For August 22nd to 27th, 2022, there were some key developments in the Global, Regional and Nigerian Islamic Finance Market.
Some of the key events include:
TajBank to Launch Mobile Banking App
The Managing Director of TajBank Ltd, Mr. Hamid Joda, informed stakeholders and investors that the bank would launch a digital banking application to attract more customers to its platforms as it seeks to grow its operations nationwide.
The App would deepen the non-Interest bank’s service delivery by leveraging digital technology to reach a broader range of prospective customers, especially the youthful population.
Family Homes Funds launches N20b Sukuk in Nigeria
The Sukuk market in Nigeria is diversifying, with the Family Homes Funds Limited announcing that it has opened an application for a provisional subscription to its N20bn Sukuk. The zero-coupon instrument was finalized as the parties involved signed the documents on the issuance to secure the transaction.
Fixed Income market analysts see this as a welcome development to the housing market as Nigeria is using Sukuk to address its housing deficit. A recent United Nations Habitat report suggested that Nigeria had a massive housing gap.
Dubai-Based Company Targets Women that are Ethical Investors
According to IFN News, a Dubai-based company National Bonds will launch a new product targeting female retail investors. Known as Tejouri Al Emarateyat, the program encourages Emirati women to invest through a portfolio of schemes based on their objectives and needs in alignment with Shariah principles.
IsDB Group Announces $454m Funding for the Trans-Saharan Road Corridor
As part of its commitment to financing infrastructure projects in Sub-Saharan Africa, the Islamic Development Bank, IsDB, announced the release of $454m for the Trans-Saharan Road corridor.
The road project, which links Algeria, Chad, Mali, Niger, Nigeria and Tunisia, amongst others, will be an enabler of trade and development in the region.