Jordan Islamic Bank
About The Bank - Establishment:
Jordan Islamic Bank for Finance and Investment was established in 1978, as a public shareholding limited company to carry out all kinds of banking, financing and investment business operations in compliance with the glorious Islamic Sharia’ and in accordance with the provisions of Jordan Islamic Bank’s Special Law, which was superceded by one chapter on Islamic banks in the Banks’ Law which was in effect as of 2 nd August, 2000.
The Bank’s first branch commenced its business on 22/9/1979, with a paid up capital of about JD (2) million from its authorized capital that reached JD (4) million. The Bank’s capital became JD (100) million, equivalent to about USD (141) million, after getting the approval of the Financial Securities Committee on 26 th August, 2009.
The Bank offers its banking, financing and investment services through its (59) branches and (12) cash offices in the different locations in the country, as well as through the Bonded office. The Bank also presents services through (80) ATMs all over the country.The Bank’s staff reached about (1755) employees who have sufficient knowledge and experience to provide Islamic banking services. The number of the clients’ accounts performing in the Bank reached about JD (736) thousand. The Bank was able to grow rapidly and enhance its position among Jordanian banks. In addition, the Bank presents banking and investment services to the clients in conformity with the Islamic Rules of Sharia’ which has a special method of Islamic economy and adopts a vision of money function different from that of other conventional banks.
The Main Elements of the Bank's Strategy:
• Maintaining the strength of the Bank's financial position.
• Raising the Bank's share in the banking market.
• Promoting the good values adopted by the Bank's mission.
The Quality Policy
Jordan Islamic Bank seeks to present services and products of high quality and improving them and generating new services in compliance with the Islamic principles of Sharia', in order to meet the clients' desires through reviewing the quality purposes according to the requirements of ISO 9001-2000.
- Commitment to providing banking services based on compliance with the
rules and principles of the glorious Islamic Sharia in all our
activities to serve our community as a whole.
The Bank’s Achievements
World Finance magazine granted Mr. Musa abdelaziz shihadeh ,vice chairman- general manager of JIB the award of the banker of the year 2009-Jordan in appreciation of his active and distinguished contributions in Jordan banking sector for a duration of three decades. He was able as well to achieve tangible supplementations to the performance and products and confront the challenges that came across the bank's activities in addition to the sustainability, continuation of growth along with efficiency, his commitment to bank's message and his ambitious vision. As a result, the bank was able to achieve high stages of success and progress, according to the report the magazine issued.
Islamic International Rating Agency (IIRA) that is situated in Bahrain granted JIB AA(SQR) Sharia Quality Rating for the year 2009 which shows the bank’s excellent commitment to the provisions of Islamic Sharia in its transactions. This rating is the highest Sharia rating that any Islamic bank gets, as the Agency declared.
Islamic international Rating Agency (IIRA ) granted JIB its Credit Rating on an international scale for BBB-/A3 with stable outlook for foreign currency at long term and short term liabilities. It gave the bank as well BBB/A-3 rating with stable outlook for local currency at long term and short term liabilities, In addition to Local credit rating “A(jd)”( Jordanian Dinar) and the rating “A-1(jd)” (Jordanian Dinar) for long and short terms liabilities. However, the outlook for all these ratings is stable.
(DNV) universal company renewed granting JIB the international Quality Certificate O9001:2008 for the year 2009 in management systems and which shows the bank’s good performance in different productive and managed issues, In addition to the ISO9001-2000 which the bank was granted in 2006.
Global Finance that is located in New York and specialized in the field of banks and financial institutions, has selected Jordan Islamic Bank as the best Islamic financial institution in Jordan for the years of 2008 & 2009 because of its contribution to the growth of Islamic Finance, satisfying its customers’ needs and presenting products in conformity with the rules of the glorious Islamic Sharia which enhanced its position among the leading banks. Global Finance in selecting Jordan Islamic Bank considered factors that range from the quantitative objective to the informed subjective and due to the offered services which support its selection. Amid nominally objective criteria were growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products. Subjective criteria included opinions of equity analysts, banking consultants and others involved in the industry. The mix of these factors had leaded to select Jordan Islamic Bank as the best Islamic financial institution in Jordan and the bank with which corporations around the world would most likely want to do business.
Fitch Ratings , for the second time respectively, has affirmed Jordan Islamic Bank for Finance and Investment at Long-term Issuer default (IDR) ‘BB-‘ with Stable Outlook, Short-term IDR ‘B’, Individual ‘C/D’ and support ‘3’. The Support Rating Floor was affirmed at ‘BB-‘. Fitch Ratings shows the continuous growth in JIB’s investments, deposits and profits. Fitch has considered JIB as one of the leading Islamic banks in Jordan because of its strong franchise, good profitability, strong liquidity and substantial retail funding franchise, whether depositors or investors. Fitch Ratings report showed that the JIB’s profitability continued to strengthen during 2008 to reach 53% which is one of the highest growth rates among domestic peers.
Financings granted by the bank during 2008 grew by about 26%, and asset quality ratios improved during the same period. The bank has a strong domestic funding franchise, especially among retail depositors, which account for more than 90% of the total. The bank has a liquid balance sheet with about third of its assets in cash and bank placements at end-2008.
JIB is considered the oldest and largest Islamic bank in Jordan that built up a substantial franchise especially in the retail sector. It is considered the fifth largest bank in Jordan in term of total assets. Its market share of financings reached about 7% and 9% of the total of banking deposits.
The Bank's rating has increased from (BB+STABLE) to (BBB-STABLE) according to the rating of Capital Intelligence.
We Provide Banking, Financing and Investment Services to Cater for Productive Projects.
The Bank carries out, for its own account as well as for
the accounts of others, all kinds of banking
Hashemite Kingdom of Jordan
World Finance MagazineJordan Islamic Bank is the 2009 Best Islamic Retail Bank in the World
World Finance Magazine ( London) that is specialized in banking and financial institutions has awarded JIB the 2009 Best Islamic Retail Bank worldwide.
World Finance has chosen JIB according to a certain criteria that are essential in its policy and continuously reinforced. These criteria consist of customer solutions and relationship optimization, innovation and flexibility, keeping ahead of the competition, market leadership and geographic spread, proof of development, and positive media coverage.
The process of choosing and awarding the Best Islamic Bank worldwide is
carried out by experts from leading technology think tanks, public and private sector organizations, and academics from the most esteemed educational and research centers around the world where JIB is the bank that has been awarded in this area.
H.E. Mr. Musa Abdelaziz Shihadeh Vice Chairman – General Manager accordingly said that this award is another credit award of the bank's continuous achievements that are a result of the great efforts that seek to reach the best Islamic banking services ever along with keeping a high level of development and profitability in all sections and efficiency in all services that meet the expectations of the bank's customers whether they were individuals or companies and the huge responsibility of developing them in the future, and keeping the local and international pioneering position that the bank holds through providing the customers with services that comply with the Islamic Sharia.
This award is one of many other awards that JIB has won through this year for it was chosen by Global Finance Magazine ( New York) that is specialized in banking and financial institutions to be the (2008-2009) Best Islamic Financial Institution for its contributions in Islamic financing and meeting the needs of the customers. Also, Fitch Ratings has affirmed JIB for the second time respectively at Long-term BB- and Short-term B, 3 for support and individual C/D as a sign of the results that the bank has accomplished in the constant growth of its investments, deposits, and profits, and through keeping a stable market share in the banking market.
Date: Saturday 08th March 2014. Time (Moscow): 22:34
Jordan Islamic Bank for Finance and Investment
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