JIB Finances National Electric Power Company By JD 334 million

Jordan Islamic Bank (JIB) and the National Electric Power Company signed two financing agreements under which JIB provides Murabaha financing up to JD 227.5 million and USD 150 million. The total amount financed is equivalent to about JD 334 million for the Company according to the Murabaha sale for  purchase orderer  to finance the company's needs guaranteed by the Government of the Hashemite Kingdom of Jordan. The two financing agreements were signed by Mr. Musa Shihadeh, General Manager of Jordan Islamic Bank and National Electric Power Company Eng. Amjad Al Rawashdeh, Director General, in the presence of the Deputy General Manager of JIB, Assistant General Manager of the National Electricity Company, Mr. Kamel Al-Ataout, and the Executive Directors of the Finance Department of both sides, in the head office of the National Electricity Company. Mr. Shihadeh said that the continuation of our bank to provide financing to the National Electricity Company confirms the continuity of our bank in managing the major financing operations of various national institutions in various sectors according to one of the Islamic financing and investment methods applied by our bank. This is a continuation of the series of financing provided by our bank to local and national electricity companies, in order to ensure that our bank fulfills its economic responsibilities by supporting the national economy, its official institutions and activities that have a significant impact on the life of society as a whole and on the National economy and development. Al-Rawashdeh said in a press statement on Sunday that the two financings were on facilitated terms and competitive returns. He pointed out that the first funding was 227.5 million dinars, while the second financing was 150 million dollars. Mr. Al-Rawashdeh expressed his pride in the strategic partnership between the National Electricity Company and Jordan Islamic Bank, which provided financing solutions to the company's needs, which is reflected in the service of citizens and the national economy. .