CoCo Bubble Tea enters the Middle East with a Jordan store

CoCo Bubble Tea is debuting in the Middle East with an outlet in Amman, Jordan. The new store utilises halal-certified ingredients, and debuts a curated menu designed to simplify ordering while maintaining the brand's hallmark quality. 

The move marks the beginning of CoCo's commitment to serving consumers and supporting franchise partners across the Middle East in the long-term. 

The company is also looking for franchisees, and believes the simplified menu is partner-friendly. CoCo's halal-certified raw materials will empower store partners to localise and cater to the region's specific needs, the company said.

With more than a decade of global experience, CoCo offers franchise partners not only the visibility of its brand but also extensive support for marketing, operations, on-site consulting, and region-specific training. Its focus on research and development further ensures the ability to adapt products to evolving consumer preferences worldwide, the company said.

To support franchisees in the Middle East, CoCo has developed a custom training and operations framework designed specifically for the region. The framework simplifies onboarding, strengthens operational efficiency, and helps partners integrate seamlessly into CoCo's global standards while staying rooted in local cultural preferences.

"We are just beginning in the Middle East, but we aspire to one day have as robust a franchise network here as we do globally," said Kody Wong, Director of Business Development at CoCo Bubble Tea.

 "To accomplish this, we will continue our hallmark approach of adapting to local culture and tastes while empowering our partners with the resources they need for long-term success. This opening is about serving delicious bubble tea while building a unique franchise ecosystem that moves the region's business leaders forward."

CoCo plans to build a regional footprint, and has shared that it will enter the UAE.

Source: CoCo Bubble Tea. CoCo Bubble Tea Amman Jordan store facade.

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For franchising opportunities, visit: https://www.coco-tea.com/Franchise

New hotel in Amman offers large range of room and dining options

The Ritz-Carlton, part of Marriott Bonvoy's portfolio of hotel brands, has opened The Ritz-Carlton, Amman, at the prestigious Fifth Circle. The new hotel features 228 guest rooms over 20 stories in seven categories, including 34 suites.

"We are thrilled to bring The Ritz-Carlton brand to Amman, embodying our commitment to delivering unparallelled experiences and creating meaningful memories in the world's most exciting markets," said Donna McNamara, VP and Global Brand Leader for The Ritz-Carlton. 

"From exquisite culinary craftmanship to treasured family moments, The Ritz-Carlton, Amman will embrace guests with its legendary service, and offer a unique lens on this charming capital city."

Led by Wimberly Interiors London, the hotel's design is inspired by the culture and history of Jordan, which is reflected in the hotel's bold interior architecture, tailored lighting, Art Deco touches and contemporary artistry. Artistic elements within the hotel draw inspiration from the landscape of the kingdom, from natural rifts of the sea and saturated colors of the earth to the deep crevices of caves and mountains. 

The structures of Petra are reflected in a series of vignettes, while Roman and Nabatean architectural features are given modern reinterpretations throughout the hotel. The floor finishes in the guest corridors pay homage to Jordan's desert landscape, and the guestrooms take inspiration from the destination's natural elements, sand and sea.

The Ritz-Carlton, Amman offers a wide range of dining options. Rising over the Amman skyline on the hotel's 20th floor is the signature restaurant, Roberto's. Already a much-loved fixture on Dubai's culinary scene, the arrival of Roberto's is expected to redefine the concept of authentic Italian fine dining in Jordan.

Guests can also indulge at Ambros, a relaxed dining option in the lobby serving unique seasonal produce and reimagined classics. Iris, also in the hotel lobby, is a tea lounge and pâtisserie featuring a selection of signature eclairs and high tea experiences. At Sarab Garden, visitors can enjoy shisha lounge and upscale regional cuisine. The Founders Room delivers an elevated menu offering sophisticated bites. 

Opening this summer, Soleil will appeal to guests looking for healthy dining with its focus on vegetarian dishes and a coffee roastery. Legends, a sports lounge with American-style culinary fare, is set to open later this year.

The Ritz-Carlton, Amman is home to a wide array of facilities for corporate guests, including a 1,050 sq m Grand Ballroom, five meeting rooms, one boardroom, and a luxurious Club Lounge. The Ritz-Carlton Spa is a full-service spa and wellness centre offering ESPA products, indoor and outdoor temperature-controlled pools, six treatment rooms, a relaxation lounge and the largest jacuzzi in Amman.

