SSIF Signs MOUs with Shareholding Management Company and Islamic ‎Awqaf Directorate

Social Security Investment Fund CEO Kholoud Saqqaf  signed two  Memorandums of Understanding (MOU) with the Shareholding Management Company / the Government of Jordan and Islamic Awqaf Directorate .
Speaking of the MOU with  the Shareholding Management Company , Saqqaf said that this  MOU aims to transfer the Fund’s expertise in governance to the  Company and help them develop proper criteria for the selection, monitoring and evaluation of the company’s representatives on the boards of companies  in which the company represents the government .
Saqqaf said that after 16 years of institutional work, the Fund spares no effort to entrench  and enhance corporate governance at different levels and adapt the best international  practices. According to Saqqaf,  the Fund has developed a well-structured  governance manual for its representatives on different companies’ board of directors as they are  required to monitor the performance of companies, and maintain investment revenue and stakeholders’ rights according to clear criteria, which account for investment risks. The Fund as well developed a comprehensive program to enhance its representatives’ abilities and performance.

Shareholding Management Company Chairman Yehea Nuimat said that the company is looking forward to benefit from the Fund’s long experience in good governance to be able to create a comprehensive mechanism that mandates the scope of the company’s representatives  role and would guarantee  their efficient participation in the decision-making process.

Commenting on the MOU with the Islamic Awqaf Directorate, Saqqaf said that the MOU aims to examine the possibility to co- invest in new projects and sectors that align with the Fund’s strategic directions . This MOU also complements the Fund’s efforts as an anchor investor to build strategic partnerships with public and private entities to explore potential  investment opportunities  in the national economy based on adequate due diligence and economic feasibility and returns. Saqqaf added that the Fund has recently signed an MOU with  Meridiam/Jordan to identify potential opportunities in infrastructure, healthcare and education in partnership with the private sector. Another MOU was signed with the Investment Commission to attract international businesses and investors.
Islamic Awqaf Directorate CEO Mahmoud Al Hadid said “ We are keen to partner with the largest investment fund  in the kingdom that contributes to more than 30% of the GDP and has a vast experience in various vital sectors”. The Directorate will explore the possibility to establish new investments with the  Fund on BOT basis.  In addition, the Fund will provide specialized training for the Islamic Awqaf Directorate on investment methodologies and corporate  governance.