Jordan to issue Islamic sukuk worth JD250m

AMMAN — An issue of Islamic sukuk (bonds) worth around JD250 million is expected in the second quarter of 2016, Central Bank of Jordan Deputy Governor Maher Sheikh Hassan said on Monday.

“We have completed all the legal and the legislative measures for the issuance of the Islamic bonds. We are in the final stages of some more minor steps and we are then ready to conduct the sukuk issue any time,” Hassan told The Jordan Times on Monday.

An Islamic Sharia-compliant issuance totalling around JD150 million will be issued to cover the purchases of the National Electric Power Company, while another worth JD100 million will be conducted for the benefit of the Water Authority of Jordan.

“A company was registered for the purposes of the issuance of the Islamic bonds as required by law and we expect the issuance to take place in the second quarter of this year,” said the official.

In 2012, Parliament passed the Islamic Finance Sukuk Law to allow both public and private entities to issue Islamic bonds in dinars and in foreign currencies. In April this year, the government chose the Islamic Corporation for the Development of the Private Sector, an arm of the Jeddah-based Islamic Development Bank, to support the country’s debut for the planned domestic sukuk offering.  

(The Jordan Times / 28 March 2016)

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JIC chief promotes Kingdom's Islamic banking, halal food

AMMAN — Jordan Investment Commission (JIC) President Thabet Al Wir highlighted the Jordanian experiments in Islamic banking and halal food as a gate for cooperation with Germany to support the Kingdom's investment and economic environment. 

At a meeting with a German delegation representing the Federation of German Industries (BDI) and the German Federal Ministry of Finance, Wir described the Jordanian expertise in Islamic banking as  top at the regional and international levels.

The Kingdom is also among the first countries to accredit the Islamic banking system, he said.

The presence of many Muslim communities in Germany provides a chance for the country to benefit from the Islamic system in its banking sector, the JIC president added.

There are many Jordanian industries that follow modern, developed methods in preparing and manufacturing halal foods, he continued, noting that several relevant businesses are present in European and East Asian countries as well as the US. 

Wir and the delegates also discussed ways to enhance economic relations between Jordan and Germany according to the outcomes of the London conference, stressing the significance of applying these results to support the Jordanian economy through providing jobs for Jordanians in the first place and then for Syrians. 

The German delegates, who are currently visiting the Kingdom to discuss ways to apply the outcomes of the London conference, had a firsthand look at investment opportunities in the King Hussein Development Zone in Mafraq.

The delegates stressed the importance of enhancing economic cooperation with the Kingdom, and providing investment opportunities to both countries' businesspeople, especially in the banking and food sectors, highlighting the need to support small- and medium-sized sectors to generate new jobs.

(The Jordan Times / 22 February 2016)

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Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com