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Jordan to Send Sukuk Law to Parliament in June, Minister Says

Jordan aims to submit a draft law paving the way for the sale of sukuk, or Islamic bonds, to parliament in June, the country’s finance minister said.

“Once it’s ratified, we will then take a decision based on our needs as to if we will issue conventional bonds like we did last year or sukuk,” Mohammad Abu Hammour said at a conference in Amman, Jordan today. He said the sale amount “won’t be less than $500 million, but if we see there is an appetite and market conditions are favourable we may go higher.”

The kingdom sold $750 million of five-year bonds in November to help finance the budget gap.

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