Issuance of Islamic Finance Sukuk at a Value of JD 15 Million

The Board of Commissioners of Jordan Securities Commission JSC approved the registration and issuance of Islamic Finance Sukuk IFS; Unrestricted Modaraba, by Al Kawthar Leasing Company, at a total value of JD 15 million. The Sukuk will be offered for subscription in segments determined by the issuing company.

The aim of issuing IFS is to expand the framework of financial options - through a dedicated project - in the Jordanian Financial Market, in accordance with the Second Executive Program of the Economic Modernization Vision for the Years 2026-2029.

As part of the government’s approach to develop financial instruments and products for companies, the Financial Market has practically activated IFS as a new financial and investment instrument.

The activation started after fulfilling the necessary Sharia and regulatory framework, including forming the Central Sharia Supervisory Commission CSSC pursuant to the Islamic Finance Sukuk Law and the consent of the Commission’s membership by the Council of Ministers decision last November, which approved implementing Sharia-compliant financial instruments in the Kingdom.

The importance of developing the Islamic Finance Sukuk Market is to cope with global trends in Islamic Finance, provide alternative financial instruments that are Sharia-compliant and other options to the Private Sector as well as, enhance the attractiveness and competitiveness of the Financial Market at the regional and Islamic levels.