Preparations under way for issuing Jordan's first sukuk

By Petra - Jul 05,2015 - Last updated at Jul 05,2015

AMMAN — The Ministry of Finance is requesting the approval of the Jordan Securities Commission (JSC) to set up a special purpose vehicle (SPV) for issuing the first sukuk (Islamic finance bonds).

An SPV, considered the first executive step towards the issuance of sukuk, is established to possess assets and benefits against which Islamic bonds are issued.

Finance Ministry Secretary General Izzeddin Kanakrieh expects the first sukuk, worth around JD200 million for the benefit of the ministry, to be issued by September.

Kanakrieh said the projects to be financed by sukuk will include government and school buildings, a new Finance Ministry building, and the purchases of the National Electric Power Company and the Water Authority of Jordan.

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