Approval of the registration and issuance of the first Islamic finance sukuk in Jordan

The Board of Commissioners of the Securities Commission formed under the Sukuk Law has approved a request to register the first Islamic finance sukuk in Jordan for the National Electricity Company for Public Shareholding Limited in the form of a Murabaha contract for the purchase orderer with a total value of (75) seventy-five million dinars, through direct issuance by the company and offering it for subscription. For the entities indicated in the prospectus (Islamic and conventional banks, insurance companies, institutions and investment funds, pensions, the General Organization for Social Security, and for buyers other than these entities, they must apply through the banks), amounting to 75,000 sukuk with the aim of purchasing liquefied gas for the benefit of the National Electric Power Company from Certified suppliers.The head of the Jordan Securities Commission, Mr. Muhammad Saleh Al-Hourani, said that the issuance of Islamic ٍsukuk meets the needs of the investment and financial environment in Jordan, the need to provide financial products that comply with the provisions of Islamic Sharia that would increase liquidity in the financial market and diversify its investment tools, especially since this issuance is the first in Jordan, which will be the first of the upcoming releases from the public and private sectors, which will undoubtedly increase the possibility of attracting more investments to the Kingdom, achieve many sustainable development projects and push the wheel of the national economy towards achieving more growth.
Al-Hourani added that the authority expresses its full readiness to cooperate with the public and private sectors to issue more Islamic financing instruments in light of the completion of the sukuk legislation system.