IslamicFinance.de

The Islamic debt market in Jordan is set to capitalise on growing worldwide interest in sukuk after long-awaited regulations allowing banks to issue and buy the financial instrument have been put in place. Only one corporate sharia-compliant bond has been issued so far in Jordan, a seven-year, JD85 million ($119.8 million) security launched by Al Rahji Cement in 2011, while the government has yet to tap the market with an Islamic sovereign bond. However, the passage of the sukuk law and the government's request in June last year for assistance from the Japan International Cooperation Agency to launch an Islamic bond suggest Jordan is intent on entering the market in the near future.