JLGC signing “KAFALA” Agreement with Jordan Dubai Islamic Bank (JDIB)
Jordan Loan Guarantee Corporation (JLGC) and Jordan Dubai Islamic Bank (JDIB) have signed a cooperation agreement aims to provide finance to SMEs in accordance with Islamic Shari’ principles covered by the guarantee of JLGC.
The agreement was signed by H.E. Dr. Mohammed Al Ja’fari; JLGC Director General and Mr. Sami Al Afaghani; CEO of Jordan Dubai Islamic Bank on May 9th , 2015 at the Bank headquarters.
Dr. Ja’fari remarked at the signing ceremony "the Company is looking forward to further enhance SMEs access to finance through “Kafala Program” agreement with Jordan Dubai Islamic Bank". This is the third Kafala agreement signed with Islamic bank; JLGC signed similar agreements with Islamic International Arab Bank (IIABank) and Jordan Islamic Bank (JIB). Dr. Ja'fari stressed on the key role that Islamic finance plays, as many SMEs owners prefers Islamic Finance. The program guarantees loans to many SMEs activities up to JD 100,000 and Industrial Finance program up to JD 550,000.
JLGC has always been committed towards improving SMEs access to finance and developing the enabling business environment, through providing guarantees required by banks, which represents the main obstacle SMEs face when borrowing from banks.