Jordan Commercial Bank and Jordan Mortgage Refinance Co. Sign a Refinancing Agreement

Jordan Commercial Bank and Jordan Mortgage Refinance Co. (JMRC) recently signed a refinancing agreement under which the JMRC grants the Bank a 3-year loan of JD10 million to refinance the housing loans granted by the Bank to its clients against mortgages.

The agreement was signed by the Bank's General Manager, Caesar Qulajen, on behalf of the Bank, and JMRC Deputy General Manager, Abdul-Razzaq Tubaishat, on behalf of the Company.

Commenting on the signing of the agreement, Qulajen said: "This agreement contributes to enhancing the role of the Bank in the housing finance market in the Kingdom by providing more funds for granting housing loans to citizens at competitive interest rates and for terms commensurate with their repayment ability. The agreement also contributes to matching the terms of the Bank's sources of funds with their uses and to managing its assets and liabilities more efficiently."

On this occasion, Tubaishat commented: "This agreement comes within the framework of achieving the Company’s objectives to promote the housing finance market in the Kingdom with a view to enabling banks and financial institutions to increase their contributions to the housing finance market, especially for those with medium and low income, to help them own housing."

JMRC provides the necessary funds to banks and financial institutions through the issuance of bonds in the local capital market, which contributes to promoting this market in the Kingdom.