JIB Signs With JLGC a Guarantee Agreement within the Industrial Finance Program

Jordan Islamic Bank (JIB) has signed an agreement to guarantee industrial finance and services with Jordan Loan Guarantee Company(JLGC) to ensure the financing of small and medium-sized economic projects in the targeted sectors by the European Union (IGADA) program in accordance with the provisions of Islamic Sharia. Through this agreement, the bank provides financing to small and medium-sized enterprises guaranteed by the Jordan Loan Guarantee Company to find a solution for the lack of adequate guarantees for these institutions and provide funding through Jordan Islamic Bank. However, the guarantee also covers medium- and long-term financings. The agreement was signed by the CEO of JIB, Mr. Musa Shihadeh, and by the Director General of the Jordan Loan Guarantee Company, Dr. Mohammed Al-Jafari, in the presence of the Executive Directors of the two institutions at the Head office of the bank in Shemisani on Wednesday 28/3/2018. Mr. Shihadeh said that out of the bank’s endeavor to enhance financial inclusion through the expansion of the umbrella of beneficiaries of financial services with high quality to contribute to sustainable development and financial and social stability in the society and increase the labor force and reduce the poverty rates and empowerment of women , we provide financing and banking solutions that comply with the principles of the Islamic sharia for various sectors of individuals, companies and small and medium enterprises, and through  this agreement, which complements the previous agreements with the Jordan Loan Guarantee Company, we will provide the necessary financing for small and medium-sized industrial projects , services, purchase of machinery, equipment, repairs or expansion of the factory premises or the contribution of part of the cost of the factory or the financing of raw materials to strengthen the capital, which meets the needs of this segment by the guarantee of the JLGC and a maximum of not more than 550 thousand dinars and not less than 20 thousand dinars and the repayment period Up from 3 to 8 years, calling on citizens who meet the conditions of granting funding to benefit from this agreement, which will accelerate the wheel of the national economy and serve the people of the community and contribute to the creation of job opportunities. Dr. Mohammed Al-Jafari said that the signing of a guarantee agreement with JIB within the industrial finance program will allow the bank's clients to obtain Sharia-compliant financing for their small and medium projects, which is favored by the majority of project finance applicants which will bridge the gap in demand for credit in the Kingdom and expand the scope of Islamic finance to include more segments of society under the guarantee of the Jordan Loan Guarantee Company. The Director General of the company Dr. Al-Jafari said that the company aims to provide the best services and programs in the field of providing guarantees and exert more efforts to support the SME sector in the Kingdom, pointing out the importance of partnership with Jordan Islamic Bank and joining the program indicating that the record of the program has become full of success stories hoping to register further progress with the accession of a bank like JI.