Source: The Ritz Carlton. A room at the Ritz Carlton, Amman.

"The opening of The Ritz-Carlton, Amman marks an incredible milestone for the entire kingdom," said Tareq Derbas, GM, The Ritz-Carlton, Amman. 

"The property delivers an exceptional standard of luxury and refinement - one that redefines elegance and hospitality in Jordan and the wider region. We are thrilled to unveil this stunning property and look forward to welcoming guests with a level of care and passion that will be sure to delight and exceed expectations."

Jordan Islamic Bank receives praise from Standard & Poor's Global Ratings

Standard & Poor’s Global Ratings have affirmed credit ratings for Jordan Islamic Bank (JIB), namely B+ for long-term and B for short-term counterparty credit ratings and a stable outlook. JIB’s standalone credit profile (SACP) was assessed at BB-.

According to the ratings agency, JIB is weathering the COVID-19 pandemic well. JIB has been able to maintain its advanced market share and its leading position as the largest Islamic financial institution in Jordan and the country’s fourth-largest bank in terms of assets, with stable capital, a good record in financing, liquidity, achieving profits, Standard & Poor's Global Ratings said. The agency also noted that JIB has a wide and varied customer base, and has been flexible in managing its business and diversifying its investments.

Dr Hussein Said, CEO/GM of JIB, said: "Re-stabilising Standard & Poor's rating of our bank's credit ratings despite the negative effects of the spread of the corona pandemic and its negative effects on various sectors, praise be to God, the bank’s ability and success in managing and how to deal with this pandemic and its reflection on its performance, stressing the continuity of implementing the bank’s strategy to preserve the achievements made while striving to achieve more, enhance the bank’s position and expand its reach in the Jordanian market.

AM Best analyses Jordanian insurance market

The Jordan insurance market remains highly competitive, with pressure on technical performance accompanied by economic challenges, according to a new report by AM Best. AM Best is a global rating agency and information provider with a focus on the insurance industry. 

In the report, Jordan Insurance Ratings: Benchmarking, AM Best notes despite the market showing reasonable growth rates in recent years, it is also facing a number of challenges. Pricing pressure on the core business segments and tariffed motor third-party liability business have hindered operating performance.

Additionally, rising fiscal deficits have led to cuts in government spending and tax hikes, and the background of social unrest and weakness in commodity prices is a concern. Further, the widespread lack of awareness and understanding of insurance and risk mitigation amongst the population is reflective of the low penetration rate.

Luca Patron, Financial Analyst, AM Best said: “Even though the challenges of the competitive Jordanian insurance market affected the ratings of some companies in the past, the overall operating performance of AM Best-rated companies remains at a good level and above the average market performance, benefitting from economies of scale and brand recognition.”

The report said that on a global scale, AM Best-rated Jordanian insurers are deemed to have a limited business profile. Furthermore, there are limited opportunities for insurers to grow domestically without undercutting competitors.

Mahesh Mistry, Senior Director, analytics, AM Best said: “Most have very little geographical diversification and are predominantly single-market participants. Moreover, while some companies have moderate diversification on a gross basis, net premiums are geared toward motor and medical. The level of product differentiation between participants is limited, with a lack of innovation and product transformation of new ideas to change traditional market concepts.”

AM Best’s analysis has highlighted some common themes as weaknesses, the most important of which is risk governance, with companies adopting basic or minimum requirements to run their businesses.

The buffers that most insurers had in their risk-adjusted capitalisation have eroded steadily in recent years, the consultancy said. Asset concentrations in high-risk investments remain a concern and add significant volatility to operating performance and capital adequacy, while in some cases, insurers have fallen below local solvency requirements. AM Best believes that the adoption of prudent risk management practices is critical to ensure that companies manage their risks effectively and in a controlled manner.

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Mohammed bin Rashid Al Maktoum Global Initiatives Foundation launches Madrassa Platform initiative

The Mohammed bin Rashid Al Maktoum Global Initiatives Foundation, has launched the first phase of the Madrassa Platform initiative, which aims to provide educational support to 1,000 villages without access to the Internet.

The first beneficiary will be the Emirati-Jordanian camp in Mrajeeb Al Fhood, Jordan, in cooperation with the Emirates Red Crescent, ERC. Some 2,146 students from the camp will benefit from the educational sessions offered by the platform, supported by 139 professors.

