Jordan’s Capital Bank has completed the sale of a $120 million Islamic bond, or sukuk, to Saudi Arabia’s Rajhi Cement to finance the firm’s capital expansion projects in the kingdom, bankers said on Wednesday.
The sukuk transaction, the first of its kind in the kingdom, was made possible despite the absence of local laws for issuance of sukuk that allow a borrower to forgo title to assets or property when they borrow as required under Islamic compliant Sharia-terms……………………………………….Full Article: Source