Jordan investment trust concludes IPO preparations for Inwan Investment PLC to be named Amlak Finance (Jordan)

Subscription for its Initial Public Offering (IPO) opens at 9.00 am on 19 May 2008 (Monday) and it ends at 5.00 pm on 1 June 2008 (Sunday).

The subscription can be made at all branches of the ABC Bank, Jordan Kuwait Bank, and the Arabic Islamic International Bank in Jordan.

The consortium is made of the Investment Unit of the Social Security Corporation, Jordan-Dubai Capital, Jordan Kuwait Bank, ABC Bank, Amlak Finance - UAE, Global Investment House, Taameer Jordan and Al Masaken Real Estate Development Company.

Inwan, becoming Amlak Finance (Jordan), will harness its expertise on the sound and prudent Islamic financing approach in light of the "Amlak" imprint.

The Lead Manager and Financial Advisor for this undertaking is Jordan Investment Trust Plc (Jordinvest), one of the leading full fledged providers of comprehensive financial and investment services locally and regionally.

Amlak Finance (Jordan) will be the first public shareholding company specialising in mortgage financing services for the development and housing sectors in compliance with Shariah laws in Jordan.

Jordinvest Chairman and CEO Ahmad Tantash said, "The listing of Inwan/ Amlak Finance (Jordan) in Jordan facilitates Islamic Financing to a broad pool of investors seeking Islamic financial solutions, whilst strengthening the role of Islamic Finance in Jordan and the region."

"Amlak Finance aims to develop and expand its investments in the region to become the main provider of mortgage financing services for developers of housing projects and those wishing to invest in them," he said.

In its session held on 22 April 2008, the Jordanian Securities Commission (JSC) approved, by virtue of its resolution 192/2008, the registration of the Company's capital shares of 55 million shares / Jordanian Dinars.

The JSC also approved the prospectus regarding the issuance of 13,750,000 shares for subscription through an initial public offering with a par value of JD1 per share.

An analyst with Jordinvest said the expansion of the biggest Islamic mortgage financing services provider in the region was testimony of continued property boom in the Middle East that was anticipated to stay robust for years to come.

Jordinvest provided a suite of ''financial advisory'' services to Inwan/ Amlak Finance (Jordan) including developing its business plans, financial projections as well as preparing the prospectus.

It will now manage the IPO and the listing of its shares on the Amman Stock Exchange.

Ahmad Tantash indicated that he was very optimistic about the outcome of this IPO and considered this partnership a significant addition to Jordinvest's excellent portfolios.

"We view this as a significant milestone especially with our focus on supporting and developing Shariah-compliant investments, a field which is gaining substantial momentum," he said.

He added that this was in addition to Jordinvest's ongoing efforts to enhance the services it provided to leading business establishments, not only in Jordan but also in the region as a whole.