Latest News:

Jordan Islamic Bank celebrates the inauguration of Abu-Nuseir Branch

JIB celebrated the inauguration of its 54 th branch in Abu-Nuseir. Abu-Nuseir cash office has been transferred from its old location to the new location on Abu-Nuseir main street and upgraded to a branch, which offers all the banking services based on the teachings and principles of Islamic Sharia. Thus, the number of the Bank’s branches has become 54 branches and 10 cash offices in addition to the Brokerage Office and the Bonded Office. This step is considered part of the Bank’s branching plan for this year, which included upgrading Sweifieh cash office to a branch last July.

This event has been widely welcomed by the officials, the notables and the public, who expressed their gratitude and appreciation to the Bank’s management, which is eager to get closer to its clients, so that it can offer significant services easily.

H.E. Mr. Musa Shihadeh, Vice-Chairman and General Manager, expressed the Bank’s pride in what has been achieved until now and highlighted the Bank’s role in establishing the experience of Islamic banks and its continual attempt to keep pace with modern technologies to develop the banking services which it offers to its clients. These services are considered a priority so that the Bank can maintain the strength of its financial position and raise its share in the banking market. He also added that the process of selling or hiring apartments in Dahiat Al-Yassameen has been finished, the cost of which amounted to JDs 2 million. The Ijara wa-iqtinaa (Lease/hire purchase) was done within periods, the maximum of which reached 25 years.

Mr. Shihadeh mentioned that JIB is one of the pioneers in using Lease/hire purchase in Jordan. It had previously carried out the Dahiat Al-Rawdah project at the end of the 1980s in the same method, which wasn’t common in the real estate market then.

Mr. Shihadeh added that the success of Dahiat Al-Yassameen project came as a result of the Bank’s efforts in supporting the housing sector and which involves financing the purchase of apartments which the customer chooses and building housing projects for the Bank. This project was achieved by means of investment portfolios (Muqarada Bonds),which the Bank has been a pioneer in introducing since 1997. Such bonds contribute to spreading the savings awareness and help attract and collect savings and thus direct them immediately to the projects and economical activities which support economical and social development in the country.

The Bank has issued a mixed joint investment portfolio (Muqarada Bonds) with an unlimited amount and time and with a capital, the minimum of which is JDs 100 million. This investment’s balance reached JDs (140) million until now. The average distributed profits ratio to participants for the period ended 30/6/2005 reached 6.54% per annum. Through issuing such bonds, the Bank endeavors to form a secondary organized market, where an appropriate return can be achieved by means of trading such bonds.