Baraka Prosperity targets US$250 million Jordan medical hub, 2028 Sukuk

US healthcare group Baraka Prosperity Partners is Shariah fundraising US$250 million, a large part of it to construct a medical hub in Jordan – where inpatient services have been severely strained by an influx of refugees fleeing the Middle East’s wars.

The Cayman Islands structured issue will be 10 times larger than Baraka’s first US$25 million fundraiser. The original issue went towards funding the group’s flagship US$46 million Maple Commons medical-residential complex and EyeStudioNY optometry center, both in upstate New York.

The current effort is critical for Jordan, which has absorbed more than 1.3 million Syrian refugees and hundreds of thousands of Palestinians fleeing escalations in Gaza, leaving its medical infrastructure near breaking point.

Baraka Prosperity Founder and CEO Dr Amjad Hammad – a retina surgeon from Amman who emigrated to the US three decades ago – shared with IFN Investor that the group had courted the International Finance Corporation and the World Bank for funding and obtained support for the project from Jordan’s King Abdullah.

Dr Amjad emphasized that "there are tons of doctors in Jordan” but the problem is lack of infrastructure – which Baraka aspires to fix with the new fundraising, expected to close in Q2 2026.

Gateway to Sukuk

Away from Jordan, Baraka’s US expansion includes new developments in Tampa and Glens Falls, adding to its properties. The group’s portfolio is strategically split: 40% in medical service organizations, 30% in healthcare real estate, 20% in international ventures and a 10% opportunistic reserve.

Steered by ethical advisers, Baraka’s “evergreen” model targets an 8-10% cash-on-cash yield. Dr Amjad prioritizes long-term outcomes over the aggressive five-year exit cycles and a focus on earnings before interest, taxes, depreciation and amortization (EBITDA), typical of traditional PE.

"When you're investing in the welfare of a child, you're not going to see results for 40 years. If we focus on clinical excellence and value care, EBITDA will grow aggressively by itself.”

These real-world assets lay the ground for Sukuk Musharakah by 2028. “Once assets are stabilized, we can target a 15 to 20-year tenured Sukuk that generates a 7-9% return.”