Khaberni - Al-Kawthar for Financial Leasing has announced that it has obtained all official approvals from the Securities Authority, the Central Sharia Supervisory Authority, and the Jordanian Sukuk Council, to issue the first private sector Islamic Mudarabah Sukuk in Jordan, in an unprecedented national achievement, and these Sukuk will be listed for trading on the Amman Stock Exchange.
This issuance reflects the level of institutional and regulatory readiness of the Jordanian capital market to accommodate advanced Islamic financing instruments, and it enhances the status of Al-Kawthar for Financial Leasing as a leading institution in the Islamic financing sector, representing a qualitative shift in developing Islamic financing tools that support the diversification of financing sources and keep pace with market aspirations.
For his part, His Excellency Dr. Hayel Dawood, the external Sharia advisor appointed by Al-Kawthar for the purposes of issuing the Sukuk, confirmed that this issuance is a precedent at the level of the private sector in the Hashemite Kingdom of Jordan, explaining that the Mudarabah Sukuk are fully compliant with the provisions of Islamic Sharia, which enhances confidence in Islamic financing tools and supports the diversification of financing sources in the national economy.
In this context, Dr. Basel Al-Shaer, the head of the Sharia Supervisory Authority at Al-Kawthar for Financial Leasing, mentioned that Al-Kawthar for Financial Leasing is the first financial leasing company compliant with the provisions of Islamic Sharia in Jordan, and operates under the supervision of an independent Sharia Supervisory Authority, thereby reinforcing its commitment to the highest standards of governance and transparency.
On this occasion, and through this first issuance at the level of the private sector, the General Manager of Al-Kawthar for Financial Leasing, Mr. Jamal Fariz, stated that this issuance embodies the pivotal role of the company in diversifying funding sources and providing innovative Islamic financing solutions that meet the aspirations of companies and individuals, contributing to economic growth, and enhancing Jordan's position as a leading center for Islamic finance in the region, which opens new horizons for sustainable growth and investment.
The nominal value of the Sukuk in this program is 15 million Jordanian dinars, to be issued in multiple tranches, with an expected return rate of 6% for Sukuk holders from the nominal value of the Suk.
It is worth mentioning that Al-Kawthar for Financial Leasing is a subsidiary of the Arab Jordan Investment Bank (AJIB), established in 2022. It is the first financial leasing company compliant with the provisions of Islamic Sharia in the Kingdom, operating under the umbrella of an independent Sharia Supervisory Authority, aiming to provide integrated financing solutions that meet the needs and requirements of various customer segments and categories, from companies to individuals.
