TAJBank is Nigeria's second full non-interest bank and its most distinctive. Licensed on 3 July 2019 and operating since 2 December 2019, it was the first non-interest bank in Nigeria to break even in its first financial year, the first corporate anywhere in Nigeria to list a sukuk on the NGX (February 2023), and it closed 2024 with N953.1 billion in assets, up 84% in a year, alongside N696.4 billion in customer deposits and N18.17 billion in profit before tax, all audited. It pairs 50-plus branches with a 13,000-plus agent network, which changes who can practically bank with it. Product details below were verified against tajbank.com on 4 August 2026.
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Know which savings account you are opening
TAJBank's shelf contains a trap for the unwary, and the bank deserves credit for at least structuring it honestly. The basic TAJBank Savings Account is Qard: a safekeeping deposit, guaranteed and instantly accessible, that pays no profit by design. It comes in three tiers mapped to the CBN's know-your-customer levels: Tier 1 caps single deposits at N50,000 and cumulative balance at N300,000 with minimal documentation, Tier 2 raises those to N100,000 and N500,000, and Tier 3 has zero opening balance with full KYC and cheque deposits up to N2 million. If you want your savings to actually earn, you need the Partnership Savings Account, where deposits join an investment pool and profit is shared roughly every 30 days on a pre-agreed ratio, with deposits and withdrawals still allowed at will. One documentation flag: the bank's own page labels this product both Mudarabah and Musharaka; ask which contract governs before signing.
The time deposit and the investment services
The Mudharabah Time Deposit is TAJBank's answer to the fixed deposit: a minimum of N500,000 committed for 1 to 12 months, profit allocated by an assigned weightage and paid monthly, quarterly or yearly, withdrawal on written notice, zero maintenance fee. Structurally textbook; the weightage methodology, sharing ratio and indicative rates by tenure are unpublished. The Wakalah Investment Services line goes a step further: the bank invests your funds as your agent in an agreed venture for a disclosed Ujrah fee, indicating an expected (non-guaranteed) profit rate up front. The expected rate, fee level and minimum are not published, so this is a sit-down-with-the-bank product.
Then there is the product nobody else in Nigerian retail banking offers: the Sukuk Investment Service, which opens sukuk investing from N10,000 depending on the issue, with periodic returns at a pre-determined rate, par value at maturity, and no upfront, subscription or redemption fees. Given that TAJBank ran a N10 billion Additional Tier 1 Mudarabah sukuk that was oversubscribed to N11.4 billion, and that its ACE chairman structures sukuk professionally, this sits at the heart of the bank's identity. Returns depend on the specific issue and carry default risk; selling before maturity is best-effort.
Everyday accounts
- Current / Payroll Account (Qard): zero opening balance, debit card, internet banking and alerts. The payroll variant requires an employer introduction letter and staff ID, and salary domiciliation unlocks TAJ's financing shelf.
- Domiciliary Account (Qard): USD, EUR and GBP with zero opening balance and zero maintenance fee, a Verve card and unlimited home-branch withdrawals. Requires two references, valid ID, utility bill and BVN. FX conversion spreads are not published.
- Emerald Kiddies Account: N2,000 minimum opening, monthly profit on the child's balance under Mudarabah, guardian-operated, cheque lodgment to N2 million.
- Vibe Youth Account: zero minimum operating balance, debit card, mobile and internet banking; a Qard payments account for students rather than a savings product.
Shariah governance
TAJBank's Advisory Committee of Experts is chaired by Asst. Prof. Dr. Ziyaad Mahomed of INCEIF University in Malaysia, who also chairs the Shariah boards of HSBC Amanah Malaysia and other institutions, alongside Dr. Muhammed Tabiu SAN (Professor of Islamic Law, Bayero University Kano), Dr. Sa'id Adekunle Mikail (ISRA researcher and INCEIF lecturer) and Usama Saleh as secretary and head of Shariah audit, himself a pioneer non-interest banker from Jaiz. That is an internationally serious bench. As with all its Nigerian peers, the bank publishes no deposit profit-sharing ratios and no product-level distribution history.
Who TAJBank fits
TAJBank suits digital-first customers, traders and anyone who wants capital markets access without a stockbroker. Its Murabaha for Traders (N500,000 to N5,000,000, up to N10,000,000 for repeat customers, 90-day tenor, relaxed collateral, excluding petroleum, bureau de change and financial services businesses) is one of the most practical halal working-capital products in the country, and the agent network reaches places branches never will. The real gap is housing: TAJBank has no dedicated retail home-purchase mortgage; residential finance runs through Istisna construction only, so home buyers should look at Jaiz or Lotus. Compare the full shelf on HalalWallet's bank accounts page.
Frequently asked questions
Why does my TAJBank savings account pay nothing?
Because the basic savings account is a Qard safekeeping deposit: guaranteed, accessible and non-remunerated by design. Paying a promised return on a guaranteed deposit would be interest. Move money you want to grow into the Partnership Savings Account or the Mudharabah Time Deposit, both of which share actual pool profit.
What does the Sukuk Investment Service actually cost?
TAJBank states no upfront service charge, no subscription fee and no redemption fee, with zero account maintenance. Your economics come from the specific sukuk issue: periodic returns at that issue's pre-determined rate plus par value at maturity, subject to no default. Current available issues are not listed online; you inquire per offering.
Is TAJBank safe for large balances?
TAJBank is CBN-licensed with NDIC-insured deposits, N61.25 billion in equity at end-2024 and ISO 27001 and ISO 22301 certifications. Qard balances are guaranteed by the bank. Mudharabah and Wakalah balances carry investment risk by contract; that risk is the price of halal profit.
Can I open a TAJBank account with minimal documents?
Yes. Tier 1 of the tiered savings account exists precisely for financial inclusion: minimal documentation in exchange for deposit and balance caps (N50,000 per deposit, N300,000 cumulative). Upgrading tiers lifts the caps as your KYC completes. All tiers include mobile, USSD, online banking and a debit card.
Partnership Savings or Time Deposit: which should I choose?
Partnership Savings keeps your money withdrawable at will while sharing pool profit roughly monthly; the Time Deposit locks N500,000 or more for 1 to 12 months and typically earns a higher allocation via weightage. Neither publishes its ratio, so get both products' current terms in writing and decide based on your liquidity needs.
What is the Wakalah Investment Service?
Alongside its deposit accounts, TAJBank offers Wakalah Investment Services, an agency arrangement in which the bank invests funds on your behalf in Shariah-compliant assets for an agreed basis rather than pooling them as ordinary deposits. Like most of the sector's investment products, the published page describes structure rather than pricing, so treat it as a conversation starter with the investment desk: ask for the fee or ratio, the asset classes used, and recent performance in writing before placing funds.
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How does TAJBank's physical network compare with Jaiz's?
TAJBank is the younger, more digitally led institution and its branch footprint is leaner than Jaiz's 51 branches; the current branch list lives on tajbank.com. In practice the gap matters less than it looks for everyday banking, since transfers, bills and account management run through the app and USSD, and cards work everywhere. It matters more for cash-heavy customers and document-intensive requests, which is one reason many households pair a TAJBank account with a branch-rich alternative.