JD 31.1 million profits of Jordan Islamic Bank after tax for the first half of the year 2021

JIB announced its financial results achieved until the end of the first half of the current year 2021, with profits after tax amounted to about JD 31.1 million, compared to about JD 27.3 million for the first half of the year 2020, with a growth rate of 14.1%. Chairman of the Board of Directors, Mr. Musa Shihadeh, said that the results achieved by the bank in the first half of this year, " by the grace of almighty Allah," confirm the soundness and strength of the bank's financial position, and the quality of its assets, which is a reflection of the proper implementation of the strategy of the bank in facing the various challenges that still surround the region and the negative effects of the Covide-19. The bank’s board of directors approved the financial statements for the first half of this year during its meeting held on 27/7/2021, praising all the efforts made by the executive management and employees of the bank to achieve these results, and won many awards and credit and legitimacy ratings from several international institutions, as the best Islamic bank and Islamic financial institution in Jordan for the years 2020-2021, thus enhancing the confidence and satisfaction of its clients. Dr. Hussein said, CEO/General Manager of Jordan Islamic Bank, said that the results achieved by our bank at various levels until 30/6/2021 confirm the soundness of the policy adopted by the bank in achieving its mission that supportive of the national economy and the local community, with the application of the best rules, regulations and procedures that it enhances confidence in its various activities and shows the extent of the bank's commitment to the corporate governance instructions in accordance with the best international practices and the instructions of the Central Bank of Jordan. The bank’s assets, including (specified investment accounts and wakala investment accounts (investment portfolios)) until the end of the first half of the current year amounted to about JD 5.77 billion, compared to about JD 5.43 billion at the end of 2020, with an increase of 6.3%, which confirms the continued progress of our bank and the growth of its business to enhance its position in the Jordanian banking sector. The facilities granted to clients including (specified investment accounts and wakala investment accounts (Investment portfolios)) until the end of the first half of the current year amounted to about JD 4.49 billion, compared to about JD 4.28 billion at the end of 2020, with an increase of 4.9%. The clients deposits, including (restricted investment accounts, Al Wakala bi Istithmar (investment portfolios)) until the end of the first half of this year amounted to about JD 5.13 billion, compared to about JD 4.80 billion at the end of 2020, with an increase of 6.9%. These results were reflected on the main performance indicators of the bank, where the Capital Adequacy Ratio (CAR) as in 30/6/2021 reached about 23.88%, and the coverage ratio of Non- Performing Financing (NPF) reached about 103.6%, and the rate of Return on Average Equity (ROAE) after tax reached about 13% and the rate of Return on Average Assets after tax 1.24%. The growth rate in shareholders' equity until the end of the first half of this year to reach about JD 481.8 million. Dr. Hussein indicated that the bank has strengthened its geographical presence in the Jordanian banking market through 108 branches and offices spread throughout the Kingdom, in addition to expanding the provision of digital banking services by opening digital self-services (Islami Digital) at the location of its office located on Wasfi Al-Tal Street, according to the latest technologies in financial technology to meet the needs of the bank's clients autonomous while enhancing the work with the highest possible degree of efficiency and according to the best risk management standards, in addition to providing 278 ATM spread throughout kingdom. A new set of services has also been launched on Islami Mobile application and the bank's page on the LinkedIn platform, in addition to the bank's page on Facebook and the Al Islami Messenger service, in order to maintain the bank's communication with its customers. Dr. Hussein pointed out that the bank has launched new banking products such as zfafi product and a product for maintenance and finishing works, in addition to continuing to grant preferential prices and comfortable payment periods until the end of the year for the kitchen financing initiative and the initiative of hybrid and electric cars that the bank presented during the year 2020. In response to the directions and initiatives issued by government institutions and the Central Bank to alleviate the challenges and difficulties that resulted from the spread of the Corona pandemic, Dr. Hussein praised the bank for taking many measures to alleviate its customers from various sectors, individuals or companies and sectors most affected especially small and medium companies (SMEs). In implementation of the Royal Initiative for Military Retirees (Comrades in Arms), Jordan Islamic Bank and the Military Credit Fund signed a memorandum of understanding under which the Bank will provide a range of financing products and services in accordance with the provisions and principles of Islamic Sharia for military retirees, which will meet their financing requirements with ease and convenience, on favorable terms and with preferential profit rates, in order to enhance financial inclusion and diversify the investments and financing provided by the Bank to include various segments of society, including individuals, companies and small and medium enterprises.