General Assembly of JIB approves the distribution of 25% cash dividends to shareholders.

Jordan Islamic Bank held its regular General Assembly meeting through video and electronic communication, headed by Mr. Abdullah Al-Howaish, Chairman of the Board of Directors, and attended by the members of the Board of Directors, CEO, Dr. Hussein Said, and shareholders holding shares (by proxy and agency) at a rate of approximately 72.97%, and in the presence of the Companies Controller, Dr. Wael Al-Armouti, and representatives of the Central Bank of Jordan Maram Alnsour and Nada Shajrawi, on Monday 28/4/2025.

 

The Bank’s General Assembly approved the Board of Directors’ recommendation to distribute cash dividends to shareholders at a rate of (25%) of the capital for the year 2024, with a total amount of JD 50 million. It also approved the Board of Directors’ report, the Bank’s business and future plan, and the items included on the meeting’s agenda. PricewaterhouseCoopers/Jordan was elected as the Bank’s auditor for the year 2025.

 

Mr. Abdullah Al-Howaish, Chairman of the Board of Directors, stated that 2024 was an exceptional year in the Bank’s journey. Despite the challenges and economic conditions witnessed by the business environment, the Bank continued to achieve positive results that reflect a clear vision and sound direction, with its distinguished performance at all levels. It achieved good growth in its financial performance and maintained its share of the Jordanian banking market for the year 2024. The Bank’s total financing and investment balances from direct credit facilities to banks operating in Jordan amounted to approximately 12.4%, while the Bank’s total savings schemes balances of total customer deposits with banks operating in Jordan amounted to approximately 11%. The Bank’s total assets to the total assets of banks operating in Jordan amounted to 9.2%. Furthermore, the Bank received numerous international awards and credit and Sharia’a ratings from several international institutions as the Best Islamic Bank in Jordan for the year 2024.

 Al-Howaish pointed out that the bank launched in 2024 a new strategy for the next five years (2025-2029), which is characterized by flexibility, sustainability and consistency with the Kingdom's economic modernization vision and the strategies and initiatives launched by the Central Bank of Jordan in the areas of (financial inclusion, green finance, digital payments, and support for the SME sector). He emphasized the bank's keenness to continue strengthening its banking position in the Jordanian banking sector, with a focus on providing innovative Islamic financial solutions.

 Al-Howaish, "We are confident that the future holds new opportunities for growth and prosperity, based on a clear vision and an ambitious strategy that effectively and sustainably meets the aspirations of all stakeholders. This will be achieved through launching initiatives and projects that aim to develop the corporate culture and enhance the bank's brand, while working to enhance the customer experience by developing innovative products and services targeting targeted segments, developing the bank's branch network, improving the efficiency of operational processes, investing in supporting the digital transformation process and employing the best digital technologies, and moving towards expanding the bank's activities to cover neighboring foreign markets."
Al-Howaish also commended the efforts of the Central Bank of Jordan and official and regulatory bodies to enhance monetary stability and provide a suitable environment for the banking sector to keep pace with the best international standards. He also praised the distinguished role of the Board of Directors, the Executive Management, employees, the Sharia Supervisory Board, and the bank's shareholders, each of whom has contributed to the achievements of Jordan Islamic Bank.

 

For his part, Dr. Hussein Said, CEO of Jordan Islamic Bank, reviewed the bank's achievements during 2024, while adhering to its vision and mission to achieve added value for the bank's shareholders and partners and to strengthen the bank's position as a leading financial institution in the field of Islamic banking, achieving remarkable growth in its various business sectors, starting with achieving the highest profits in the bank's history since its inception four decades ago, as profits after tax reached JD 66.1 million, compared to JD 62.3 million in 2023, with a growth rate of 6.1%, which confirms the flexibility of the bank's business and its ability to maximize the benefit from available opportunities. It also achieved an increase in its total revenues for the year 2024, reaching approximately JD 321 million, compared to approximately JD 292 million in 2023, with a growth rate of 10%.

Dr. Hussein Said pointed out that the bank's main indicators showed remarkable growth, confirming the bank's ability to continue its sustainable growth path, as the bank's total assets at the end of 2024, including (off balance sheet accounts - under management), increased by 8.7% to reach approximately JD 6.980 billion, compared to approximately JD 6.423 billion at the end of 2023, with an increase of about JD 557 million.

 Meanwhile, the balances of savings schemes continued to grow, including (off balance sheet accounts - under management), recording a 9.1% increase, reaching JD 6.285 billion by the end of 2024, compared to approximately JD 5.760 billion, distributed over 1,269 thousand active accounts, compared to approximately 1,187 thousand active accounts at the end of 2023. This confirms the great confidence that the bank enjoys from its customers.

 Financing and investment balances, including) off balance sheet accounts - under management (, recorded an increase 7.4%, reaching JD 5.731 billion by the end of 2024, compared to approximately JD 5.336 billion at the end of 2023. This is due to the Bank’s special attention to distributing and diversifying investments and financing to include various economic, social, health, educational, industrial and commercial activities and facilities directed to various sectors of society, including individuals, companies and small and medium enterprises.

 The bank also achieved sustainable growth in total shareholders' equity at the end of 2024, reaching JD 562.1 million, representing a growth rate of 4%. The return on shareholders' equity reached to 12%, compared to 11.7% in 2023. Confirming the strength of the bank's capital base, the Capital Adequacy Ratio (CAR) reached approximately 20.4% at the end of 2024, according to the capital adequacy instructions for Islamic banks issued by the Central Bank of Jordan, exceeding the prescribed ratio. The bank also maintained the soundness of its credit portfolio and the quality of its assets, as the percentage of Non- Performing Finance (NPF) reached approximately 2.62%. 

Dr. Hussein Said explained that during 2024, the bank led the local banking market in terms of the number of branches and offices spread across various regions of the Kingdom, with a total of 111 branches and offices, supported by the largest network of ATMs in the Kingdom, amounting to 332 machines, representing 15% of the total number of ATMs in the Kingdom. The bank also sought to expand the scope of digital services in line with the latest developments in the banking sector and implement a number of digital transformation projects, including the launch of Islami Aqar application, the implementation of the digital cards project through Apple Pay, and the launch of the first phase of the project to improve digital call center services, among other projects. In addition, it concluded strategic partnerships at the level of Al Baraka Group, which will enhance the bank’s marketing channels. The bank also continued to expand its support for small and medium enterprises and sustainable financing operations in accordance with the provisions and principles of Islamic Sharia. The bank also continued its commitment to its social responsibilities to leave a positive impact on the local community and the national economy by providing support and donations to national initiatives that contribute to sustainable development and enhance sustainable awareness in society.