Social Security Fund assets at JD11bln in the wake of COVID-19: Chief

The assets of the Social Security Investment Fund (SSIF) stood at JD11 billion by the end of June, 2020, said Kholoud Saqqaf, the fund’s Chief Executive Officer.


In a statement on Monday, Saqqaf pointed out that the fund achieved “good returns” by the end of the first half of this year in light of the coronavirus-induced economic challenges.


She said the income of various investment instruments reached JOD251.2 million in the first half of 2020, compared with JD321.6 million during the same period of last year.


Saqqaf noted that postponing the distribution of profits for some companies in 2019, combined with the reduction in some companies’ profit impacted the Fund’s overall income this year.


Most of this year’s income, she added, stemmed from investment returns in money market instruments, bonds and loans, estimated at a value of JOD225.4 million, up by JOD28.8 million from the same period last year.


She pointed out that the SSIF’s investment management strategy alleviated the financial effects on the Fund’s portfolios, provided the necessary liquidity to the Social Security Corporation, expanded the umbrella of social protection and financed programs launched by the corporation under the government’s defense orders.


The CEO stated that the expansion in the Fund’s real estate investments since the beginning of 2020 is estimated at the value of JOD48 million, raising the value of the real estate portfolio to JOD707.6 million, turning a profit of JOD126 million.


Saqqaf indicated that the SSIF also finances “personal advances for developing existing small development projects” for its retirees amounting to 40,000 advances, including ones that are being granted in accordance with the “Murabaha” system that was introduced last February.


Source: Jordan News Agency

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