The Ministry of Finance of the Hashemite Kingdom of Jordan signed an advisory agreement with the Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of IDB Group on 16 April 2015. The Ministry has mandated ICD as a Transaction Technical Support in the proposed debut Domestic Sukuk offering. The Mandate Letter was signed between H.E. Dr. Umayya Toukan, Minister of Finance and ICD's Chief Executive Officer, Mr. Khaled Al Aboodi. 

“The dinar-denominated Sukuk, expected to be issued this year, would be used as an instrument to absorb excess liquidity (estimated to be 1.4 billion dinars) held by the Kingdom’s for Islamic banks”, said Dr. Toukan. “I would like to thank the Islamic Development Bank Group (“IDBG”) for their long-standing support and valuable contribution to enhance the development process in the Kingdom. We would like to express our appreciation to the Islamic Research and Training Institute (“IRTI”), a member of IDBG, for reviewing the Kingdom’s Sukuk capacity needs and holding in last January Sukuk Training for government staff in Amman” he added.

ICD aims to develop member countries' capital markets, specifically Islamic debt capital markets through Sukuk. Last year, ICD acted as Joint Lead Manager for debut regional currency Sukuk by the Republic of Senegal, which was closed with oversubscription. The deal was Africa’s first and largest sovereign Sukuk to the international capital market.

“We are very proud and honored to be mandated by the Hashemite Kingdom” Mr. Al Aboodi said. “By creating domestic Islamic capital market, the member country would be able to provide an alternative to its treasury bills for Islamic Financial Institutions to invest in. Although it is not practically common for global Sukuk arrangers, we took responsibility to fill this gap in the market which naturally falls within the developmental principals of ICD", he added