New Islamic mortgage-financing company for Jordan
By: Staff Writer
Jordan Investment Trust concludes IPO preparations for Inwan Investment plc to be named Amlak Finance (Jordan).
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A number of regional finance houses have set up an Islamic mortgage financing company called Amlak Finance (Jordan).
The consortium is made of the investment unit of the Social Security Corporation, Jordan-Dubai Capital, Jordan Kuwait Bank, ABC Bank, Amlak Finance UAE, Global Investment House, Taameer Jordan and Al Masaken Real Estate Development Company. Inwan, becoming Amlak Finance (Jordan), will harness its expertise on the sound and prudent Islamic financing approach in light of the ‘Amlak’ imprint.
Subscription for the IPO opened at 9.00 am on 19 May 200 and it ends at 5.00 pm on 1 June. The subscription can be made at all branches of the ABC Bank, Jordan Kuwait Bank, and the Arabic Islamic International Bank in Jordan. The lead manager and financial advisor for the undertaking was Jordan Investment Trust (Jordinvest).
The briefing to potential shareholders and investors will be held at Marriott Hotel in Riyadh on 25 May at 10:15am.
Amlak Finance (Jordan) will be the first public shareholding company specialising in mortgage financing services for the development and housing sectors in compliance with Shari’ah laws in Jordan.
An analyst with Jordinvest said the expansion of the biggest Islamic mortgage financing services provider in the region was testimony of continued property boom in the Middle East that was anticipated to stay robust for years to come.
Jordinvest provided a suite of ‘financial advisory’ services to Inwan/ Amlak Finance (Jordan) including developing its business plans, financial projections as well as preparing the prospectus. It will now manage the IPO and the listing of its shares on the Amman Stock Exchange.
