Jordan Securities Commission Holds a Training Program in Islamic Finance Sukuk on June 15.2014
15-Jun-2014
The Chairman of the Board of Commissioners of the Jordan Securities Commission JSC HE Mr Mohammed Saleh Hourani will inaugurate today a Training Program in Islamic Finance Sukuk. The Program is directed to Underwriters in banks and in Financial Services Companies FSC. It is a series of programs and workshops organized by the Commission in Islamic Finance Sukuk that were previously launched in June 2013. They aim to identify involved parties, in particular banks and FSC and their Underwriters with the requirements and procedures of sukuk issuance, trading and redemption.
In his address, HE Mr Hourani indicated the great activity and concern in the Islamic Economy, in general and in the Islamic Finance Sukuk, in particular witnessed by the financial and economic world. The concern is not confined to Islamic or Arab countries. It is one of the main and recent means of finance in the whole world.
‘The Islamic Finance Sukuk as an Investment Instrument has many forms and types of Financial Contracts. It can finance different projects and it is suitable for all economic activities in the public and private sectors. It mobilizes national savings for small investors, in particular. It is also a Monetary Instrument that contributes effectively to the management and planning of monetary policies, mainly the management of liquidity whether on the individual level of entities, in particular banks or on the country level as a whole via the Central Bank of Jordan,’ HE Mr Hourani added.
‘Statistics indicate that the volume of new sukuk issuances (in the world) in the Primary Market during the first quarter of the current year 2014 is $ (31.2) billion and it is expected to reach $ (100) billion by the end of the year. While in the Secondary Markets, the existing Portfolio of International Islamic Sukuk reached $ (273) billion by the end of the first quarter of the current year. More than (30) country has embarked on the sukuk market’, HE Mr Hourani elaborated.
On the Jordanian level, HE Mr Hourani clarified that after the JSC completed legislations governing the issuance process of sukuk, the Primary Market is expected to witness sukuk issuances from the public and private sectors, stressing the preparedness of the three capital market institutions (the Jordan Securities Commission, the Amman Stock Exchange and the Securities Depository Center) to receive issuance applications for Islamic Finance Sukuk. He also stressed that the JSC is giving its attention to Islamic Finance Sukuk and it will not save any effort to make it successful; as securities traded in the market, as an investment instrument financing different projects and as a means to mobilize national savings. It will work along other investment instruments available in the market to push forward economic development; the last goal of all state’s entities, people in charge and people working in them.