jordan
Egypt
Tunisia
Sudan
Bahrain
Turkey
South Africa
Algeria
Lebanon
Syria
Pakistan
Libya
Iraq
Date : Aug 23, 2023
In confirmation of the bank's financial strength and its achievement of sustainable growth, Standard & Poor's has reaffirmed the credit rating of Jordan Islamic Bank for long-term (B+) and short-term (B) and the SACP rating at (bb-) with a stable outlook.
The report issued by Standard & Poor's on August 21, 2023 showed that the credit ratings granted to Jordan Islamic Bank were based on the bank's leading position as the largest Islamic financial institution in Jordan, in addition to the flexibility of good and strong business in providing retail financing to "individuals". And maintaining a stable market share in the Jordanian banking sector in terms of financing by 15.5% and deposits by 12.8% at the end of 2022.
The report indicated that the bank was distinguished by achieving a proven record of flexible financial performance to face the pressures imposed by the local business environment in terms of decline in GDP growth, unemployment, and political and regional instability, to achieve strong regulatory capital ratios, a consistent record of asset quality measures, and to adopt a wise dividend policy with the ability to generate stable revenue.
The Bank also adhered to the governance instructions with a balanced Board of Directors, as 55% of its members are independent, which gave a strong advantage in the leadership and management of the Bank to deal with different operational environments.
Dr. Hussein Said, CEO/General Manager of Jordan Islamic Bank, expressed his pride in the bank's achievements to maintain its banking position despite the various challenges and to achieve good credit ratings from major international rating agencies, including Standard & Poor's, which is concerned with the continuity of follow-up and interest in the bank's performance, praised the joint efforts of the Board of Directors, Executive Management and all employees to implement the Bank's strategic plan by achieving the best results