The Jordan Loan Guarantee Corporation (JLGC) has signed a cooperation agreement with the International Arab Islamic Bank (IIABANK) to implement the "Guarantees for Employment" Program, making IIABANK one of the first banks to join this promising initiative.
The agreement was signed by Mr. Adnan Naji, Director General Manager of JLGC, and Mr. Iyad Al-Asali, General Manager of IAIB.
The agreement aims to facilitate access to appropriate Sharia-compliant financing for eligible businesses through IIABANK, backed by JLGC's loan guarantees. Under the program, financed projects are required to create new employment opportunities in Jordan and contribute to reducing unemployment. In return, participating businesses will receive cash incentives for hiring and retaining Jordanian employees.
On this occasion, Mr. Adnan Naji, Director General of JLGC, stated that the "Guarantees for Employment" Program reflects a development-oriented approach that directly links financing to job creation and tangible economic impact. He explained that the program is designed to enable micro, small, and medium-sized enterprises (MSMEs) to access the financing they need for expansion and growth while generating new employment opportunities for Jordanians.
Mr. Naji added that the program also promotes financial inclusion by expanding access to finance for a wider range of businesses, while reducing credit risks for banks and financial institutions. This, in turn, encourages greater financing flows toward productive sectors and supports sustainable economic growth in Jordan.
For his part, Mr. Iyad Al-Asali, General Manager of IAIBank , emphasized the importance of this strategic partnership in strengthening the role of Islamic finance in supporting Jordan's economy through empowering small and medium-sized enterprises and fostering an environment conducive to creating sustainable employment opportunities for Jordanian youth.
Mr. Al-Asali further noted that empowering entrepreneurs and young people remains one of the bank's key financing priorities. He added that this agreement represents a practical step toward enhancing financial inclusion and meeting the aspirations of the business community through banking solutions that fully comply with the principles of Islamic Sharia.
