After realizing the fact behind the success of Islamic banking during the global financial crisis, Jordon has finally taken a step forward in adopting Islamic banking in the country of Jordon.

Jordon Islamic Bank has loaned 100 million dollar to the government of Jordon.

Millions of dollar loan would be used for the development of food stock, said Abu Hammour.

The minister said “Our decision to turn to Islamic banks for borrowing came in the light of the success scored by Islamic banking during the world financial crisis,”

Jordan’s budget deficit has marked up the record, with expectations reaching upto 1.5 billion dollars in 2010. It is for this reason Jordan has planned of starting Islamic Banks to handle such a huge deficit.

Abu Hammour said that the credit generated would meet the need of two basic commodities like Barley and Wheat in the country.
He added saying that government has increased the accessibility through issuing Islamic bonds.

Islamic banks were affected in the least bit by the financial crisis, as per the international surveys and regional studies. Islamic banks had underwent hardly any loss compared to the huge losses faced by Conventional and Corporate banks, said sources.

[source:-alJazeera]