Publication Date:
Mon, 2010-10-04 01:47
However, the Cabinet stipulated that the Al-Rajhi should "coordinate"
this move with legal bodies in the Hashemite kingdom, including the Fatwa
Department, and should buy the sukuk from Jordanian banks.
Al-Rajhi, which owns a cement factory in Jordan, aspires
to build two other factories in the kingdom for glass and steal in case it
succeeded in ensuring the required circumstances for the issuance of sukuk to
finance its operations.
Al-Rajhi has also reportedly asked the Jordanian
government to approve a syndicated bank loan to be issued in accordance with
Islamic teachings and for exempting issued sukuk of income and sales taxes.
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