Jordan Islamic Bank 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with the glorious Islamic Sharia’ and in accordance with the provisions of Jordan Islamic Bank’s Special Law, which was superseded by one chapter on Islamic banks in the Banks’ Law which was in effect as of 2nd August, 2000.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 paid up capital has become JD 125 million or what is equivalent to about USD 176.5 million and that after finalizing all procedures required include shares of capital’s increase in the amount of JD 25 million/share and distributing them as bonus shares to shareholders each according to his portion in the Bank’s capital till the end of 19th June, 2012 through capitalizing JD 3,011,985 from special reserves, JD10 million from voluntary reserves and JD 11,988,015 from retained earnings. Thus, the Bank’s capital has become JD 125 million.
In the 1st of July ,2010,the bank changed its logo and launched its new corporate identity in order to be unified with the subsidiaries of AlBaraka banking group.
The Bank offers its banking, financing and investment services through its (64) branches and (15) cash offices in the different locations in the country, as well as through the Bonded office.
The Bank also presents services through (128) ATMs all over the country.
The Bank’s staff reached about (2000) employees who have sufficient knowledge and experience to provide Islamic banking services.
The number of the clients’ accounts performing in the Bank reached about (887.3) thousand accounts. The Bank was able to grow rapidly and enhance its position among Jordanian banks, As it 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 conventional banks.