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Thu 14 Dec 2017 26 Rabia al-Awwal 1439H

JIB is a Lead Partner of IFN Dialogue

Date: 
2017-11-29

Jordan Islamic Bank (JIB) has provided its sponsorship as a lead Partner to  the IFN Jordan Dialogue organized by REDmoney Group ,a financial based media company with a specific focus on the global Islamic finance industry. However,  H.E Mr. Mohammad Hourani, Chairman of Jordan Securities Commission inaugurated the dialogue with the presence of H.E Dr. Jawad Al-Anani, Chairman of Amman Stock Exchange with participation of local organizations and a number of specialists, investors and decision- makers.

On this occasion, Mr. Musa Shihadeh, General Manager of JIB expressed his appreciation to REDmoney Group for selecting Jordan to host the dialogue and discuss Islamic finance which asserts the distinguished position of Jordan in supporting Islamic finance industry and its development, confirming the bank’s interest in assuming its social responsibilities  in addition to its economic role through providing the support and sponsorship for meetings, conferences and forums contributing to support Islamic finance and the development of Islamic banking performance.

In an interposition  during the dialogue, Shihadeh exposed Jordan’s experience in Islamic banking sector, which is considered one of the forefront countries in this field, indicating that JIB’s experience in Islamic banking business for about 38 years has placed Jordan on the map of Islamic banking business. Also, he clarified the importance of Islamic Sukuk which gained an official local attention through preparing legislative and legal environment, commending the bank’s experience in applying Islamic sukuk since 1997 and having a specialized department in the bank for Sukuk and investment portfolios which manages nearly JD 400 million. Moreover, Shihadeh stated that the needs of the local marker control the new Islamic financing products and tools that Islamic banks provide, confirming JIB’s interest in understanding the local market and its clients needs and expand in  providing new Islamic banking services and products.

Participants in the IFN Dialogue which was held on 21/11/2017 in Landmark Hotel discussed Islamic banking market in Jordan, mechanisms of supporting Islamic finance industry, the need to employ talented staff to work in Islamic banking to include professionalism and flexibility , expand in highlighting the benefits of Islamic finance and clarifying their difference from conventional banks’ financings , the need for authorities bodies to adopt the responsibility of diffusing awareness of Islamic finance products and services.

However, the dialogue concentrated on Islamic sukuk  and its legislative and regulatory framework, sukuks law and its role in reinforcing their issuance for they considered a large source for investment and financing in addition to discuss legal and regulatory issues such as corporate governance instructions for Islamic banks and other regulations that Islamic banks need to support their activities, how to drive growth in Islamic banking in the retail and SME financing sector.