The partnership between TAJBank Nigeria and Astana International Financial Centre, Kazakhstan, to promote non-interest banking, boost Nigeria’s merchandise trade with Asian countries, and improve the country’s foreign exchange earnings, has received commendation from the Ooni of Ife, Oba Enitan Ogunwusi.

Ogunwusi, according to a statement, gave the commendation during the signing of the Memorandum of Understanding in Abuja, which formalises the framework between the two partners to leverage the opportunities of non-interest banking for the benefit of Nigerians, Asians, and their businesses.

The MoU aims to promote and develop non-interest banking products and services within Nigeria, adhering to Islamic financial principles, streamlining and securing 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.

He 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.”

Commenting on the deal, TAJBank’s Founder/Managing Director, Hamid Joda, said, “This is another landmark deal in our sustained drive to demonstrate to Nigerians that TAJBank is committed to supporting 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.”

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 surer of the immense benefits of the MoU for bank customers and the economies of the two countries.”