…as Ooni of Ife endorses pact

 

TAJBank Nigeria has forged a strategic partnership with Astana International Financial Centre (AIFC) Kazakhstan, aimed at promoting non-interest banking, boosting Nigeria’s merchandize trade with Asian countries, and improving the country’s foreign exchange (FX) earnings.

The Memorandum of Understanding (MoU) between the two institutions was formalized in Abuja, with the Ooni of Ife, Oba Enitan Ogunwusi, and other prominent dignitaries in attendance.

The MoU 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. Additionally, the agreement seeks to explore innovative financial instruments and mechanisms to enhance trade finance and provide comprehensive support to Nigerian exporters.

At the event, the Ooni of Ife commended TAJBank’s management for formalizing a strategic framework with Astana International Financial Centre, leveraging non-interest banking opportunities to benefit Nigerians, Asians, and their businesses.

He also recalled TAJBank’s remarkable efforts and achievements to deepen financial inclusion through non-interest banking model in the country 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”, Oba Ogunwusi added.

The deal further seeks to strengthen trade ties between Nigeria and Kazakhstan, as well as other Central Asian countries, by identifying opportunities for joint ventures, strategic investments, and improved trade financing. This will help drive economic cooperation and deepen regional partnerships.

Hamid Joda, Founder and Managing Director of TAJBank, emphasized that this partnership represents another significant milestone in the bank’s ongoing commitment to support Nigerian businesses across the country, as well as dedication to fostering growth and prosperity nationwide.

“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.

In his brief remarks on the pact, Yernar Zhanadil, AIFC’s Director noted that the Islamic market, with over eight million users in Kazakhstan was still 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.