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Fri 15 Dec 2017 27 Rabia al-Awwal 1439H

Bank Achievements

 

Global Prizes:

  • Union of Arab Banks & Princess Tagreed Foundation for Development & Training granted JIB Excellence award in Islamic banking services in the Arab region and Excellence award in Islamic banking leadership to Mr. Musa Shihadeh, CEO – GM of the bank for 2017 in recognition of the achievements and outstanding contribution of the bank  and wise management in serving Islamic banking and enhancing social responsibility.
  • Jordan Islamic Bank has reaped the award of the Financial Institution Committed to Social Responsibility among Islamic banks for 2017 ( Commitment ) from the Regional Network  for Social Responsibility, a member of the United Nations Global Compact after a practical review of the bank’s distinguished contributions and achievements in the field of social responsibility within Islamic banks sector in Arab region,as part of the honoring ceremony of the Islamic banks with the greatest impact on the initiatives of social responsibility in the Arab region which was held in Bahrain on 30-31/7/2017.
  • Jordan Islamic Bank continued to win the award of best Islamic bank in Jordan for 2017 for the fifth consecutive year by The Banker Magazine which is issued by the Financial Times Group and specialized in the field of banks and investments on international level and grants the award for distinguished Islamic banks on the country’s level .Based on the report issued by the magazine , JIB deserved the award for meeting all requirements and financial indicators and standards which determine the participation in this award and based on the arbitration of a specialized jury , where the bank recorded one of the highest return on equity ratios in the country at 16.52% , strong net profit and assets growth, a notable decline in its cost to income ratio , decrease in non-performing loans, expansion of its branch network and digital channels, great growth of I banking and SMS services in terms of users, great efforts to support the green economy as well as projects focused on social development in the country. This includes the launch of its Shifa’a product to help finance the cost of medical treatment and a product to support the purchase of hybrid cars in addition to finance SMEs.
  • Jordan Islamic Bank won the Environmental and Social Responsibility Award 2017 from General Council for Islamic Banks and Financial Institutions (CIBAFI) which grants the award for the first time  to recognize and honor the best Islamic financial member institutions that provide an outstanding example to the industry, based on specific criteria that reflect the values of Islamic finance and implements best practices in Environmental and Social Responsibility through supporting social and environmental benefits that are incorporated in its business activities, financial products, services, and charitable activities. The reports provided by Jordan Islamic Bank showed substantial investment in that arena. Examples of the practices done by JIB include a well-defined CSR Policy and Social Responsibility Plan, which is guided and administered by a Social Responsibility Committee. JIB equipped its branches with alternative sources of energy and operated renewed energy system units for some mosques and schools. JIB also supports Micro and SME sectors. It has been funding infrastructure development at existing and new educational institutions and community development programs.
  • The strongest Islamic bank in Islamic banking services in Jordan for 2017 from the Banking Executive Magazine issued by the World Union of Arab Bankers in appreciation of the distinguished achievements the bank accomplished in Islamic banking services within Islamic banks sector. The bank received this award previously in 2015.
  • Global Finance Magazine (New York) that is specialized in the field of banks and financial institutions has named Jordan Islamic Bank best Islamic financial institution in Jordan for 2017 for the ninth consecutive year within the announcement of the annual awards the magazine grants for the world’s best Islamic financial  institutions. The continuation to grant JIB awards from Global Finance is out of the bank’s distinguished achievements including continued growth in the future , clear contribution to the growth of Islamic financing and the success in meeting its customers’ needs by providing products compliant with provisions and principles of Islamic Sharia, and according to many criteria: growth in assets, profitability, geographic reach, strategic relationships, new business development, innovation in products, reputation, customer satisfaction after intensive consultations with bankers, corporate finance executives and analysts throughout the world  and opinions of analysts and others involved in the industry. The bank did previously receive the award of best Islamic retail bank in the world in 2010-2011-2012-2014.
  • World Finance Magazine that is specialized in banks and banking financial institutions (London) awarded Jordan Islamic Bank best Islamic bank in Jordan for the 6th  year respectively and best banking group in Jordan for the 8th   year respectively for the year 2017 in addition to the prize of business leadership and outstanding contribution to Islamic finance for the year 2017 for the 6th  year respectively to Mr. Musa Shihadeh, CEO , General Manager of JIB. It is worth mentioning that Shihadeh did obtain the award of the banker of the year – Jordan  previously in 2009 from the same magazine 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 facing 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 . The bank did previously receive the award of best Islamic retail bank in the world in 2009- 2010-2011.
  • Two awards from Al Baraka Banking Group for corporate social responsibility: Champion of AlBaraka Goals for the year 2016 & Best contributor in the education sector of the year 2016.
