NIGERIA – TAJBank, one of Nigeria’s non–interest financial institution has opened its third office at the National Assembly in Abuja just two months after it commenced operations.

The office launch was officiated by Taj Bank’s co-founders, Mr Hamid Joda and Mr Sherif Idi and attended by the Clerk of the National Assembly, Mohammed Sani-Omolori who was the Special Guest of Honour.

Omolori commended the bank for its innovative drive and urged the institution not to relent as it sought to further drive the growth and development of its sector.

Non-interest banking (NIB) or Islamic banking is banking or banking activity that is consistent with the principles of sharia and its practical application through the development of Islamic economics.

The major difference between NIB and conventional banking is in the definition of money.

In conventional economics, money is often defined as a store of wealth, a means of exchange and a commodity, which can freely be rented, bought or sold for a gain in form of interest payments.

NIB principles consider money only as a medium of exchange between contracting parties as it has no intrinsic value and cannot be a means of storing wealth or be considered a commodity.

Non-Interest banking deals in tangible assets which are bought, sold or leased.

Joda (who also serves as the Bank’s Chief Operating Officer) said, “It is indicative that in this short period of business operations, we have received such a massive amount of support and encouragement from various bodies and individuals within and outside the country.

“It is this support and encouragement that drive us as a young financial institution operating in a unique niche as we rapidly expand our frontiers and deliver on our mission to continually provide the very best of products and services to our customers.”

The Co-founder and Chief Marketing Officer, TAJBank, Mr Sherif Idi, acknowledged that the Nigerian financial industry, while still challenging, presented a myriad of opportunities.

He said, “We are bullishly taking charge of such identified opportunities to thrive and drive which is one of our internal maxims.

In our dynamic business environment, creating products and services that fully resonate with our customers while addressing their needs is a priority.

“We are pleased with the satisfaction rate and the valuable feedback we have received so far on our brand and its numerous product offerings.”

TAJBank stated that its office at the National Assembly complex will provide dedicated and seamless services to its teeming customers.