

TAJBank Managing Director, Hamid Joda, expressed his pleasure in regards to the partnership, stating, “It particularly focuses on selling and growing non-interest banking services in Nigeria, according to Islamic monetary ideas. It additionally goals to streamline and safe the administration of export proceeds, notably for agricultural commodities like cocoa.” 

Progressive monetary instrument  

Joda added that the settlement seeks to discover modern monetary devices and mechanisms to boost commerce finance and supply complete help to Nigerian exporters. He emphasised that the partnership represents one other vital milestone within the bank’s ongoing dedication to help Nigerian companies throughout the nation.

“We’re excited to have our Royal Father, the Ooni of Ife, right here at this occasion, which is a transparent demonstration of his endorsement of our partnership with the AIFC. I guarantee all our prospects and potential ones that TAJBank will proceed to do its finest to help them with world-class non-interest banking services,” Joda added.

Yernar Zhanadil, AIFC’s Director, famous that the Islamic market in Kazakhstan, with over eight million customers, stays largely untapped.

“We will difficulty Ijara or Sukuk utilizing Nigeria’s mannequin. It has a lot potential. With the Ooni’s involvement and TAJBank, I’m even surer of the immense advantages of the MoU for bank prospects and the economies of the 2 nations,” Zhanadil acknowledged.

What it is best to know 

• The Ooni of Ife recommended TAJBank’s administration for formalizing a strategic framework with AIFC, leveraging non-interest banking alternatives to profit Nigerians, Asians, and their companies.

• He additionally highlighted TAJBank’s outstanding efforts and achievements in deepening monetary inclusion by the non-interest banking mannequin over the previous few years.

“I imagine this MoU between TAJBank and AIFC is one other initiative that I strongly really feel will foster export ties between Nigeria and Kazakhstan. We stay up for higher worldwide commerce involving cocoa and different commodities as I hear that you’ve the perfect candies in Kazakhstan,” the royal father remarked.

• Final week, the Nationwide Hajj Fee of Nigeria (NAHCON) authorized 4 banks to help and implement the Hajj Financial savings Scheme. Taj Bank, Different Bank, and Lotus Bank will now function alongside Ja’iz Bank to implement the financial savings scheme.

The official signing and acknowledgment of the appointment letters occurred at Hajj Home in Abuja, the place representatives from the three new banks acquired their official letters from the Nationwide Hajj Fee of Nigeria (NAHCON).