L-R: Managing Director, Foremost Capital Limited, Mr. Emmanuel Akehomen; Chief Shari’ah Audit Executive of TAJBank, Mr Usama Saleh; His Royal Majesty Ooni of Ife, Oba Enitan Ogunwusi; Director, Astana International Financial Centre (AIFC) Kazakhstan, Yernar Zhanadil; Chief Risk Officer at TAJBank Ltd, Kamoru Adeyemi; and Head, Corporate Development at Freedom Holding Corporation, Sergey Fomichev; during the signing of the Memorandum of Understanding (MoU) between TAJBank and AIFC in Abuja recently.
His Royal Majesty Ooni of Ife, Oba Enitan Ogunwusi, has commended TAJBank Nigeria for its partnership with Astana International Financial Centre (AIFC) Kazakhstan, to promote non-interest banking, boost Nigeria’s merchandise trade with Asian countries, and improve the country’s foreign exchange (FX) earnings.
The foremost traditional ruler lauded TAJBank’s management on the collaboration during the signing of the Memorandum of Understanding (MoU) in Abuja, to formalise the framework between the two partners in order to leverage the opportunities of non-interest banking for the benefits of Nigerians, Asians and their businesses.
The royal father, who recalled TAJBank’s remarkable efforts to deepen financial inclusion through the non-interest banking model in the country over the past few years, said he believes the MoU between TAJBank and AIFC is another initiative that 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.
Specifically, the MoU aims to promote and develop non-interest banking products and services within Nigeria, adhering to Islamic financial principles, streamline and secure the management of export proceeds, particularly of agricultural commodities such as cocoa, exploring innovative financial instruments and mechanisms to strengthen trade finance and provide robust support to Nigerian exporters.
In addition, the deal seeks to fortify trade relationships between Nigeria and Kazakhstan, as well as other Central Asian nations, by identifying and pursuing opportunities for joint ventures, strategic investments, and enhanced trade financing to drive economic cooperation.
TAJBank’s Founder/Managing Director, Hamid Joda,in a statement spoke about the deal.“This is another landmark deal in our sustained drive to demonstrate to Nigerians that TAJBank is totally committed to support their businesses irrespective of the location.
“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, AIFC’s Director, Yernar Zhanadil had this to say. “Your Majesty, the Islamic market in Kazakhstan is untapped; the market has over eight million users. 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.”