  • Jordan Islamic Bank (JIB) has received the PCI Data Security Standard ( PCI DSS) Compliance Certification in its latest version (3.1)  from Payments Card Industry (PCI) which is specialized in applying the highest security standards for all  information of cardholders for the bank’s systems’ compliance to the latest banking standards to measure the data security of cardholders in cooperation with ControlCase, an international company specialized in PCI –DSS compliance, which assessed and audited the bank’s compliance in applying this standard which is accredited by the banks to ensure a high level of data security of cardholders and decided by the Payment Card Industry Security Standards Council and meets the requirements of the Central Bank of Jordan (CBJ).
  • Cambridge IF Analytica (UK) has named Jordan Islamic Bank (JIB) the strongest Islamic retail bank in Jordan for 2016 , and granted  Mr. Musa Shihadeh, CEO , General Manager of JIB the Islamic retail banking leadership award 2016 during awards distribution ceremony during the 8th  World Islamic Retail Banking Conference (WIRBC)  in Dubai during .However, the selection of JIB and Mr. Musa Shihadeh for these two awards is a recognition of the achievements and efficient contributions of the bank in the addition to the wise management of Mr. Shihadeh in serving the individuals and institutions in the financial sector and Islamic retail banks based on a study conducted by Cambridge IF Analytica, which is a financial services intelligence house specialized in providing strategic advice in the field of financial services and conduct professional academic researches for financial institutions, in cooperation with  Hamdan Bin Mohamed Smart University to study the Islamic banking efficiency performance and rank over 170 Islamic retail banks around the world, by the  assessment of  a panel of independent experts,  within the program of the Islamic Retail Banking Awards (IRBA) which is the first-of-its-kind Islamic banking awards program that celebrates excellence and best practices in Islamic retail banking in two categories;  Strongest Islamic Retail Banks – Award, which the bank received for the year 2016 and Critics' Choice Awards which named Jordan Islamic bank  the best Islamic retail bank in Jordan for 2015.
  • Tatweej Academy for Excellence Awards  granted Mr. Musa Shihadeh Al-Nisr Al-Arabi Award for the general administration  for 2016 during a ceremony held in UAE ,Dubai , where 22 prominent leading figures at the level of Arab nation were honored. However, the selection of Mr. Shihadeh for this award is a recognition of his significant role in the business sector for he is a distinguished model of the  pioneers of Arab administration in the business sector and its significant institutions and as a result of the accomplishments he achieved in the administration filed through his banking experience in the management of the largest Islamic banking institution in Jordan for more than three decades , the distinguished and efficient contribution in Jordan banking sector in addition to achieve tangible adds to the performance and products, confronting the challenges faced the bank business, sustainability, continuity of growth, efficiency, commitment to the bank’s mission and ambitious vision till the bank reached high levels of success and progress.
  • Certificate of appreciation from the Arab Network for Corporate Social  Responsibility-  Dubai 2016.
  • The Arab Organization for Social Responsibility granted  Jordan Islamic Bank (JIB) the prize of social responsibility for Arab and Islamic banks for the second consecutive year in its tenth season which held in Sharm AlShaikh with a participation of administrative  and leading figures  in the field of social responsibility at the level of Arab region. However,  Jordan Islamic Bank has obtained the prize in appreciation of its distinguished efforts and initiatives  to crown its achievements in the field of social contributions and for the issuance of an annual social responsibility report in order to motivate others to deal with social responsibly and change it to the strategic concept in the sectors of banks and financial institutions and enhance it through the wise management.
  • EMEA Finance Magazine ( London) named Jordan Islamic Bank Best Islamic Bank in Jordan 2016 .
  • Jordan Islamic Bank (JIB) received the awards of best performing Islamic bank in Jordan  and best performing Islamic bank – Levant for 2015 from the World Islamic Banking Conference (WIBC) in appreciation of the bank's outstanding performance and achievements on both country and regional levels during gala dinner held on the sideline of the Conference in the Gulf Hotel  in Bahrain on the 2nd of December 2015.These awards have been granted to JIB based on its performance which was evaluated after making multiple measures of financial performance, financial stability , governance and social responsibility and comparing them with measures of WIBC leader board, which is considered one of the leading tools and significant standard launched to evaluate and measure the performance of Islamic banks and present a clear vision toward the classification of Islamic banks and financial institutions in the global and local levels in terms of liquidity force and management level.
  • Jordan Islamic Bank (JIB) received an appreciation letter from the International Organization of Standardizations (ISO) for its uptake and use of  ISO 26000 guidance on social responsibility within ( MENA ) region in an assertion of the bank’s distinguished role in the field of social responsibility and its efficient participation in the social responsibility project since 2013 under the supervision of quality experts in Jordan Standards and Metrology Organization (JSMO) and experts in International Organization for Standardization in Sweden.
  • Tatweej Academy for Excellence Awards granted JIB the following awards:

