Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Jordan lawmakers approve law for sovereign sukuk issuance  Join our daily free Newsletter

MENAFN - 17/09/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) A new law allowing Jordan to issue sukuk has been approved by both lower and upper houses of the parliament, giving the government a new tool to redeem its public finances, Reuters reported.

Sufian Elhassan, director of the research and information department of the House of Representatives, said that the new law will take effect in about a month after the government circulates it.

A sovereign sukuk would broaden Jordan's sources of funding, allowing it to tap strong global appetite for Islamic bonds, particularly in the Gulf.

The government is struggling to maintain the budget deficit around 5 percent of GDP, as its public finances are under pressure after Jordan increased subsidies and public-sector wages to limit social discontent, in addition to hosting tens of thousands of Syrian refugees.

Earlier this month, Jordan's finance minister unveiled plans to issue a seven to ten-year sovereign, conventional eurobond worth between USD750 million and USD1.5 billion to foreign banks.

Because global investor demand for sukuk exceeds supply, Jordan might be able to issue Islamic bonds more cheaply than it could sell conventional bonds.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help