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Date : Jan 4, 2024
International Islamic Rating Agency (IIRA) confirmed the re-affirmation of the credit rating of Jordan Islamic Bank at A+ (jo) / A1 (jo) at the local level and BB+ / A3 at the international level for foreign currencies, while maintaining a “stable” outlook for all these ratings.
The agency’s report issued on 20/12/2023 stated that Jordan Islamic Bank is considered one of the leading Islamic banks in the region and one of the most important Jordanian banks and the first among the Islamic banks operating in Jordan, where the share of its assets amounts to 9.6% of the total assets of the Jordanian banking sector and its market share amounts to about 50% of the assets of the Islamic banking sector in Jordan, and the bank’s continued obtaining of these classifications was based on the bank’s stability in risk and liquidity indicators and its distinction in large geographical spread through 89 branches and 22 offices covering various regions of Jordan, which gives it the advantage in providing retail services.
The report stated that despite the pressures surrounding the region, including the continued rise in interest rates, Jordan Islamic Bank achieved a growth in assets by 3.0% in 2022, and achieved a growth in financing by 6.5%, and excelled in granting financing to the retail sector (individuals), The bank's deposits also amounted to JD 4,760 million, with the individual sector representing about 82% of the total deposits, and net shareholders' equity increased by 2.08%.
The report also pointed to the role of Jordan Islamic Bank in serving the local economy by providing an integrated set of banking services, and launching banking facilities and programs for various segments, in addition to the bank’s focus on expanding the process of digital transformation and providing technical services to serve its customers, in addition to its various contributions to initiatives. Environment and sustainability, which serves the work environment by installing solar panels on the roofs of many of its main sites to reduce energy costs.
On this occasion, Dr. Hussein Said, CEO/ General manager of Jordan Islamic Bank, said that the reaffirmation of the International Islamic Agency’s confirmation of our bank’s credit rating confirms the soundness of the approach and the proper application of our bank’s strategy in maintaining the highest standards of credit ratings followed by major international rating institutions and the distinguished position in the field of Islamic banking, and facing various challenges and risks, while emphasizing the importance of making more efforts to achieve achievements.