Dead Sea -- An agreement setting up a new mortgage finance company, was signed on Saturday between Jordan Dubai Capital (JDC) and the Social Security Investment Unit (SSIU).
The signing ceremony, under the Patronage of His Majesty King Abdullah, took place during the ongoing World Economic Forum at the Dead Sea.
According to SSIU, "Inwan" is the first specialised mortgage finance company in the Kingdom, with a JD75 million start-up capital, aiming to be the leading provider of loans for both future home owners and developers. The company will also be targeting the financing of middle and low income houses.
Each of SSIU and JDC own an equal stake of 25 per cent in the company. Global Investment House, Tameer Jordan and Jordan Kuwait Bank will own different stakes of the remaining 50 per cent, the SSIU indicated.
"We see this as a great opportunity to support the Jordanian community and the real estate sector by offering alternatives to what already exists in the financial mortgage sector," SSIU President Mufleh Akel said.
"Inwan emerged after an extensive local and global market study and envisions a five-year plan that will enhance the mortgage finance market and provide financial support to developers and future house owners," he added.
Samir Rifai, chief executive officer of JDC, said: "The company will be a pioneer in providing financial services to all Jordanians looking for suitable housing accommodation and for real estate developers."
Inwan is JDC's second venture in the financial services sector after its stake in the $34 million first Islamic Insurance Company announced earlier in 2006.
By Khalid Neimat
© Jordan Times 2007