The platform, which was launched by HH Sheikh Mohammed bin Rashid Al Maktoum, VP, PM and Ruler of Dubai in February, will offer 5,000 e-sessions on science, mathematics, chemistry, physics and biology from nursery level to 12th grade (roughly when students are 18 years old).

The initiative is also providing four services at the camp, including the School in a Bag service, the Madrassa Tablet, and a mobile broadcasting device.

Dr Waleed Al Ali, Director of the Madrassa Platform Initiative at the Foundation, said, "We have chosen to launch the initiative in remote areas not connected to the Internet, beginning with the Emirati-Jordan Mrajeeb Al Fhood Camp, in cooperation with the ERC. We will continue to reach out to 1,000 villages that are unable to access modern educational content."

He also noted that the foundation will add new content to the platform, including sessions on the Arabic language, computer science, engineering, programming, artificial intelligence and space science.

Dr Mohammed Ateeq Al Falahi, ERC Secretary-General, said that the initiative reflects the vision of HH Sheikh Mohammed bin Rashid in creating innovative solutions and overcoming the challenges facing Arab communities, especially in the area of education.

"The initiative will reinforce the ERC’s efforts to support education and enable people suffering from dire economic conditions to continue learning," he added while noting that the initiative is being closely monitored by HH Sheikh Hamdan bin Zayed Al Nahyan, the Ruler's Representative in Al Dhafra Region and Chairman of the ERC.

Mövenpick Hotels & Resorts in Jordan gear up for Ramadhan

Mövenpick Hotels & Resorts in Jordan will be holding iftar buffets with Ramadhan sweets, juices, ambient gathering spaces, traditional games and live music come Ramadhan (around May 6), as well as giving back to society during the month.

Mövenpick Hotels & Resorts in Jordan for the third year on a row has partnered with Tkiyet Um Ali as part of its CSR – A kilo of kindness, part of the SHIINE sustainability programme, to send food parcels to less fortunate families.

“Ramadhan is a special time for us to give back to the community, as well as to reflect on the many things we are grateful for. Wonderful guests and amazing team members of course, but also the opportunity we have to do something we are passionate about: whether it’s creating traditional delicacies in the kitchen, or providing atmospheric gathering spaces,” said Michael Nugent, Accor VP of Operations, Levant and Pakistan.

Among Mövenpick Jordan’s highlights for the month of Ramadhan are:

Mövenpick Resort & Spa Dead Sea

Al Saraya Restaurant’s iftar buffet features seasonal dishes, hot and cold mezzeh, live cooking stations, juices and desserts. A complimentary iftar voucher is given for the purchase of 10 or more prepaid vouchers. Groups can take advantage of the entrance to Ramadan Nights at the Village Square. After iftar, Valley Café continues the Ramadhan spirit with oud entertainment, cards, fresh juices, oriental desserts, and traditional hot beverages.

Mövenpick Resort & Residences Aqaba

A traditional iftar spread complemented with international dishes and Ramadan juices will greet guests who break their fast at Palm Court Restaurant in Aqaba. With views of the shore, Aqaba’s fine seafood restaurant Red Sea Grill will be serving a four-course iftar set menu alongside Ramadhan juices.

Mövenpick Resort & Spa Tala Bay Aqaba

Fresh shrak bread can be had at Najel restaurant’s authentic iftar buffet. Middle Eastern dishes, international classics and desserts are highlights, with Ramadhan juices are poured by Juice Man himself. For àla carte delicacies, Siraj and Mello will offer background music, live oud tones and argileh (shisha).

Groups of 10 or more can enjoy special iftar and suhoor packages across all Mövenpick’s resorts in Jordan. Mövenpick is also offering value Ramadhan room rates and family packages.

Jordan receives aid package from KSA, Kuwait, UAE

KSA, Kuwait and the UAE will provide economic aid worth US$2.5 billion to Jordan, the Saudi Press Agency has reported. The decision was made after a meeting in Makkah, KSA to discuss the economic crisis in Jordan attended by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of KSA, King Abdullah II bin Al-Hussein of Jordan, Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah of Kuwait and VP and PM Sheikh Mohammed bin Rashid Al Makhtoum of the UAE, who is also Ruler of Dubai.

Based on the bonds among the four countries as well as the Arab and Islamic values and principles, the three countries will:

- Make a deposit at the Jordanian Central Bank.

- Provide guarantees for the World Bank in the interest of Jordan.

- Support the Jordanian government’s budget annually over the coming five years.

