Jordan turns to Islamic banking

Government in Amman borrows millions of dollars from nation's Islamic bank.

    Abu Hammour said the multi-million dollar loan would be spent on enhancing food stockpiles.

    Abu Hammour said that his ministry had set up panels for appraising the feasibility of borrowing through the issuance of Islamic bonds, the sukuk.

    The minister added his ministry had come up with a plan to handle the record deficit in Jordan's public budget which was expected to reach 1.5 billion dollars in fiscal 2010.

    According to regional and international studies, Islamic banks were the least affected by the crisis that rocked the world economy in the last quarter of 2008 - compared with big losses incurred by conventional banks.

    SOURCE: Agencies


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