Nigerian TAJBank and the AIFC have signed a memorandum of understanding, which entails the establishment of a branch of this bank in Kazakhstan and the commencement of cooperation in the field of Islamic finance.
The branch, as indicated in the memorandum, is expected to be registered in the AIFC. The document was signed during the visit of the Kazakh Ministry of Foreign Affairs delegation to the West African country at the end of February 2025. The timeline for its implementation is not specified.
TAJBank positions itself as a digital financial institution. It received a license from the Central Bank of Nigeria in July 2019. By the end of 2023, the bank reported a 149% increase in gross revenue and a 122% rise in pre-tax profit compared to 2022. As of 2023, the bank has six cash offices and 36 branches across the country, including in the capital, Abuja, where its headquarters is also located. According to its website, the bank aims to rank among the top ten in Nigeria and “eventually begin international expansion.”
In Kazakhstan, there are two Islamic banks: the Islamic Bank ADCB with assets of 232.8 billion tenge and Zaman-Bank with assets of 38.8 billion tenge as of February 1, 2025. In terms of assets, they occupy the second-to-last (20th) and last (21st) positions in the market. The Islamic Bank ADCB, it is worth noting, underwent rebranding and reorganization in 2024, previously known as the Islamic Bank Al Hilal.