- Finance developmental projects.

Oman Air announces codeshares with Royal Jordanian, Malaysia Airlines

Source: Oman Air. Plane in Oman Air livery.

Oman Air, the national flag carrier of Oman, has announced a codeshare agreement with Royal Jordanian on flights between Muscat.,Oman and Beirut, Lebanon via Amman, Jordan and vice versa. Under the terms of the agreement, which became effective from June 15, the flights are operated by Royal Jordanian and marketed by both carriers.

Oman Air already has a strong partnership with Royal Jordanian built upon a shared commitment to providing excellent services to guests. This new agreement will further enhance this relationship and offer guests even more options when it comes to destinations and flight times.

Oman Air and Malaysia Airlines have also entered into a codeshare partnership. The agreement will pave the way for closer cooperation between the two airlines on other joint initiatives, including collaboration on frequent flyer programmes, ground handling, customer support, cargo and airport lounge access.

Oman Air passengers who currently enjoy direct flights to Kuala Lumpur, Malaysia will now be connected to more destinations in Malaysia, China and Australia. Malaysia Airlines passengers will also enjoy nonstop, direct flights from Kuala Lumpur to Muscat. New destinations now open for Oman Air guests are Singapore, Hanoi in Vietnam, Hong Kong, Darwin and Melbourne in Australia, Auckland in New Zealand, Phuket in Thailand, as well as the Malaysian destinations Langkawi, Penang, Kota Bharu, Johor Bharu, Kuantan and Miri. Additionally, the existing destinations of Oman Air, namely Jakarta, Indonesia and Guangzhou, China will also be connected through this codeshare.

Oman Air’s Deputy CEO & Chief Commercial Officer Abdulrahman Al Busaidy said, “Apart from Oman Air guests benefiting from the added destinations through this codeshare, it will also present them the opportunity to experience the exemplary services of Malaysia Airlines. We are equally sure this opportunity will be welcomed by the discerning guests of Malaysian Airlines; encouraging them to experience the unparalleled services of Oman Air and visit Oman and other unique destinations in Oman Air’s network.”

Oman Air offers 14 weekly flights between Muscat and Kuala Lumpur, operating on the airline’s Airbus A330-200 aircraft.

Oman Air, based at Muscat International Airport. is currently engaged in an expansion programme which will see the carrier operate 70 aircraft to around 75 destinations by 2023. On the other hand, Royal Jordanian has a vision to be the Airline of choice connecting Jordan and the Levant with the world. It reaches 56 direct destinations on four continents on its 27 young aircraft operated from Queen Alia International Airport.

Singapore Muslims donate S$342,569 to Syrian refugees in Jordan, Lebanon

The Rahmatan Lil Alamin Foundation (RLAF) has reported that the Singapore Muslim community is contributing S$342,569 in aid of Syrian refugees living in the refugee camps and dwellings located in Jordan and Lebanon.

The Syrian internal conflict and war, which has gone on for nearly six years, has inflicted a heavy toll. More than 4 million Syrians have sought refuge in countries such as Turkey, Jordan, Lebanon, Iraq as well as other countries beyond. According to the United Nations High Commission for Refugees (UNHCR), more than half are children below 17 years of age.

Jordan alone is hosting about 650,000 refugees while Lebanon is hosting more than 1 million. The high concentration of refugees in the countries have strained the resources of the nations which have to meet the demands of their own populations as well.

With severe winter conditions enveloping the region, mosques in Singapore in collaboration with the RLAF appealed for donations from the Singapore Muslim community to show our care and compassion toward the ongoing suffering of the Syrian refugees there. Donation boxes were placed at all 70 mosques from 3 to 9 February 2017. Donations were also invited via cash, cheque and online to this cause.

For this initiative, RLAF is collaborating with the UNHCR that is on the ground in Jordan and Lebanon. The equivalent of US$100,000 of the collection will enable the UNHCR to extend the provision of gas to Syrian refugees in Al-Azraq camp in Jordan to enable them to survive the winter.

The remaining funds, amounting to US$132,600, will be used to support UNHCR’s Outreach Educational programme, as well as parent engagement and homework support programmes to ensure access of education for Syrian children in across Lebanon. Through this assistance parents will also be empowered to assist in the learning process. Through these programmes is it hoped that children will be able to discover the joy of learning and find new confidence after the ordeal they face as refugees.

