TAJBank

What TAJBank does

TAJBank Limited is a privately held Nigerian non-interest (Shariah-compliant) commercial bank headquartered in Abuja, licensed by the Central Bank of Nigeria and operating under a National Banking License since August 2022. Founded in 2019 and the first licensed non-interest bank in Nigeria to receive a national license, TAJBank serves retail individuals, SMEs, corporate clients, public-sector institutions, and Hajj pilgrims through five business units: retail banking, personal/private banking, business banking, public sector, and Hajj pilgrimage banking. The bank operates a multi-channel distribution model combining 40+ physical branches across Nigeria, the TAJWay mobile app (iOS/Android), USSD banking (*898#), iCorporate and iBank internet platforms, an ATM network of more than 50 locations, and an agent banking network.

The bank's product suite is structured entirely around Islamic finance contracts: Murabaha (cost-plus) financing for assets, working capital, imports, and traders; Mudarabah savings and time deposits with profit-sharing; Wakalah agency investment services; Ijarah lease finance; Istisna construction/manufacturing finance; Sukuk investment certificates; and Kafalah bonds and guarantees. Technology is digital-first, with BVN/NIN-based digital account opening, biometric authentication, and a dedicated Hajj Savings portal (hajjsavings.tajbank.com) integrated with the National Hajj Commission of Nigeria (NAHCON). Pricing is structured around Sharia-compliant profit rates and Mudarabah sharing ratios disclosed upfront rather than conventional interest.

Revenue is generated through profit margins on Murabaha/Istisna assets, profit-sharing ratios on Mudarabah deposits, Ujrah (agency fees) on Wakalah services, structuring and distribution fees on Sukuk, and conventional banking service fees (account maintenance, card issuance, SMS alerts). Capital is raised primarily through Sukuk bond issuances under a N100 billion program (N10 billion in 2023, oversubscribed 113%; N20 billion in October 2025, oversubscribed 185.15%). By H1 2025, total assets reached N1.017 trillion, making TAJBank Nigeria's largest non-interest bank by assets and gross earnings, with reported PBT of N11.3 billion in FY2023, a 64% YoY gross earnings increase in H1 2025, and shareholders' fund growth of 960% from N5 billion (2019) to over N53 billion (June 2024). Strategic partners include NAHCON (Hajj Savings Scheme), the Islamic Corporation for the Development of the Private Sector (ICD/IsDB group), and the Nigerian Postal Service (NIPOST).

Name

TAJBank

Legal name

TAJBank Limited

Website

https://tajbank.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

TAJBank is Nigeria's largest non-interest (Shariah-compliant) bank by assets, offering Murabaha, Mudarabah, Ijarah, and Sukuk products to retail, SME, corporate, and public-sector customers through 40+ branches, a digital banking platform, and a dedicated Hajj Savings Scheme.

Ownership category

akta.pro rank

Product category

Non-Interest (Islamic) Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Shariah-compliant Financing Products (Murabaha, Ijara, Tawarruq, Istisna, Salam) (FSABAGAH)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Islamic Retail Banking (FSABAGAA), Islamic Trade Finance & Supply Chain (Shariah-compliant) (FSABAGAE), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI)

Keywords

• Non-interest banking
• Islamic finance
• Retail banking
• Business financing
• Digital banking

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Murabaha (Cost Plus) Financing: The bank purchases assets identified by customers and sells at cost plus profit margin. Revenue generated through profit margin markup on goods and assets financed including auto finance, working capital, and import finance.
2. Mudarabah Savings Deposits: Unrestricted Mudarabah deposits where the bank acts as Mudarib (entrepreneur) and depositors are Rabb-ul-Maal (investors). Revenue shared based on pre-agreed ratios. Deposits pooled and invested in ethical business ventures.
3. Wakalah Agency Services: Bank acts as investment agent to invest customer funds in specific business ventures. Earns Ujrah (fee/commission) for investment agency services.
4. Sukuk Investment Services: Non-interest financial certificates representing ownership in asset portfolios. Bank structures and distributes Sukuk, earning fees and profit participation.
5. Time Deposits: Fixed tenure Mudarabah time deposits with profit sharing between customer and bank based on weightage determined by the bank.
6. Ijarah (Lease) Finance: Bank acquires services and assigns to customers at service fee plus markup. Revenue from mark-up on rental/lease arrangements for education, housing, and other services.
7. Murabaha for Traders (MFT): Short-term financing for traders and wholesalers with quick sales cycles. Minimum facility N500,000 to N5,000,000 with profit-based pricing.
8. Fee-based Banking Services: Account maintenance fees, transaction fees, debit card issuance (N1,075 + delivery), SMS alerts, and other banking service charges.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels10 records

Core offering

TAJBank is Nigeria's largest non-interest (Islamic) bank offering Sharia-compliant banking products and services. The bank provides Mudarabah (profit-sharing) savings and time deposits, Murabaha cost-plus asset and working capital finance, Ijarah lease finance, Istisna construction/manufacturing finance, Wakalah agency and letter of credit services, Kafalah guarantees, Sukuk investment products, and multi-currency domiciliary accounts. It serves retail, personal, business, and public sector customers through a multi-channel distribution platform combining physical branches, digital banking (TAJWay mobile app, USSD *898#, iCorporate/iBank internet banking), agent banking, and ATMs.

