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CBN grants operating licence to another Islamic bank

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The Central Bank of Nigeria (CBN) has granted approval for the operations of another bank. Named TAJ Bank, the approval was granted in a CBN letter dated July 17, 2019 with reference number FPR/CON/TAJ/02/018.

The letter titled FINAL APPROVAL TO OPERATE A NON INTEREST (ISLAMIC) BANK WITH REGIONAL AUTHORIZATION was addressed to The Managing Director, Taj Bank Limited, 50 Ebitu Ukiwe Street, Jabi, Abuja.

The letter read in part that “We refer to your application for a regional non interest banking licence and write to convey the Central Bank of Nigeria approval in respect thereof. TAJ BANK LIMITED by the authorization, is to operate in North West and North East geo-political zones of Nigeria.

TAJ Bank Limited will be the second full fledged Islamic Bank in Nigeria, the first being JAIZ Bank, granted licence on 11 November, 2011.

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