The RLAF and mosques in Singapore wish to express sincere thanks to the Singapore Muslim community and all Singaporeans who have generously contributed to the fund.

posted from Bloggeroid

Worldreader to expand Read to Kids Program to serve Syrian and host communities in Jordan

Worldreader, a global non-profit that believes everyone can be a reader, plans to expand its Read to Kids Program to serve Syrian refugee and host communities in Jordan. The programme supports parents and caregivers to become their children's first teachers, enabling and encouraging them to read to their young children using their mobile phones.

The Read to Kids mobile reading programme in India cultivated more than 60,000 readers over nine months through support from Pearson. Worldreader is now committing to expanding into Jordan to help Syrian and Jordanian children become lifelong readers. The organisation will work with Arabic publishers and partners to digitise and disseminate high-quality Arabic children's reading books to 50,000 households across the country. The programme will also work with educators and publishers to curate a psychosocial collection of books and activities that encourages stories and reading as a safe way to explore emotions and generate healing.

"Encouraging parents to get engaged in their children's learning through reading books has been outlined as a key priority of Jordan in 2016. The research is clear on the importance of reading for brain development and long-term success in children's lives. We are pleased to work with Worldreader be able to offer this innovative programme to the people of Jordan as well as the Syrian nationals who have sought refuge within our country," said HE Dr Omar Razzaz, Jordan's Minister of Education.

Parents and caregivers will be able to access this programme from an Internet browser on their mobile phone or by downloading the Read to Kids app from the Google Play Store. The books are curated to match children's interests and developmental readiness from birth through age 12.

Worldreader plans to launch Read to Kids Jordan in late 2017. The programme will be made possible through a US$1 million grant from private philanthropic organisation Stavros Niarchos Foundation (SNF), with additional support from Jordanian social and education entities. The organisation is seeking additional funding and support from organisations wishing to help promote reading and education to refugees in Jordan.

"Worldreader is an exemplary organisation providing critical literary resources to enhance children's learning and educational development," said Andreas Dracopoulos, Co-President of the SNF. "SNF is proud to partner with Worldreader on Read to Kids Jordan, a critical initiative that aims to support early literacy programmes for 50,000 Syrian and Jordanian children, and as a foundation to continue to respond to the devastating crisis and its impact on refugee and host-community children."

"At a time when world leaders are closing their doors to refugees, conflict-affected families need every tool to ensure bright futures for their children," said David Risher, CEO and Co-founder of Worldreader. "We have seen firsthand the impact that digital reading has on children and families in India and we are proud to bring this same opportunity to all children in Jordan—including those who have been affected by the worst humanitarian crisis of our time—through the Read to Kids programme. Every child should be able to benefit from the magic of reading."

US$40 million donation made to charity benefiting needy in Jordan

HRH Princess Haya Bint Al Hussein, wife of HH Sheikh Mohammed bin Rashid Al Maktoum, VP and PM of the UAE and Ruler of Dubai, and their children, HH Sheikha Al Jalila Bint Mohammed Al Maktoum and HH Sheikh Zayed Bin Mohammed Al Maktoum, have donated JD28 million to Tkiyet Um Ali.

The donation is made in memory of HM the late King Hussein Bin Talal and HM the late Queen Alia Al Hussein. HM King Hussein passed away on February 7 1999, while HM Queen Alia passed away on February 9 1977. Tkiyet Um Ali was originally the idea of HM the Late Queen Alia Al Hussein more than 40 years ago.

In 2003, HRH Princess Haya, who had the original concept documents, established Tkiyet Um Ali, the first non-governmental organisation to provide sustainable food support by serving hot meals and distributing food parcels, in addition to providing humanitarian food aid to Jordan's underprivileged. Tkiyet Um Ali launched a project to eradicate hunger in May 2013. Tkiyet Um Ali now feeds 18,000 households that have been identified as families who live below the hunger and poverty line.

"The donation comes at a time where food insecurity in Jordan has tripled following the Syrian Refugee Crisis," stated HRH Princess Haya, Chairperson of Tkiyet Um Ali. "We conducted recent field studies that indicate that today around 30,000 Jordanian families are food-insecure, reinforcing the urgent need to reach an additional 10,000 households." Tkiyet Um Ali aims to cover these 30,000 families across the kingdom.

"This year marks 18 years since the passing of HM the Late King Hussein Bin Talal and 40 years since the passing of HM the Late Queen Alia Al Hussein who, above all, were people who cared about humanity," stated HRH Princess Haya. "There is no more fitting way to celebrate their lives and continue their legacies by doing something they would have done themselves."

