Umayya Toukan

Jordan plans first foray into Islamic bonds

Jordan will soon launch its first sovereign issue of Islamic bonds to finance real estate projects, Finance Minister Umayya Toukan said. Toukan did not give details on the size of the planned Islamic Sharia-compliant issuance, but informed sources indicated that the sovereign sukuk could raise around JD400 million. The source said the government may enter the Islamic financial market in the coming few weeks, adding that Islamic banks in Jordan enjoy liquidity in excess of JD1.4 billion. In April of this year, the government chose the Islamic Corporation for the Development of the Private Sector to support the country's debut for the planned domestic sukuk offering. The sukuk issuance will be a dinar-dominated offering.

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