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


    YOU MIGHT ALSO LIKE

    Visualising every Saudi coalition air raid on Yemen

    Visualising every Saudi coalition air raid on Yemen

    Since March 2015, Saudi Arabia and a coalition of Arab states have launched more than 19,278 air raids across Yemen.

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Lost childhoods: Nigeria's fear of 'witchcraft' ruins young lives

    Many Pentecostal churches in the Niger Delta offer to deliver people from witchcraft and possession - albeit for a fee.

    Why did Bush go to war in Iraq?

    Why did Bush go to war in Iraq?

    No, it wasn't because of WMDs, democracy or Iraqi oil. The real reason is much more sinister than that.