Jordan to establish regional center for Islamic banking

In order to stabilize the role of Islamic banking in the country, Jordan's government will establish a leading regional center for Islamic finance. This was made possible particularly by the rapid growth of Islamic banking in Jordan after the enforcement of laws organizing the work of takaful insurance and sukuk. So far, the assets of the four Islamic banks operating in Jordan is $4.6 billion. This constitutes 5% of the total banking assets. With an annual growth of 13% they develop better and faster compared with traditional banks in terms of deposits and financing.