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Date : Apr 3, 2024
Islamic International Rating Agency (IIRA) (based in Bahrain) confirmed the confirmation of the Sharia Quality Rating of Jordan Islamic Bank at AA+ (SQ) in order to continue the bank’s commitment to the highest standards of compliance and adherence to the principles and provisions of Islamic Sharia in the banking products and services it launches that meet the needs of its customers, along with the bank’s commitment to Corporate Governance Instructions issued by the Central Bank of Jordan, this was stated in the report issued by the agency on 28/3/2024, as Jordan Islamic Bank is considered a pioneer in Islamic banking in the region as the first and largest Islamic bank in Jordan, constituting 9.6% of the total banking assets in the Jordanian banking sector and approximately 50% of the Islamic banking sector in Jordan, and it is characterized by a wide geographical spread through 89 branches, 22 banking offices, and a wide network of ATMs, which supports the bank’s impact in the retail field.
The report indicated that the bank is committed to the principles and provisions of Islamic Sharia and the requirements of Sharia quality and governance through the presence of a strong control system and continuous supervision by an experienced Sharia Supervisory Board. It also strengthened its infrastructure in Sharia supervision in 2023 by establishing the Sharia Compliance Department in compliance with the new governance requirements of the Central Bank of Jordan. High independent representation on the Board of Directors, gender diversity, effective internal controls, and mechanisms for protecting the rights of investment account holders also contribute to creating a strong governance framework, providing adequate disclosures to stakeholders, and demonstrating a high level of transparency in standards and disclosure of financial matters related to governance. The bank's commitment to social responsibility is evident through its range of products and services, charitable donations, sustainable use of energy, and participation in community building efforts. The bank has developed financing products related to sustainable financing, which will support its initiatives and strategy in the field of sustainability, in addition to providing the bank with the latest digital banking services that are compatible with the provisions and principles of Islamic Sharia and in line with the bank’s strategy in digital transformation.
Dr. Hussein Said, CEO/General Manager of Jordan Islamic Bank, expressed his pride in the distinguished performance that the bank has achieved in the Sharia aspect through its commitment to the highest Sharia quality standards, to receive continued follow-up and attention from Islamic International Rating Agency, achieving all the Sharia quality standards that distinguish Islamic financial institutions in their work and validity in terms of commitment to the principles and provisions of Islamic Sharia. and in accordance with the instructions of the Central Bank of Jordan regarding the institutional governance of Islamic banks, in addition to the bank obtaining distinguished credit ratings from the agency at the end of 2023, stressing the continuation of the approach of excellence and success.