Darkom wins central bank recognition
Amman , November 4, 2007
Darkom, Jordan’s first housing loan insurance company, has been recognised by the Central Bank of Jordan (CBJ) as the first and only qualified housing loan insurer in Jordan.
This recognition will serve to strategically facilitate the implementation of the Basel II guidelines by the Central Bank on January 1st, 2008. This will be achieved by reducing the risk weighting ratios to be utilized by banks when providing housing loans to its clients.
With this recognition, Darkom is fulfilling its mission to make the ownership of real-estate properties in Jordan a tangible reality for all segments of the community.
Working hand-in-hand with Jordanian financial institutions, Darkom creates innovative financial products designed to provide all Jordanians with access to affordable housing solutions.
It offers lenders, banks or any other financial institutions protection against losses they may incur as a result of a payment default on a housing loan. It fulfills this goal through revising the terms and conditions under which loans have been granted to prospective borrowers and also covers part of the losses incurred by a lender in the event that loan payments have not been fulfilled.
Since its launch in July 2007, Darkom’s strategy has been to make the ownership of real-estate properties attainable for all segments of the community regardless of their socio-economic background.
It achieves this goal by allowing borrowers to purchase real-estate properties through funding solutions that cover up to 90 per cent of the property’s real value, competitive interest rates; longer payment terms that extend up to 25 years, reduced down payments and reduced monthly installments.
It is important to note that Darkom was founded with a paid-up capital worth JD10 million. Its board of directors is chaired by Dr Fayez Tarawneh and its operations are managed by its general manager Waseem Wael Zurub.
All its operations are run in accordance with the laws and regulations stipulated by the Jordan Insurance Commission.-TradeArabia News Service
