Darkom signs an agreement with Union Bank

The agreement was signed by Board Chairman of Union Bank, Mr. Issam Salfiti and the General Manager of Darkom, Mr. Waseem Wael Zurub.

This agreement is the second of its type to be signed by Darkom with a bank.

This agreement will give community members regardless of their socio-economic background the opportunity to have long-term housing loans with competitive interest rates; flexible payment terms, reduced down payments, and reduced monthly installments.

Union Bank signed this agreement with Darkom based upon the latter's demonstrated ability to facilitate innovative financial products that in turn provide all Jordanians with access to affordable housing solutions.

This also comes as a response to the Royal initiative of His Majesty King Abdullah II to secure houses for every citizen, specially the challenge currently facing Jordan of lowering the high average age of the borrower accessing first time home financing which is currently of 44 years old.

Union Bank has recently developed a new strategy for action in cooperation with global consultants McKinsey & Co. aiming to reinforce the status of it's competitive edge in the market and increase it's clients base, services and products it provides.

Union Bank has achieved high growth rates during the previous years. It has increased it's capital in the fourth quarter of 2007 to JD95m The bank has also increased the number of branches to 18 in total, spread throughout the Kingdom in addition to the branch of Ramallah.

General Manager of Darkom, Mr. Waseem Wael Zurub said,

"Darkom's strategy is to make the ownership of real-estate properties attainable for all segments of the community regardless of their socio-economic background. This goal is achieved by allowing buyers to purchase real-estate properties through funding solutions that cover up to 90% and 95% in some special cases of the property's real value and with payment terms that extend up to 30 years".

He also added, "I am confident that our joint collaboration will serve to enhance Jordan's real-estate sector, as this agreement will serve to invite more people to invest in real estate. I look forward to many positive outcomes to be reaped from this partnership; moreover, we hope to sign agreements that benefit our customers".

He also added, "Due to our cooperation with the banking and financial sector, we hope that we will be providing an inviting investment climate that in turn allows all sectors of the community to cooperate with International companies interested in investing in real-estate projects initiated in the Kingdom and to support Jordan's economic growth".


It is important to note that Darkom, Jordan's first housing loan insurance is a Jordanian public shareholding company, with a JD10m capital and is licensed from the Jordanian Insurance Committee. Darkom is the first insurance company that is qualified by the Central Bank of Jordan to insure housing loans in Jordan.