Darkom, Jordan’s first housing loan insurance company, hosted a gala dinner on Saturday July 14th 2007 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 investment influencers, were received by Darkom’s Chairman of the Board, Dr. Fayez Tarawneh, its General Manager, Mr. Waseem Wael Zurub, and members of the board.
With a start up capital worth JD 10 million, Darkom was founded to help Jordan’s youth, who represent a majority of the Kingdom’s population, face and reduce some of the challenges that limit their options when considering housing choices and allowing them to pursue different funding solutions from local banks.
Darkom’s business model was designed to facilitate long term housing loans for eager home buyers through competitive interest rates, longer payment terms reduced down payments and reduced monthly installments,. By making the purchase of homes more easily attainable to different market segments regardless of their socio-economic backgrounds, Darkom will contribute directly to the further development of Jordan’s home building sector and the entire economy. – Continued-
During his welcoming speech at the gala dinner, Dr. Tarawneh explained, “We plan to play a key role in order to effectively contribute to the advancement and complement both the Jordanian and regional markets.” He added “We are firm believers in His Majesty King Abdullah II’s vision for the sustainable development of Jordan which is also tied in with our genuine concern for Jordanians’ living conditions and overall well-being. We, at Darkom, shall strive to protect the rights of borrowers and lenders simultaneously by providing lucrative housing loans insurance solutions 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 age when Jordanians are able to afford their own housing unit is 44, and incidentally this figure is higher 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 result of the many obstacles placed on buyers by local banks. Our solutions provide securities for all parties 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 can only dream of it at present,” he explained.
Darkom’s General Manager, Mr. Zurub addressed in his speech that Darkom works to provide a win/win situation for banks and borrowers alike. “This is a very exciting time for Jordan and both the financial and real-estate markets. By working as a facilitator between the borrower and the 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.
Mr. Pierre David, Executive Director, Canada Mortgage and Housing Corporation who is providing the technical expertise to Darkom further explained that “ 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 an understanding of the vital importance of housing to the economic and social development of Jordan. The Canadian government recognizes the essential role your country is playing, not only to improve the quality of life for your people, but to build stability and prosperity throughout this Region that needs it. In closing his remarks, Mr. David said “Whatever the future holds, I know I speak on behalf of the entire Corporation when I say that we are looking forward to continuing to work with you. Together, we are opening doors to a new era of housing finance in Jordan. . And, in doing so, we are helping Jordanians enjoy access to homeownership for years – and generations – to come.
