TAJBank Review - Halal Finance Products

A foreign-currency account letting customers hold and save in US Dollars, Euros and Pounds to reduce exchange risk on international transactions. It opens with zero balance, charges zero account maintenance fees, and includes a Verve debit card, internet and mobile banking and email or SMS alerts. Benefits listed include personalised service and unlimited withdrawals at the home branch. Requirements are two passport photographs, valid ID, a current utility bill or tenancy agreement, BVN, two suitable references and a completed opening form. TAJBank secured Letter of Credit Dealership and Foreign Exchange licences noted in its 2024 accounts. Aimed at importers, exporters and remittance recipients.

TAJBank's children's savings account, opened in a child's name and operated by a parent or guardian. It requires a N2,000 minimum opening balance, pays a monthly profit and accepts cheque or dividend warrant lodgments up to N2 million. Documentation includes the opening form, the guardian's valid ID, proof of address within three months, the child's birth certificate, a passport photograph each for guardian and child, and the guardian's BVN. As a profit-bearing account it earns a monthly return, distinguishing it from the Qard savings account. Aimed at parents building savings and financial habits for a child.

TAJBank's retail asset and vehicle finance, built on Murabahah (cost-plus). The customer identifies the asset, the bank buys it and resells it to the customer at cost plus a fully disclosed profit, repayable on a monthly, quarterly or annual plan tailored to the customer's cash flow. The bank markets it for acquiring assets, including vehicles, with flexible repayment. A related Lease (Ijara) Finance covers the hiring of services and assets at a service fee plus mark-up, paid as a deferred lump sum or in instalments. Aimed at individuals who want to acquire a car or other asset on a fixed halal plan rather than an interest loan.

TAJBank's basic savings account, offered in three Qard tiers aligned to CBN know-your-customer levels. Qard Tier 1 caps single deposits at N50,000 and daily cumulative balance at N300,000; Tier 2 raises those to N100,000 and N500,000; Tier 3 has zero opening balance, full documentation and accepts cheque deposits up to N2 million (references required above N2 million). All tiers include 24/7 access via TAJ Mobile and USSD, online banking and a debit card. As a Qard account the balance is a safekeeping deposit that pays no profit; customers wanting a return use the Partnership savings or Mudharabah time deposit instead. Suited to everyday savers and the newly banked.

A retail service for investing in sukuk, the asset-backed certificates that represent undivided ownership in a portfolio of assets, services or a business venture, issued by governments and corporates. Through TAJBank customers can invest from a minimum of N10,000 (depending on the issue), receive periodic returns at a pre-determined rate and the par value at maturity, and trade the certificates before maturity on a best-effort basis. There is no upfront service charge, subscription fee or redemption fee; the service carries zero maintenance fees, a Verve card and digital access. TAJBank is Nigeria's sukuk pioneer, the first corporate to list a sukuk on the NGX, so this sits at the heart of its identity.

An agency-investment service for clients who want periodic, relatively stable returns. Under the Wakalah (agency) arrangement TAJBank acts as investment agent, deploying the customer's funds ethically into a specific business venture agreed with the customer, and indicates an expected profit rate for the agreed period. The bank charges a fee or commission (Ujrah) for its agency services. The account opens with zero balance, carries zero maintenance fees and includes a Verve debit card and digital access. Benefits listed include portfolio diversification. Aimed at customers seeking a managed, halal investment with an indicative return rather than a demand deposit.

TAJBank's transaction account for individuals and salary earners, taken on Qard, a benevolent deposit that attracts no return. The Payroll Current Account opens with zero balance and includes internet banking, a debit card, email and SMS alerts and access to facilities, requiring an account opening form, a passport photograph, an employer introduction letter on company letterhead and a staff identity card. The broader current account is also offered to businesses. As a Qard account it pays no profit; it is a payments hub rather than a savings vehicle, aimed at employees receiving salary and anyone needing riba-free day-to-day banking.

Vibe is TAJBank's account for young people, built for low-friction everyday banking. It carries zero minimum operating balance and includes a debit card plus access to mobile and internet banking. The published feature set is deliberately light, aimed at students and young adults taking their first steps into formal, digital-first banking. As a zero-balance transaction account it functions on a Qard basis and does not advertise a profit-sharing return; young savers wanting a return would use the Partnership savings or, at N2,000 entry, could compare the children's product. Positioned as an entry point into the TAJ ecosystem for the youth segment.

TAJBank's profit-bearing savings account. The customer authorises the bank to invest their deposits, which are allocated to a Musharaka deposit pool and invested in an ethical, responsible manner; accrued profits are shared every 30 days between depositors and the bank on a pre-agreed ratio. Unlike the Qard savings account, this one earns a return, while still allowing deposits and withdrawals at will. Note the bank labels this product inconsistently, the page title and breadcrumb reference both Mudarabah and Partnership (Musharaka), so the exact contract naming should be confirmed with the bank. Aimed at savers who want a halal return on accessible balances.

A short-cycle working-capital product for traders, retailers and wholesalers with quick sales turnover. Murabaha for Traders provides finance from a minimum of N500,000 to a maximum of N5,000,000, with up to N10,000,000 considered for repeat customers on a third request, over a short term of not more than 90 days. It is aimed at profitable SMEs that struggle to meet collateral requirements and only need brief transaction funding. Petroleum products, bureaux de change and financial-services businesses or agents are excluded. Structured as a Murabaha cost-plus purchase of the trader's goods.

A fixed-tenure investment deposit run on the Mudharabah trustee profit-sharing contract. The customer entrusts a minimum of N500,000 to the bank to use in its financing and investment activities without interference, for a term of 1 to 12 months that can only be withdrawn on written notice. Profit is credited on the basis of a weightage the bank assigns, paid periodically (monthly, quarterly or yearly) on a pre-agreed sharing ratio. It carries zero account maintenance fees, a Verve debit card and full digital access. Aimed at customers with idle cash who want a defined-horizon halal return instead of an interest fixed deposit.

Project finance for manufacturing, construction and development using the Istisna contract. At the customer's request TAJBank facilitates the construction, manufacture or development of a project, then sells the delivered project to the customer at a selling price (cost plus profit) on deferred terms or as a lump sum. The bank may engage a third-party contractor to build at the cost price, with the completed project delivered to the bank or directly to the customer. It can finance residential housing, commercial and industrial buildings, or any asset needing manufacture or construction, and the customer's payment can be a lump sum on delivery or progressive payments through the project's life. This is TAJBank's closest route to residential housing finance, on the corporate/development side rather than a retail mortgage.

TAJBank's core business-finance shelf for commercial and corporate customers, summarised. Cost Plus (Murabahah) Working Capital finances raw materials domestically: the bank appoints the customer as agent to source goods, buys them and resells at a disclosed cost-plus price, repaid later. Cost Plus Import Finance issues a letter of credit and resells imported goods at cost-plus on deferred terms. Agency (Wakalah) Letter of Credit lets a fully cash-covered importer have the bank act as agent for a fee (Ujrah). Bonds and Guarantees (Kafalah) provide advance-payment guarantees, performance, bid and custom bonds. Musharaka partnership finance for short-, medium- and long-term needs is also offered. All linked accounts carry zero maintenance fees.