JIB signs an agreement to finance startups guarantee

Jordan Islamic Bank (JIB) signed an agreement to finance startups guarantee programs with Jordan Loan Guarantee Corporation (JLGC)  through which the bank provides financings for startups micro projects, expand them or increase their productive efficiency in compliance with principles and provisions of Islamic Sharia , by the guarantee of Jordan Loan guarantee Corporation. The agreement was signed by Mr. Musa Shihadeh , the CEO , General Manger  on behalf of JIB and Dr. Mohammad AlJafari, General Manager on behalf of JLGC with the attendance of the executive managers from the two institutions at the head office of Jordan Islamic Bank on Thursday 3/11/2016. Mr. Musa Shihadeh said this agreement asserts the bank’s interest in expanding the support of startups projects and ensure the suitable banking solutions for them in accordance with provisions and principles of Islamic sharia and it is a contribution of our bank in accelerating the national economy by providing financings for a big layer seeks to establish projects within a new startups programs category  or which commenced its operations since a period which does not exceed three years with  a maximum of finance 100,000 JD or to expand their operations and increase their productivity by the guarantee of JLGC  with 85 % after completing all the agreed upon procedures between our bank and the corporation and approved upon by the bank’s sharia board. Shihadeh expressed how much pleased he is with the efforts of the Central Bank of Jordan , Jordan Loan Guarantee Corporation  and JIB to support startups micro projects including ( industrial, agricultural, commercial projects, craftsmen, simple professions, activities related to the education sector and other services such as information technology) and help people who are in charge of these projects to take their opportunity through the insurance of financings guarantee for their projects to reduce poverty and unemployment and boost sustainable economic and social development in Jordan. However, our bank did previously sign a “ guarantee” agreement with Jordan Loan Guarantee Corporation during last year to support SMEs. For his part, Dr. Mohammad AlJafari stated that this agreement reflects the interest of Jordan Islamic Bank in providing financings that are in compliance with Islamic Sharia to establish startups micro projects or expand them or increase their productive efficiency  through the cooperation with the Corporation to facilitate financing these projects. The Corporation seeks to develop the ability of the entrepreneurs  to get finance and aspires always to enable a wider layer of innovative and creative startups projects to benefit from Islamic financing opportunities. Thus, signing this agreement with JIB embodies the complementary role between the Corporation and the Bank which is distinguished with the wide clients’ base of entrepreneurs and the spread of its branches network in all kingdom’s governorates . The transfer of the financing applications to the Corporation to request the financing guarantee with 85% achieves the purpose of this program. He asserted as well the Bank’s interest in achieving this goal especially in the applications  that guarantee conditions are applicable to, where this program targets all professional income generating sectors  operating in the kingdom with a finance amounting to 100000 JD.