Launching the Regulating Legislatives for Islamic Finance Sukuk
Under the patronage of H.E. Dr. Abdullah Nsour, Jordan Capital Market Institutions launched the Regulating Legislatives for Islamic Finance Sukuk with the participation of the Executive Chairman of the Jordanian Securities Commission (JSC), Mr. Mohammad S. Al Hourani, the Head of the Legislatives Projects Team Ms. Malak Ganem, the Chairman of the Supervisory Cenral Company Dr. Abdulsalam Al-Abadi, and the Committee members of setting regulations for Islamic Sukuk Dr. Basil Al-Shaaer, Stressing on the readiness of the Jordanian Capital Market Institutions are now ready for receiving the applications for both public and private sectors regarding Islamic Finance Sukuk, in the attendance of the Board of Commissioners of the JSC, the CEOs of the ASE and SDC and a large number of invitees from the public and private sectors and from Capital Market Institutions employees.
Where Mr. Al Hourani stressed that Sukuk has become one of the most important financing method where its proved its success in the ability to absorb economic and financial crises, adding that the financial markets have an important role in the economies of the countries, because of its role and contribution in achieving economic improvement, and the issuance of Islamic Sukuk, at this particular time, owned a significant role in gathering savings and use them in financing different projects which will enhance the efficiency of the ASE, and will increase its depth and diversity of its tools, and will help to remission the risks that the ASE may exposed, giving it a high level of stability and confidence; the usage of Sukuk as long-term financing instruments will give a strong push to institutional investment supporting for economic growth viable to growth
At the end of the ceremony, the Prime Minister honored the members of the team that prepared the legislation governing for dealing in Sukuk, which is formed by the Commission in light of launching Sukuka law, consisting of employees of Commission with the participation of representatives from General Ifta Department, and the Central Bank and Companies Control Dept.
It is worth mentioning that the legislations prepared by the team consists of a number of instructions and regulations that govern dealing with sukuk as issuing, subscribing, listing , trading and registering in addition to the limited purpose company and principles and conditions of the adoption legitimate counselors and legal committees