Darkom, Jordan's first housing loan insurance company, hosted a gala dinner at the Four Seasons Hotel in Amman to officially announce the commencement of its operations in Jordan.

The guests, whom were some of Jordan and the region's key business and investmentinfluencers, were received by Darkom chairman of the board, Dr Fayez Tarawneh, its general manager, Waseem Wael Zurub, and members of the board.

With a start up capital worth JD10 million, Darkom was founded to help Jordan's youth, whorepresent a majority of the Kingdom's population, face and reduce some of the challenges thatlimit their options when considering housing choices and allowing them to pursue differentfunding solutions from local banks.

Darkom's business model was designed to facilitate long term housing loans for eager homebuyers through competitive interest rates, longer payment terms reduced down payments andreduced monthly installments.

By making the purchase of homes more easily attainable todifferent market segments regardless of their socio-economic backgrounds, Darkom willcontribute directly to the further development of Jordan's home building sector and the entire
economy.

During his welcoming speech, Dr Tarawneh said:

"We plan to play akey role in order to effectively contribute to the advancement and complement both the Jordanianand regional markets."

He added: 'We are firm believers in King Abdullah's vision for the sustainable development of Jordan which is also tied in with our genuine concern forJordanians' living conditions and overall well-being.

"We, at Darkom, shall strive to protect therights of borrowers and lenders simultaneously by providing lucrative housing loans insurancesolutions that in turn ease the financial burden placed on prospective real-estate buyers with lower incomes."

Dr. Tarawneh highlighted that, Darkom is hoping to reduce the average age of real-estate buyers which will only increase demand and expand the buyers segment.

'At present the average agewhen Jordanians are able to afford their own housing unit is 44, and incidentally this figure ishigher than that recorded for most if not all neighboring countries.

"The low purchasing power experienced by younger Jordanians is not only due to inflation but rather it is also a direct resultof the many obstacles placed on buyers by local banks.

"Our solutions provide securities for allparties involved in the lending and borrowing process and we are confident that the services we offer will make the ownership of real-estate a tangible reality for many who otherwise canonly dream of it at present," he explained.

Darkom's general manager, Zurub addressed in his speech that Darkom works to providea win/win situation for banks and borrowers alike.

"This is a very exciting time for Jordan andboth the financial and real-estate markets. By working as a facilitator between the borrower andthe lender we make the ownership of real-estate an easier task for all members of the community.

"We also make the lending of money a less risky procedure for financial institutions,since not only will we help the real-estate market further prosper but we will also enable the Jordanian national economy at large to grow by increasing people's capacity to own property," he said.

Pierre David, executive director, Canada Mortgage and Housing Corporation who is providing the technical expertise to Darkom, said: "Together, we have worked to lay a foundation that - one day soon - will help countless Jordanian families realize their dreams of owning a home of their own."

In addition, he stated: "Our two nations share anunderstanding of the vital importance of housing to the economic and social development of Jordan.

"The Canadian government recognises the essential role your country is playing, notonly to improve the quality of life for your pe