Product overview

TAJBank is Nigeria's largest non-interest bank by assets (N1.017 trillion as of 2025), offering a comprehensive suite of Shariah-compliant banking products and services. The bank operates a multi-channel platform combining digital banking (TAJWay mobile app, USSD *898#, internet banking), branch network, and agent banking. Retail banking offerings include Qard savings tiers, Mudharabah savings and time deposits, asset finance (Murabahah), auto finance, Lease (Ijara) finance, and domiciliary accounts in USD/EUR/GBP. Business banking includes working capital finance, import finance, construction finance (Istisna), letters of credit (Wakalah), and guarantees (Kafalah). The bank also offers the Hajj Savings Scheme in partnership with NAHCON for pilgrimage planning. Key differentiators include non-interest (ethical) banking model, digital-first approach, and comprehensive product suite spanning personal, retail, corporate, and public sector segments.

Differentiator

Problem solved

Functional benefit

Brands

• TAJWay: Mobile and digital banking application offering biometric authentication, fund transfers, card management, budget planning, and account access via iOS and Android devices.
• Hajj Savings Scheme

Products and services

• TAJWay Mobile Banking App Digital banking mobile application providing convenient access to TAJBank accounts and services with biometric authentication, fund transfers, card management, standing orders, and digital account opening.
• Qard Savings Account
• Partnership (Mudharabah) Savings Account Investment partnership savings account where the bank invests customer deposits ethically and shares profits with depositors based on a pre-agreed sharing ratio; profits credited monthly.
• Partnership (Mudharabah) Time Deposit Sharia-compliant fixed-tenure deposit account with 1-12 month terms, minimum deposit of N500,000, offering profit-sharing returns paid periodically (monthly, quarterly, or yearly).
• Youth Account (Vibe) Banking account for teenagers enabling parents to secure their child's future with debit card access, mobile and internet banking, and zero minimum operating balance.
• Emerald Kiddies Account Children's savings account opened in the child's name and operated by parent/guardian; minimum N2,000 opening balance, monthly profit payments, and cheque/dividend warrant deposits up to N2 million.
• Payroll Current Account Zero opening balance current account with email/SMS alerts and access to banking facilities, designed for employer payroll processing.
• Domiciliary Account Foreign currency denominated account allowing savings in US Dollars, Euros, and Pounds with zero opening balance, zero maintenance fees, verve debit card, and internet/mobile banking access.
• Sukuk Investment Service Non-interest financial certificates representing ownership in a portfolio of eligible assets with minimum investment of N10,000, periodic return payments (monthly, quarterly, or yearly), and potential for trading prior to maturity.
• Wakalah (Agency) Investment Services (WIS) Investment product where the bank acts as investment agent to invest customer funds ethically in specific business ventures, designed for clients seeking periodic and stable returns.
• Cost Plus (Murabahah) Asset Finance Retail asset financing product enabling customers to acquire assets with flexible monthly, quarterly, or annual payment plans; bank purchases the selected asset and sells it to the customer at cost plus disclosed profit margin.
• Lease (Ijara) Finance Lease finance contract under which services are hired or acquired in exchange for a fee; bank acquires the service and assigns it to the customer who pays a service fee plus mark-up in installments or lump sum.
• Murabaha for Traders (MFT) Short-term financing for traders, retailers, and wholesalers with short sale cycles. Minimum facility of N500,000, maximum N5,000,000 (N10 million for repeat customers); excludes petroleum products, BDCs, and financial services businesses.
• Cost Plus (Murabahah) Working Capital Working capital financing method for the purchase of raw materials for domestic business needs; bank appoints customer as agent to source goods, with total cost price and profit disclosed to the customer.
• Cost Plus (Murabahah) Import Finance Finance facility for importation businesses where the bank issues a Letter of Credit, purchases goods, and sells them to the customer at cost plus profit margin on deferred payment basis.
• Construction/Manufacturing (Istisna) Finance Finance contract for construction, manufacturing, or development projects where the bank facilitates the project and sells it to the customer at selling price (cost plus profit margin) on deferred or progressive payment terms.
• Agency (Wakalah) Letter of Credit Service where the bank acts as agent for importing customers; customer deposits full LC amount, bank establishes the letter of credit and makes payment to the exporter upon shipment.
• Bonds & Guarantees (Kafalah) Guarantee service for customers requiring guarantees to clients (government, blue-chip companies, travel agents, international businesses); includes advance payment, performance bond, bid bond, custom bond, and bank guarantee.
• Hajj Savings Scheme Digital savings platform for Hajj pilgrimage planning in partnership with NAHCON; features BVN/NIN verification, state-based departure selection, automated savings schedules, Hajj ID card linkage, cost estimation tools, and NAHCON-managed oversight.
• USSD Banking (*898#) USSD code banking service (*898#) allowing customers to access banking services via mobile phone dialpad without requiring internet connectivity.
• iCorporate Internet Banking Corporate internet banking platform for business customers to manage accounts, process transactions, and access banking services online.
• iBank Retail Internet Banking Retail internet banking platform for individual customers to access account management and banking services online.
• N20 Billion Mudarabah Sukuk Bond Non-interest Mudarabah Sukuk bond issued under TAJBank's N100 billion Sukuk program with annual profit rate of 20.5%, representing ownership in ethical asset portfolios for financial inclusion investments.
• Agricultural Finance Sharia-compliant financing for the agricultural sector supporting and financing agriculture for economic development, offered under TAJBank's Business Banking portfolio.

