Central bank signs agreement with Islamic International Arab Bank

By Petra - Jun 20,2015 - Last updated at Jun 20,2015

AMMAN — The Islamic International Arab Bank (IIAB) and the Central Bank of Jordan (CBJ) on Saturday signed an agreement of restricted investment mandate to finance industrial, tourist, agricultural and renewable energy projects with soft loans.

Deputy CBJ Governor Maher Sheikh Hassan said the medium-term loan programme from CBJ is now available for Islamic banks working in Jordan.

He added that signing the agreement will enable the IIAB to benefit from the programme in a way that provides affordable sources of finance, expands beneficiaries from the medium-term loans and intensifying the economic activity in the targeted sectors.

IIAB General Manager Iyad Asali stressed the bank’s keenness to be the first Islamic bank to sign such an agreement, highlighting the significance of the targeted economic sectors.

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