Tkiyet Um Ali is named after Her Majesty Queen Alia ('um Ali') and is inspired by an Islamic concept of providing food for the poor while demonstrating social responsibility towards those less privileged. HM Queen Alia was fondly named in Jordan as the 'mother of the poor'.

Islamic Development Bank finalises funding for new development projects in Middle East

The Board of Executive Directors of the Jeddah-based Islamic Development Bank (IsDB), in its 316th meeting, has approved funding of US$863 million for new financing development projects in a number of member countries, including the UAE, Bahrain, and Jordan. 

Financing approvals for the Middle East included: 

- US$170 million for the “non-sovereign project financing participation in the Dewa 800 MW Photo-voltaic Solar Power Plant – Phase III” in Dubai, UAE

- US$105 million for the “aluminum Bahrain BSC (Alba) 1,350 MW Power Plant (PS5) under Line 6 expansion project” in Bahrain 

- US$5 million for the “solar power plant – King Hussein Cancer Center expansion project” in Jordan 

The meeting also approved to a number of programmes, including a proposed three-year action plan (from 2017 to 2019) totalling US$16 billion. It further approved a US$5.2 billion budget for the new fiscal year 2017 and reviewed the major components of the IsDB President’s programme for the next five years. 

IIRA gives Jordan Islamic Bank AA (SQ) rating

The Islamic International Rating Agency (IIRA) has placed shari'ah quality ratings for Jordan Islamic Bank at AA (SQ*). 

The evaluation reflects the systems and practices put in place at the institution to ensure a high degree of adherence to shari'ah principles. The bank operates a comprehensive training programme with specific reference to shari'ah related training and its organisational culture reflects the institution's commitment to shari'ah, for instance. 

The rating committee has also taken note of the enabling environment fostered by the enhanced regulatory framework, including extended guidance for shari'ah governance. The bank's shari'ah infrastructure is guided by the Shari'a Supervisory Board (SSB), which comprises four members. In addition to the high qualifications held by SSB members, the bank's internal staff designated for shari'ah matters is also well-qualified in the area of jurisprudence. 

The IIRA believes that the bank is compliant with new regulatory requirements vis-à-vis shari'ah-related practices and oversight. Over the years, the bank has maintained contribution to charitable purposes and demonstrated initiative towards social responsibility, the IIRA notes.

*SQ stands for Shari'ah Quality. 

IIRA reaffirms ratings for The Islamic Insurance Company, Jordan

The Islamic International Rating Agency (IIRA) has reaffirmed the takaful financial strength (TFS) rating of The Islamic Insurance Company (TIIC) in Jordan at 'A' (Single A), with a stable outlook. The corporate and shari'ah governance framework at the institution remains sound, the IIRA said.

TIIC is the first and one of two takaful operators in Jordan, and is the 7th largest player commanding a share of 4.2% of gross premiums written in the insurance industry. IIRA observes that TIIC's growth trends, although affected by economic pressures, have remained favourable compared to the industry in recent years. The company has been successful through increasing the proportion of low-risk and highly profitable life takaful segment in their revenue mix.

IIRA also notes that TIIC draws an advantage from its association with Jordan Islamic Bank (JIB), which has a strong retail franchise in the country and is TIIC's major shareholder. The company sources a significant amount of profitable business from JIB.

According to the IIRA, diversification in earnings could help the company to buffer the volatility inherent in key lines of takaful businesses and boost overall returns.

Alia successfully closes dual conventional and Islamic secured synicated facility

Alia, rhe Royal Jordanian Airlines (RJ), the national flag carrier of the Hashemite Kingdom of Jordan, has announced the successful closure of its US$275 million dual conventional and Islamic secured syndicated facility. The facility exceeded the initial target amount, exemplifying the synergies developing between the Middle East and Levant region.

The syndicate comprised of seven banks based in UAE, Jordan and Qatar: Mashreq Bank, Arab Bank, Al Khalij Commercial Bank, Dubai Islamic Bank, and The Commercial Bank/Qatar acting as mandated lead arrangers, Arab Jordan Investment Bank as lead arranger and Bank al-Etihad as arranger. Mashreq Bank acted as the sole book-runner for the transaction.