Quantifiable outcome

• Achieved N1.017 trillion in assets, making TAJBank Nigeria's largest non-interest bank
• +5 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Three partnerships are on record, tiered core and minor.

• National Hajj Commission of Nigeria (NAHCON)coreStrategic or Co-development Partner · 6 December 2025TAJBank signed a Memorandum of Understanding with NAHCON to implement the Centralized Hajj Savings Scheme (HSS). The scheme supports aspiring pilgrims with accessible, ethically grounded savings options and is expanded through digital platforms to facilitate pilgrimage funding. The platform includes BVN/NIN verification, state-based departure selection, automated savings schedules, and NAHCON-managed oversight.
• Islamic Corporation for the Development of the Private Sector (ICD)coreStrategic or Co-development Partner · 1 January 2023Signing of MOU with ICD, a member of the Islamic Development Bank (ISDB) group, for growth and investment purposes in Africa. The partnership aims to leverage ICD's development finance expertise for expansion of non-interest banking services across Africa.
• Nigerian Postal Service (NIPOST)minorStrategic or Co-development Partner · 1 January 2023TAJBank and NIPOST formalized a public-private partnership (PPP) initiative to work together for mutual and the nation's socioeconomic benefits. The partnership supports financial inclusion through leveraging postal service infrastructure.

Scale indicators12 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Jaiz Bank Plc: Jaiz Bank is Nigeria's first non-interest bank and TAJBank's most direct domestic competitor, offering a similar suite of Murabaha, Ijara, and Mudarabah products to retail, SME, and corporate customers. Both banks compete for the same Nigerian Shari'ah-compliant banking segment.
• Lotus Bank Limited: Lotus Bank is another Nigerian non-interest bank offering ethical banking products including Murabaha, Salam, and Ijarah financing. It competes with TAJBank in the same niche segment targeting Nigerian retail and business customers seeking Shari'ah-compliant alternatives.
• Al Baraka Bank (South Africa): Al Baraka Bank South Africa is a fully Shari'ah-compliant bank offering Islamic banking products to individuals and businesses. It is comparable to TAJBank as a regionally-focused non-interest bank in Africa serving similar customer segments with similar financing structures.

Broad incumbents

• Meezan Bank: Meezan Bank is Pakistan's largest Islamic bank, offering a full suite of Shari'ah-compliant products. It is comparable to TAJBank as a leading non-interest bank in an emerging market, providing relevant benchmarking on Islamic product strategy, digital banking, and Sukuk issuance.
• Bank Islam Malaysia Berhad: Bank Islam Malaysia is one of Southeast Asia's pioneering Islamic banks, offering retail and corporate Shari'ah-compliant financing, deposits, and investment products. Comparable to TAJBank in its product taxonomy and Shari'ah governance structure, though at much larger scale.
• Dubai Islamic Bank: Dubai Islamic Bank is the world's first full-fledged Islamic bank and a leading UAE institution offering comprehensive Shari'ah-compliant products including Sukuk structuring. Comparable to TAJBank as a Sukuk issuer and broad Islamic banking operator, though significantly larger and more diversified.
• Al Rajhi Bank: Al Rajhi Bank is the world's largest Islamic bank by assets and a Saudi Arabian non-interest banking leader. Relevant peer for benchmarking on Islamic retail product depth, distribution scale, and digital banking in Islamic finance.
• Qatar Islamic Bank: Qatar Islamic Bank is one of the largest Islamic banks globally, offering full-suite Shari'ah-compliant retail, corporate, and investment banking including Sukuk. Comparable to TAJBank on Islamic product taxonomy and asset-finance offerings, though at materially larger scale.

Emerging players

• Sterling Bank Nigeria: Sterling Bank is a major Nigerian commercial bank that has launched non-interest/Islamic products (including a Hajj savings offering) as part of its broader portfolio. It is comparable as a competitor encroaching on TAJBank's niche with adjacent offerings from a much larger conventional base.

Others

• Stanbic IBTC Nigeria: Stanbic IBTC is a leading Nigerian commercial bank providing corporate, investment, and transaction banking. Comparable as a domestic competitor for corporate banking and Sukuk arrangement capacity, but does not operate as a non-interest bank.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TAJBankLtd
• YouTubeyoutube.com/@tajbankltd.125
• Facebookfacebook.com/TAJBankLtd
• Instagraminstagram.com/tajbankltd
• LinkedInlinkedin.com/company/taj-bank-ltd

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TAJBank