AMMAN — The Director-General of the
Military Credit Fund, former minister Muhannad Shehadeh, said on Thursday the fund would not
raise murabaha rates should the Central Bank of Jordan decide to raise the
interest rate in the Kingdom, after the
US Federal Reserve raised its interest
rate by a quarter of a point.
اضافة اعلان
Shehadeh told Ammon News that the rates for murabaha — an
Islamic financing structure offered by
Islamic banks — for home financing would
remain between 2.5 percent and 3 percent, and the murabaha rates for personal
financing would remain between 3.75 percent and 4 percent, depending on the
time period.
The fixing of the murabaha rate will not affect cash flows, and the institution is prepared to disburse JD92 million dinars and serving 18,000 committed clients during the current year.
These percentages, the director-general said, are 50 percent
lower than normal banking sector prices. Thus, the decision to maintain the
murabaha rates will not affect the fund negatively, but rather positively,
because it increases the demand for the fund's products.
The fixing of the murabaha rate will not affect cash flows,
and the institution is prepared to disburse JD92 million dinars and serving
18,000 committed clients during the current year.
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