His Royal Majesty, the Ooni of Ife, Oba Enitan Ogunwusi, has commended TAJBank Nigeria for its forward-thinking collaboration with the Astana International Financial Centre (AIFC) in Kazakhstan. This partnership is set to deepen the adoption of non-interest banking, strengthen Nigeria’s merchandise trade with Asian nations, and enhance the country’s foreign exchange earnings.
Speaking at the signing ceremony of the Memorandum of Understanding (MoU) in Abuja, the revered monarch praised the leadership of TAJBank for its unwavering commitment to innovation and economic growth. The agreement, he noted, establishes a framework that will harness the vast opportunities of non-interest banking, offering financial solutions that benefit Nigerians, Asians, and businesses across both regions. Reflecting on TAJBank’s remarkable strides in expanding financial inclusion, he described the partnership as a crucial step toward broadening Nigeria’s economic reach.
“I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel will foster export ties between Nigeria and Kazakhstan,” the royal father stated. “We look forward to better international trade involving cocoa and other commodities as I hear that you have the best chocolates in Kazakhstan.”
The partnership is designed to promote and develop non-interest banking products and services in Nigeria in line with Islamic financial principles. It also aims to enhance the management of export proceeds, particularly in key agricultural commodities such as cocoa, while introducing innovative financial instruments to support Nigerian exporters. Beyond banking, the agreement will serve as a catalyst for strengthening trade relationships between Nigeria and Kazakhstan, opening doors for joint ventures, strategic investments, and expanded trade financing to drive economic cooperation.
TAJBank’s Founder and Managing Director, Hamid Joda, expressed his enthusiasm for the partnership, emphasizing its significance in expanding financial services beyond Nigeria’s borders.
“This is another landmark deal in our sustained drive to demonstrate to Nigerians that TAJBank is totally committed to supporting their businesses irrespective of the location,” he said. “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.”
Similarly, AIFC’s Director, Yernar Zhanadil, highlighted the immense potential of Kazakhstan’s Islamic finance sector and the opportunities for mutual growth. “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.”
The MoU signing ceremony brought together key figures from the financial and business sectors, including the Managing Director of Foremost Capital Limited, Mr. Emmanuel Akehomen; Chief Shari’ah Audit Executive of TAJBank, Mr. Usama Saleh; Chief Risk Officer at TAJBank Ltd, Kamoru Adeyemi; and Head of Corporate Development at Freedom Holding Corporation, Sergey Fomichev. Their presence underscored the strategic importance of this partnership, which is expected to drive significant economic benefits for both nations.
With this collaboration, TAJBank and AIFC are setting the stage for a new era of financial innovation, cross-border trade, and economic cooperation. As Nigeria continues to explore new opportunities in non-interest banking and global trade, this alliance stands as a testament to the power of strategic partnerships in shaping a more prosperous future.