Jordan auctions 75 mln dinars in maiden sovereign sukuk deal

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Home Business Jordan auctions 75 mln dinars in maiden sovereign sukuk deal 23-05-2016 01:37 PM Ammon News - AMMONNEWS - May 23 Jordan's central bank said on Sunday it had auctioned its first-ever sale of Islamic bonds, or sukuk, a five-year 75 million dinars ($105.9 million) deal to help finance purchases by state utility firm National Electric Power Company. The sukuk, which used a cost-plus-profit arrangement known as murabaha, attracted 205 million dinars worth of bids paying a 3.5 percent profit rate, the central bank said. Sovereign sales of sukuk could help broaden Jordan's sources of funding, giving it access to a large pool of Islamic investment funds in the Gulf region as well as enabling it to tap liquidity from domestic Islamic banks. Jordan has a small but growing Islamic finance industry. In 2011, local company Al-Rajhi Cement issued an 85 million dinar, seven-year sukuk, the first in the country. Jordan Dubai Islamic Bank began operating in January 2010. *Reuters

Home Business

Jordan auctions 75 mln dinars in maiden sovereign sukuk deal

23-05-2016 01:37 PM

Ammon News - AMMONNEWS - May 23 Jordan's central bank said on Sunday it had auctioned its first-ever sale of Islamic bonds, or sukuk, a five-year 75 million dinars ($105.9 million) deal to help finance purchases by state utility firm National Electric Power Company.

The sukuk, which used a cost-plus-profit arrangement known as murabaha, attracted 205 million dinars worth of bids paying a 3.5 percent profit rate, the central bank said.

Sovereign sales of sukuk could help broaden Jordan's sources of funding, giving it access to a large pool of Islamic investment funds in the Gulf region as well as enabling it to tap liquidity from domestic Islamic banks.

Jordan has a small but growing Islamic finance industry. In 2011, local company Al-Rajhi Cement issued an 85 million dinar, seven-year sukuk, the first in the country. Jordan Dubai Islamic Bank began operating in January 2010.

*Reuters

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