JIB Finances NEPCO by JD 130 Million

Jordan Islamic Bank (JIB) signed a financing agreement with National Electric Power Company (NEPCO) through which the bank provides the Company a financing that is amounted to JD 130 million based on the mode of Murabaha sale for purchase – orderer to finance the company's needs of petroleum derivatives and liquefied gas imported by the ships through the sea with the guarantee of the government of the Hashemite Kingdom of Jordan. Mr. Musa Shihadeh, CEO , General Manager of JIB and the Engineer Abdul Fattah Daradkeh, General Manager of NEPCO signed  the financing agreement at the Head office of the bank on Wednesday 5/4/2017. On this occasion, Mr. Musa Shihadeh said we are pleased with the role of JIB in supporting national economy which proved throughout the years its ability to manage the great financing transactions for different national institutions in their various sectors including the National Electric Power Company  which we provide many financings  based on one of the Islamic financing and investment modes applied at the bank which is Murabaha sale for purchase – orderer so the total financings provided for electric power companies ( public and private ) exceeded one billion and JD 339 million till the end of 2016.Moreover, we assert our continuation to assume the economic, social and development responsibilities of the bank through granting further financings that contribute to boost and accelerate the national economy. For his part, the Engineer Abdul Fattah Daradkeh commended the partnership with JIB, one of the largest Jordanian banks which provided Islamic financing solutions that supported NEPCO throughout the years in order for the company to continue providing its services to citizens despite the political and economic circumstances surrounding the area.