Taj Bank
A Nigerian non-interest bank operating under Islamic banking principles.
Last updated August 25, 2026
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Overview
Taj Bank, formally TAJBank Limited, is a Nigerian non-interest bank headquartered in Abuja. It operates according to Islamic banking principles, which prohibit conventional interest and emphasize trade-backed finance, leasing, partnership structures, asset-based transactions and other Sharia-compliant arrangements. The institution is described as Nigeria's second non-interest bank and serves retail, commercial and institutional customers through physical and digital channels. The bank was established in 2019. On 3 July 2019, the Central Bank of Nigeria granted it a regional banking licence. Taj Bank began operations on 2 December 2019 from offices and branches in Abuja. It expanded soon afterward, opening a second branch in Kano on 12 December 2019. The bank later opened a branch in Sokoto State on 24 August 2020, supporting its stated expansion beyond the Federal Capital Territory into additional Nigerian urban centres. A major regulatory milestone came in August 2022, when the Central Bank of Nigeria issued Taj Bank a national banking licence. This changed the geographic scope of the institution from a regional bank to a bank able to operate nationally, subject to applicable regulatory requirements. Public reference material describes the bank as having more than 38 branches nationwide, while another description reports 45 branches and five cash centres; the differing figures likely reflect different reporting dates or branch-count definitions. Taj Bank combines branch banking with automated teller machines and electronic channels. Its reported services include online banking, mobile banking, USSD banking through *898# and SMS banking. These channels allow customers to access accounts and payments without relying exclusively on branches, while the physical network supports cash services and customer acquisition in major Nigerian markets. The bank has also used Islamic capital-market instruments to support funding and growth. On 14 February 2023, its N10 billion Mudarabah Sukuk issuance was listed on the Nigerian Exchange Limited. A Mudarabah Sukuk is structured around an investment or profit-sharing arrangement rather than a conventional interest-bearing bond, aligning the instrument with the bank's non-interest operating model. Taj Bank's positioning is therefore based on providing regulated Nigerian banking services to customers seeking Sharia-compliant or non-interest financial products. Its competitive scope includes conventional banking alternatives as well as other providers serving Nigeria's Islamic-finance market. Available reference material does not establish a separate international operating footprint, a publicly traded ordinary-equity ticker, a parent company or a current executive roster.
History
Taj Bank was formed in Nigeria in 2019 as TAJBank Limited, with the aim of providing regulated financial services through a non-interest banking model. In this model, the bank does not rely on conventional interest as the basis for its products. Instead, transactions are structured around principles associated with Islamic finance, including trade, leasing, partnership, asset ownership and profit-sharing arrangements. This model gives the institution a distinct position within Nigeria's banking sector and is intended to serve customers seeking Sharia-compliant financial services. The Central Bank of Nigeria granted Taj Bank a regional banking licence on 3 July 2019. The licence established the regulatory basis for the institution's initial operations and limited its early geographic scope to the regional framework applicable at the time. Taj Bank commenced business on 2 December 2019 from offices and branches in Abuja, Nigeria's federal capital. Its early expansion continued with the opening of a second branch in Kano on 12 December 2019, adding a major commercial centre in northern Nigeria to its network. On 24 August 2020, Taj Bank opened a branch in Sokoto State. This move reflected an effort to build a wider presence across northern Nigerian markets and to make non-interest banking available beyond Abuja and Kano. The bank subsequently developed a broader physical and electronic distribution model. Reference material describes a nationwide network of more than 38 branches, while also reporting 45 branches and five cash centres. Because the figures are not tied to an identical reporting date or definition, they should be treated as reported network descriptions rather than a single definitive current count. A key institutional turning point occurred in August 2022, when the Central Bank of Nigeria issued Taj Bank a national banking licence. The upgrade expanded the bank's regulatory reach from regional operations to national operations. It enabled Taj Bank to pursue customers and locations across Nigeria, subject to the rules governing national banks and the continuing supervision of the Central Bank of Nigeria. Taj Bank's delivery channels include regular ATM services, online banking, mobile banking, USSD banking and SMS banking. Its USSD service is identified by the code *898#. These channels complement branch and cash-centre operations by allowing customers to perform routine banking activities through phones and digital interfaces. The mix is significant in Nigeria, where mobile and USSD access can extend financial services to customers who may not use a branch for every transaction. The bank has also participated in Islamic capital-market funding. On 14 February 2023, Taj Bank listed a N10 billion Mudarabah Sukuk on the Nigerian Exchange Limited. Mudarabah is a profit-sharing structure in which capital and management roles are arranged without the conventional interest mechanism. The listing connected Taj Bank's funding strategy with its non-interest banking identity and gave the issuance a formal venue within Nigeria's capital market. Publicly available material supplied for this entry does not identify Taj Bank's founder, parent company, owner, current directors or senior executives. It also does not provide an official website, ordinary-share ticker or confirmed international operations. The available record supports describing Taj Bank as an active Nigerian national non-interest bank with a growing branch network and digital banking infrastructure.
