The partnership between TAJBank and Astana International Financial Centre (AIFC) will strengthen trade relationships between Nigeria and Kazakhstan by exploring joint ventures and strategy.
The Ooni of Ife, Oba Enitan Ogunwusi, who commended TAJBank for the partnership with AIFC said it would enhance export trade between Nigeria and Kazakhstan.
The Ooni of Ife has endorsed the TAJBank-AIFC partnership, highlighting its potential to boost Nigeria’s export trade, particularly in commodities like cocoa.
He also noted that the partnership will 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 in Yorubaland lauded the TAJBank’s management on the collaboration during the signing of the Memorandum of Understanding (MoU) in Abuja, which formalises the framework between the two partners 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: “I believe this MoU between TAJBank and AIFC is another initiative that I strongly feel 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.
Commenting on the deal, TAJBank’s founder/managing director, Hamid Joda, enthused: “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, said: “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 sure of the immense benefits of the MoU for bank customers and the economies of the two countries.”
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