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JORDAN’s Ministry of Finance signed an advisory agreement on Thursday with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group.
The Ministry has mandated ICD as a Transaction Technical Support in the proposed debut Domestic Sukuk offering. The Mandate Letter was signed by Dr. Umayya Toukan, Minister of Finance, and ICD's Chief Executive Officer Khaled Al Aboodi.
“The dinar-denominated Sukuk, expected to be issued this year, would be used as an instrument to absorb excess liquidity (estimated to be 1.4 billion...
Jordan chose the Islamic Corporation for the Development of the Private Sector (ICD), an arm of the Jeddah-based Islamic Development Bank, to support the country's debut sovereign issue of sukuk, the ICD said on Thursday.
The ICD will provide "transaction technical support" for the domestic issue of Jordanian dinar-denominated sukuk, which is expected this year, the"...Continue Reading >
The Islamic finance sector needs further regulations and supervision, according to the International Monetary Fund (IMF).
The ethics-based fast-growing sector faces several key challenges if it is to unlock its huge potential and develop safely, the IMF said in a statement on Monday.
The statement added that the sector, which bans speculation, still lacks regulatory and supervisory frameworks catering to its unique risks, noting"...
Jordan Islamic Bank , a subsidiary of Bahrain-based Al Baraka Banking Corp , reported 2014 net profit of 45.1 million dinars ($63.6 million) on Thursday, the same level as the year-ago period.
Its assets had risen to 3.86 billion dinars by the end of December 2014, compared with 3.52 billion dinars at end of 2013, an increase of 9.4 percent.
The bank, the oldest of the four Islamic banks operating in Jordan and the largest in terms of assets, said in a statement the results showed robust growth in Islamic banking services.