Middle East Economic Survey

VOL. LIII

No 11

15-March-2010

JORDAN

Jordan Raises $147Mn In Loans

The Jordanian Ministry of Finance on 8 March signed a $100mn murabaha financing agreement with Jordan Islamic Bank to help pay for imports of wheat and barley. The loan will be repaid in three semi-annual ins-talments after a six-month grace period. Under a murabaha deal, an Islamic bank buys an asset from a third party and sells it to its customer at cost plus profit, thereby allowing the bank to...