            A-Best pioneering  Islamic bank in Jordan  in the field of wise leadership in 2014  for the 2nd year respectively .

            B-  Golden medallion in the field of wise leadership in the level of Arab World for 2014.

            C-NIBRAS award as the best Islamic financial institution in the level of Arab world for 2013.

  • Islamic Finance News ( Malaysia) named JIB  best Islamic bank in Jordan for 2015 2014 , 2012 .
  • International Finance Magazine ( London) named JIB best Islamic bank in Jordan for 2014.
  • (DNV) Universal Company renewed granting JIB the international Quality Certificate ISO9001:2008 for the year 2009 in management systems 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.

Credit and Sharia Ratings

  • Standard & Poor’s Global Ratings  ( Paris ) affirmed its 'BB-' long-term and 'B' short-term counterparty credit ratings on Jordan Islamic Bank (JIB) and assessed JIB’s Stand – Alone Credit Profile (SACP) at bb- and outlook remains negative which mirrors the negative outlook on Jordan.
  • The report issued by S&P indicated that the continuation to grant JIB these ratings is due to its leading position as the largest Islamic financial institution in Jordan with market shares in financing and deposits of about 11%-13% as of Dec. 31, 2016, its good business resiliency to the current adverse economic conditions in Jordan, its capitalization has improved to an adequate level , adequate liquidity , asset quality, sound earnings ,steady profitability metrics compared with peers over the past five years ;where return on equity above 16% over that period and ample core and granular customer deposits.
  • Islamic International Rating Agency (IIRA) has reaffirmed the Sharia Quality Rating of Jordan Islamic Bank (JIB) at AA (SQR) for the eighth consecutive year for the bank’s high degree of adherence to Sharia principles and provisions through the Sharia governance infrastructure instituted at the bank that is largely in accordance with the guidelines provided by the Central Bank of Jordan (CBJ) in the Code of Corporate Governance (CCG) for Islamic banks. The report issued by IIRA at the end of December 2016 indicated that granting this rating to  JIB, which is considered the oldest and largest Islamic bank in Jordan in terms of total assets , total deposits and finance and investment, is based on its sound application of governance practices according to the amendments made by the CBJ on the code of corporate governance for Islamic banks to ensure sound governance practices in line with the best international practices. JIB has a Sharia Supervisory Board (SSB) that comprises of four members who are highly qualified and well versed with Islamic jurisprudence. The bank has also an independent sharia internal audit department that is separate from the internal audit department and reports directly to the Sharia Supervisory Board. In addition, the bank operates comprehensive training programs with specific reference to sharia related trainings for its employees, the bank continues to develop and innovate new products and participate in conferences and seminars that are related to Islamic banking industry. The report commended the bank’s conformance to the guidelines outlined by the IFSB with respect to transparency and disclosure in addition to its contribution to charitable purposes and initiatives towards social responsibility including its reliance on solar energy in some branches and offices, providing Al-Qard AlHassan for justified social purposes, providing donations and Mutual Insurance Fund to achieve social collaboration.
  • Capital Intelligence (CI) , the international credit rating agency, announced that it has affirmed Jordan Islamic Bank's (JIB) long and short term foreign currency ratings (FCRs) at "BB-" and "B" respectively on a stable outlook in line with the outlook for Jordan's sovereign FCRs. The support level of "3" is affirmed and the bank's Financial strength Rating (FSR) is maintained  at BBB- on a stable outlook. Based on the report issued by the agency at the end of December 2016,the rating granted for JIB underscored by the bank's good asset quality, ample liquidity, good profitability and the bank's controlling the major share of Islamic banking assets and customer deposits. Jordan Islamic Bank's Non – Performing Financings (NPFs) ratio remains one of the lowest in the local market, in addition to a noticeable increase in Capital Adequacy Ratio (CAR).
  • Islamic International Rating Agency (IIRA) has reaffirmed ratings on Jordan Islamic Bank  ( JIB ) on the international scale with foreign currency  at BB+/A 3 and local  currency at BBB-/A3,On the national scale ratings at A+(jo)/A1(jo). Outlook on the assigned ratings is stable.

    The report indicated that despite the persisting macroeconomic and regional challenges in Jordan , JIB is positioned as a prominent market player in Jordan banking sector for it’s the largest Islamic bank and the third largest  bank in Jordan in terms of assets and deposits, , it has sufficient liquidity and stable funding base , sound capitalization , strong profitability and superior return indicators; JIB’s ROAA and ROAE are superior compared to the banking sector aggregates, stable funding, utilization of alternative sources of energy in some branches. The bank endeavors to achieve efficiencies under its strategy  in automating processes , introducing electronic channels and enhanced use of IT  in providing internet banking services and mobile banking.

  • Fitch Ratings has revised JIB’s outlooks to “Negative” from “Stable”, while affirming its long -term Issuer Default Ratings (IDR) at” BB-“, short term (IDR) at  “B” ,viability rating at “bb-“, support rating “4” and Support Rating Floor “B+”. The Rating is an assertion of the bank’s strong assets and the improving asset quality indicators in addition to the bank’s solid funding base consisting of diversified local deposits , healthy profitability.