- 2023
Mudarabah Sukuk listed
[1]Taj Bank lists a N10 billion Mudarabah Sukuk on the Nigerian Exchange Limited on 14 February.
- 2022
National banking licence
[1]The Central Bank of Nigeria issues Taj Bank a national licence in August.
- 2020
Sokoto expansion
[1]Taj Bank opens a branch in Sokoto State on 24 August.
- 2019
Taj Bank is established
[1]TAJBank Limited is founded in Nigeria as a non-interest bank operating under Islamic banking principles.
- 2019
Regional banking licence granted
[1]The Central Bank of Nigeria grants Taj Bank a regional banking licence on 3 July.
- 2019
Commercial operations begin
[1]Taj Bank begins business in Abuja on 2 December.
- 2019
Second branch opens in Kano
[1]The bank opens a second branch in Kano on 12 December as part of its urban expansion.
Products and positioning
A Nigerian national non-interest bank focused on Islamic banking principles, branch-based service and digital access.
Banking services · 2019
Non-interest banking
Taj Bank's core offering is banking structured according to Islamic finance principles. Rather than using conventional interest as the central pricing mechanism, products may be based on trade, leasing, asset-backed transactions, partnership or profit-sharing arrangements. The available reference material identifies the bank broadly as a non-interest institution but does not provide a complete current product catalogue.
Digital banking
Digital banking channels
The bank provides online and mobile banking alongside USSD and SMS services. Its reported USSD access code is *898#. These channels are designed to support routine account access, payments and other banking activities through internet-connected devices or mobile phones, complementing Taj Bank's branches, ATMs and cash centres.
Islamic capital markets · 2023
Mudarabah Sukuk
Taj Bank issued a Mudarabah Sukuk with a face value of N10 billion and listed it on the Nigerian Exchange Limited in February 2023. The instrument uses a profit-sharing structure associated with Islamic finance rather than a conventional interest-bearing bond. It represents a capital-market funding product aligned with the bank's non-interest model.
Brand decisions
2023
Mudarabah Sukuk capital-market issuanceOtherBackground
As a non-interest bank, Taj Bank requires funding structures compatible with Islamic finance principles.
Action taken
The bank listed a N10 billion Mudarabah Sukuk on the Nigerian Exchange Limited on 14 February 2023.
Aftermath
The listing provided a publicly recorded Islamic capital-market instrument associated with Taj Bank's funding strategy.
Sukuk issuance value. N10 billion (14 February 2023)
2022
Transition from regional to national banking scopeStrategyBackground
Taj Bank initially operated under a regional banking licence granted by the Central Bank of Nigeria in 2019.
Action taken
In August 2022, the Central Bank of Nigeria issued the bank a national licence.
Aftermath
The licence broadened Taj Bank's permitted operating scope across Nigeria and supported further nationwide expansion.
Recent events
- Unconfirmed
TAJBank wins Islamic Bank of the Year[2]
Reported:
TAJBank received the Islamic Bank of the Year award at the 2021 Banks and Other Financial Institutions Awards, organized by BusinessDay Newspapers.
Sources2 sources
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