Tajamaout for Touristic Project Plc, parent company of TAJ Mall, signs an agreement with Jordan Dubai Islamic Bank (“JDIB”) for Islamic Sukuk issuance for the amount of JD 45 million.
JDIB has signed an agreement with JordInvest to arrange the issuance of Islamic Sukuk on behalf of Al-Tajamouat for Touristic Projects P.L.C – Taj Mall. The agreement was signed by Mr. Sami Al-Afghani, Chief Executive Officer – JDIB, Mr. Ahmad Tantash, Chief Executive Officer – JordInvest, and Mr. Omar Al-Salfiti, Chief Executive Officer – Al-Tajamouat for Touristic Projects. The Sukuk Issuance will be under Ijarah structure and in accordance to the Jordanian Islamic Sukuk Law.
BAK Bahrain has entered into a cooperation agreement with JDIB and JordInvest to provide certain services in the facilitation of the Sukuk issuance, as part of its commitment towards TAJ, a company which BAK is an investor in.
The issuance will be for JD 45 million and with a tenor of 7 years. The proceeds of the Ijarah Sukuk will be used by Al-Tajamouat for Touristic Projects to settle an outstanding syndicated loan.
In addition to its key role as issuer of Sukuk, JDIB also serves as the Trustee and Paying Agent. Mr. Sami Al-Afghani, on this occasion, stated that “Jordan Dubai Islamic Bank is a leading Bank in Jordan providing its clients innovative & modern banking services where the bank became specialized in structuring and issuing the Islamic Sukuk.” He further noted that JDIB is looking forward to play a significant role in building on this investment product.”
Mr. Salfiti commented “We are very proud that this transaction represents one of the first private sector Sukuk issuance in the Kingdom. This comes as part of the company’s effort to become Shari’a compliant as well as obtaining a more competitive financing package.”
Mr. Tantash said “JordInvest is glad to be part of Taj Mall Sukuk issuance as one of the first private sector issuance in Jordan. The issuing company, Taj mall, is one of the most attractive destinations in Amman. We believe that this will be the first of many products that will launch in the Jordanian market in the near future.”
Mr. Ayman Sejiny, Chief Executive Officer of BAK said “We are proud to be able to find a Sharia Compliant financing solution for Al-Tajamouat for Touristic Projects through a Sukuk issuance and to co-operate with JDIB and JordInvest in this landmark transaction in Jordan”
Established in 2010, JDIB could expand its network that reached 21 branches to this day. The Bank provides a comprehensive range of Islamic banking solutions within a modern framework, such as housing finance through the lease-to-own program, office finance, land finance, auto finance, personal finance providing Murabaha solutions. Moreover, the Bank offers different products such as current accounts, savings accounts, term deposits flexibly designed along with electronic banking services of internet banking, Visa Electron Cards, Gold & Classic Credit Cards for monthly installments.
JordInvest was established in 1998. It is the first Jordanian public shareholding company to offer its clients a variety of integrated investment banking services in domestic, regional, and international markets.
Al-Tajamouat for Touristic Projects P.L.C was established in 2004 with a mission of becoming a leading developer of unique and superior leisure and retail destinations. It is currently operating one of the top malls in Jordan, Taj Mall – Abdoun.
Bank AlkhairB.S.C. (c) was Founded in 2004 in Bahrain, it is an Islamic wholesale bank. It seeks to deliver exceptional value to clients and shareholders through a focus on innovation, professionalism and integrity – the shared values that drive the Bank’s endeavor to be a leading global provider of Shari’ah-compliant financial services.