Middle East Economic Survey
Al-Rajhi Cement Raises $120Mn Sukuk Financing
Al-Rajhi Cement Company has become the first company in Jordan to raise financing for its operations through a sukuk or Islamic bond. A consortium of seven local banks led by the Capital Bank, and including Cairo Amman bank, Jordan Bank, Islamic International Arab Bank, Union Bank, Jordan Kuwait Bank and Arab Islamic Bank issued a JD85mn ($120mn) seven-year sukuk. The issue was managed...