Through its distribution network of regional partners, Mashreq endeavoured to meet Royal Jordanian Airlines' financing requirements and diversify its funding sources to GCC-based conventional and Islamic banks. The transaction successfully encompassed a hybrid structure with a dual conventional and an Islamic (wakalah) tranche.

Chairman of Royal Jordanian Board of Directors Suleiman Hafez said: “Royal Jordanian Airlines has successfully secured a hybrid structured debt instrument as part of the airline’s on-going strategic capital raising programne, to support its intensive turnaround and growth plans to evolve into one of the leading airlines in the Levant and Middle Eastern region. This syndication reiterates the airline’s access to avail international liquidity, with the same success it has accomplished with Jordan based financial institutions.” 

Captain Suleiman Obeidat, President/ CEO of Royal Jordanian, said: “We would like to show our gratitude to Mashreq Bank and other participating banks for the successful closure of this deal, which will support the airline’s well-studied plans to carry out network expansion and fleet modernisation, particularly that RJ will introduce more 787s to its fleet by the end of this year. Today five 787s (have been) operating in the fleet since 2014.”

Salman Gulzar, Head of Corporate Banking at Mashreq Bank Qatar stated: “The successful closure of this transaction by Mashreq Bank in these uncertain times demonstrates the trust and confidence we and our partner banks have in supporting reputable and strong Levant-based corporates in the regional and international debt market. Jordan has always been a strategic market for Mashreq Bank and we remain committed to working alongside our core relationship clients like Royal Jordanian to execute innovative financial solutions aimed at supporting their business plans and creating efficiency in their operations."

The facility carries a tenor of five years and the proceeds of the facility will be primarily utilised to consolidate and refinance RJ’s existing debt and further support the company’s strategic growth and turnaround plans in the short- and medium-run.

IIRA maintains AA Shari'a Quality Rating on Jordan Islamic Bank

The Islamic International Rating Agency (IIRA) has reaffirmed its Shari'a Quality Rating of AA assigned to Jordan Islamic Bank (JIB). This rating indicates JIB's conformance to very high standards of shari'ah compliance in all aspects of shari'ah quality analysis.

Since its inception in 1978, JIB has garnered strong franchise as a shari'ah compliant financial institution in Jordan. It is the country's largest Islamic bank and is in majority owned by Albaraka Banking Group, a prominent Islamic banking franchise. The group has been the pioneer of Islamic finance in many countries including Jordan, IIRA notes.

The rating is also supported by Jordan's effective regulatory shari'ah governance standards, which with recent revisions are closely aligned with best practices. The bank has been proactive in adopting the revisions in central bank guidelines, and their full implementation is targeted to be achieved within the ongoing year. The revised regulatory standards, among other things, envisage greater authority, independence and involvement of the Shari'a Supervisory Board, being the eminent authority for ensuring shari'ah compliance.

Establishment of an independent shari'ah function, separate from the internal audit department in the wake of regulatory revisions, has also further strengthened the bank's shari'ah governance structure. Other recommended areas of improvement include diversifying across Islamic modes of finance, as murabahah presently remains the dominant transaction mode. Transparency of financial reporting vis-a-vis investment accounts and corporate governance disclosures are mainly in line with the Islamic Financial Services Board's recommended best practices.

Jordan to send 56,000 Hajj pilgrims in 2016

Source: Ministry of Haj, KSA. HH Dr Bandar
bin Mohammed Hajjar, the Minister of Haj
(left), met HH the Jordan Minister of
Endowments and Islamic Affairs, Dr Hayel
Abdul Hafeez Dawood.

The Hashemite Kingdom of Jordan is the first guest of the Ministry of Haj in KSA, which is currently receiving the heads of Hajj office delegations from more than 80 countries in preparation for Hajj 2016 (1437).

The ministry aims to study and organise the affairs of each country's pilgrims, along with the procedures and the instructions adopted in this matter. HH Dr Bandar bin Mohammed Hajjar, the Minister of Haj, met HH the Jordan minister of Endowments and Islamic Affairs, Dr Hayel Abdul Hafeez Dawood, discussing the organisation of Jordan pilgrims, their housing and transportation, and the services provided to them by Arbab Al-Tawaif Establishments, The Unified Agents Office, and General Cars Syndicate.

HH Dr Bandar emphasised that the early preparations for this year's Hajj aim to consolidate the positive, and reduce the negative. He stressed the necessity of promoting pilgrims' awareness before arriving in the holy lands, and of need to completely abide by the ministry's instructions concerning the electronic portal for foreign pilgrims, payment from their countries, as well as transportation programmes and schedules, all for safety. Currently, the KSA receives Hajj pilgrims from 180 countries every year from different backgrounds and who speak about 200 languages.

