AJBank Limited, a non-interest bank, has signed a Memorandum of Understanding (MoU) with the Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank (IsDB) Group, to attract funding for major infrastructure projects in Nigeria.

In a statement on Monday, TAJBank said the MOU signing at the IsDB’s private sector forum in El Sheikh, Egypt, recently was to express a convergence of will to explore avenues of financing key capital projects in the country.

The bank recently said it was unveiling an N100bn Sukuk (bond) under its Mudaraba structure, which the board noted would be offered in tranches of N10bn once the regulatory approvals were secured.

Speaking on the pact after the signing, TAJBank’s Managing Director/CEO, Mr. Hamid Joda, said, “We are deeply delighted to have crossed another milestone with the signing of this MOU, and especially with the ICD. It only further buttresses our intention of stimulating investments in critical sectors of the economy, leading to national development.

“As we all know, Nigeria has a huge infrastructure gap that requires funding through long-term funds like that of the ICD.”

Courtesy by :https://dailytrust.com/tajbank-islamic-corporation-to-fund-capital-projects-in-nigeria