TAJBank, a non-interest (Islamic) bank in Nigeria, has confirmed that it successfully met the Central Bank of Nigeria’s newly raised minimum capital requirement for national non-interest banks.
The bank’s Managing Director, Hamid Joda, announced the achievement on Friday, attributing the success to the leadership of the bank’s board and support from shareholders and investors.
He said, “I am happy to report that TAJBank has fulfilled the mandatory recapitalisation requirement. The bank is now fully prepared for a more customer-friendly, innovative banking services delivery to our growing customers nationwide.”
Joda commended the CBN governor, Olayemi Cardoso, and the Central Bank’s management for initiating the recapitalisation policy, saying the measure would help reposition Nigerian banks to compete amid changing global financial conditions.
He reassured shareholders, investors, and customers that TAJBank would prioritise their interests, investing more in technology, human capital, and real-time service delivery.
He emphasised that its operations would remain compliant with Shari’ah principles.
The recapitalisation requirement was introduced by the CBN in March 2024 as part of its efforts to strengthen the banking sector and enhance its contribution to Nigeria’s economic growth, especially in the face of global uncertainties.
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