HH Dr Hayel praised the cooperation with the Ministry of Haj, and the ministry's activation of all the technical systems to facilitate the rituals for pilgrims. On top of these systems comes the Hajj electronic portal which has helped pilgrims complete procedures more quickly.

There will be 56,000 pilgrims from Jordan this year.

New Royal Jordanian route ideal for Hajj and umrah pilgrims from Indonesia

Royal Jordanian (RJ) has inaugurated a new direct route from Amman to Jakarta. Jakarta is the fourth new RJ destination in 2015, after Ankara in Turkey on December 8, and to Tabuk in KSA and Najaf in Iraq earlier this year.

RJ had operated flights to Jakarta between 1992 and 2002; they were suspended for commercial reasons. RJ President/CEO Captain Suleiman Obeidat said that reopening the Amman-Jakarta route comes at a time when Indonesia witnesses growing air traffic, which reflects Indonesia's position as the 17th largest economy worldwide. Indonesia is the fourth most populous country in the world, with an estimated 255 million population, 10 million of which live in Jakarta.

Captain Obeidat said that this route is ideal for tourists travelling from Jordan and the Levant to Indonesia and to transport Indonesian students studying in Jordan. The route will also serve the Indonesian labour force, cargo and business traffic.

Captain Obeidat added that the feasibility studies conducted by Royal Jordanian showed that this route is important for Hajj and Umrah pilgrims and for transit passengers who come to Amman in order to connect to the cities served by RJ network and that of oneworld carriers. Muslims constitute 87% of Indonesia’s population.

RJ will fly to Jakarta, via Kuala Lumpur, on Mondays, Wednesdays and Fridays. The wide body Airbus 330 aircraft, which will fly on this route, takes off from Queen Alia International Airport, Amman, at 0130 and reaches Jakarta at 1825; it departs Jakarta at 1955 and lands in Amman at 0415 the following day.

Jordan to observe Shawwal crescent on July 16

Chief Justice Ahmad Hilayel has called for the observation of the Shawwal crescent marking the start of Eid al-Fitr on the evening of Thursday July 16, the Jordan News Agency has reported.

The new moon (hilal, هلال) will mark the start of the month after Ramadhan, Shawwal. First Shawwal is celebrated as Eid al-Fitr. A number of locations have been chosen for observation of the Shawwal crescent across the Kingdom.

The Chief Justice instructed shari'ah courts to be opened Thursday evening to hear citizens' testimonies according to shari'ah conditions.

The Supreme Judge Department will hold a religious celebration, in the presence of the Grand Mufti, Awqaf minister, senior religious officials and astronomy specialists, where Hilayel will announce the proven or unproven sighting of Shawwal crescent and determine whether Eid al-Fitr on Friday the 17th or on Saturday the 18th.

RJ starts new flights between Najaf in Iraq and Amman, Jordan

Royal Jordanian (RJ) will operate its first flight to Najaf on July 13, launching a new regular service between Jordan and Iraq.

With this addition to the RJ network, there are now six Iraqi destinations on the RJ network, including Mosul, which has been suspended since June 2014. The number of flights between Jordan and Iraq is now 31 weekly, including 12 weekly flights to Baghdad, nine to Erbil and four weekly flights to each of Basra and Sulaymaniyah, in addition to the two halted flights to Mosul.

RJ will operate two weekly flights to Najaf, on Mondays and Thursdays. On Mondays the flight takes off from its base at Queen Alia International Airport, Amman, at 11 am and reaches Najaf at 12:35 noon. The return flight departs from there at 1:20pm and lands in Amman at 3:05pm.

On Thursdays RJ operates its flights from Amman at 2:10 am and reaches Najaf at 3:45 am, then takes off from Najaf at 5:25 am and arrives in Amman at 7:15 am.

Adding Najaf to the RJ routes comes in sync with the airline strategy to enter new markets in the Arab region. RJ will also operate a new service to Tabuk in Saudi Arabia in addition to existing destinations Riyadh, Jeddah, Dammam and Medina.

The service between Najaf and Amman will serve Iraqi passengers transiting though Queen Alia International Airport on their way to destinations beyond Amman, particularly if they are pilgrims on Hajj and umrah.