Jordan Islamic Bank holds the General Assembly Meeting and distributes cash dividends at a rate of 12%

Jordan Islamic Bank convened the 42nd Ordinary General Assembly meeting by visual and electronic communication, headed by the Chairman of the Board of Directors / Mr. Musa Abdul Aziz Shihadeh, members of the board and CEO / General Manager Dr. Hussein Said in the presence of His Excellency Dr. Wael Al Armouti the Companies Controller and the quorum's completion of shareholders holding shares (on behalf, by proxy and agency) at a rate of 73.4% on Thursday, 22/4/2021. Pursuant to the provisions of Defense Law No. 13 of 1992 and Defense Order No. 5 of 2020, and the procedures issued by His Excellency the Minister of Industry, Trade and Supply on 9/4/2020, by virtue of the above defense order and the approval dated 11/2/ 2021. The General Assembly approved to the Board of Directors' recommendation to distribute cash dividends to shareholders at a rate of (12%) in cash of the capital, in compliance with the decision of the Central Bank of Jordan on 20/1/2021, that the ratio does not exceed 12% in light of international and local economic developments and levels of liquidity and the comfortable solvency of the Jordanian banks and in order to preserve them. The report of the Board of Directors, the company's business, the profit and loss account for the fiscal year ending 31/12/2020, the company's future plan, and the items listed on the meeting agenda were approved. The Messrs. Ernst & Young / Jordan office was also elected as the bank's auditor, and Dr. Hatem Al-Halawani was elected as a member of the board of directors instead of the previous board member, the late Saleh Yaqoub Muhammad Hussein. Mr. Musa Shihadeh said that the year 2020 has been a year full of difficulties and challenges, but " praise be to Allah" our bank was able to achieve new accomplishments added to its previous achievements while continuing to make efforts to implement the board of directors’ strategy, overcome the difficulties and obstacles resulting from the Corona pandemic, and the negative effects that resulted from it on the economy, as our bank worked reflected on a  transparent and trustworthy manner based on sound governance, wise executive  management, and qualified staff at the top level, with the use of modern techniques and systems and improving the quality of services and products while continuing to perform its social role and serve the local community. Our bank had an active role in supporting government and official efforts and launching initiatives to mitigate the effects of the Corona pandemic, by donating JD 2 million to the Himmat Watan Fund, JD 100 thousand to the Ministry of Health, and JD 50 thousand to the Crown Prince Foundation / Nawa Company for Sustainable Development, to pay aid for day laborers. He also offered his thanks and appreciation to the Central Bank of Jordan for its active role and for its concern to the privacy and business nature of Islamic banks in the instructions it issues, and called for mercy and forgiveness to those whose death was a loss to the Islamic banking industry during the year 2020, including Sheikh Saleh Abdullah Kamel, one of its most prominent pioneers and founders, one of the founders of Jordan Islamic bank and its chairman since 1980 to 1995, and the honorary chairman and honorable scholar Dr. Abdul Sattar Abdul Karim Abu Ghuddah, the Sharia advisor and the chairman / member of the Sharia Supervisory Board of Jordan Islamic bank since 1994, as well as Saleh Yaqoub Hussain, member of the bank’s board of directors. On his part, Dr. Hussein Said, said that:  despite the difficult circumstances of the year 2020 related to the Corona pandemic and its consequences, the growth that we have achieved in our various main indicators, maintaining the quality of the assets and the sufficiency of the capital, providing a stable and safe financial performance for all concerned parties. This development resulted from implementing the strategic goals that have been set carefully to the Bank to achieve sustainability of the resources and employment by well considered. He explained that the bank’s annual budget figures as of 31/12/2020 confirmed the preservation of the bank’s share in the Jordanian banking market, as the total balance of financing and investment of the bank from direct credit facilities at other working banks in Jordan reached about 14.7%, and the total balance of savings schemes of the bank from the total deposits and client accounts at other working banks in Jordan were about 12.7%, and the total assets of the bank compared to the total assets of other working banks in Jordan about 9.4%. He indicated that the total joint investment revenues exceeded JD 200 million to compared JD 196.7 million, with a growth rate of 1.8%, and the bank has strengthened its financial provisions until the end of 2020 in order to face any consequences or negative effects of the Corona pandemic. The net profits before tax amounted to about JD 83.8 million, while profits after tax reached about JD 52.1 million, and the growth rate in shareholders' equity amounted to about 12.5% ​​to reach about JD 474 million compared to about JD 422 million, and the capital adequacy ratio (CAR) at the end of 2020 was about 23.74%, and the bank has maintained the integrity of its credit portfolio and the quality of its assets, where the coverage ratio of Non- Performing Finances (NPFs) reached 3.13% and its coverage ratio was about 104%. He pointed out that he bank's assets, including (specified investment accounts and wakala investment accounts (investment portfolios)), about JD 5.43 billion, with a growth rate of about 9.2%. And the total balance of savings schemes, including (specified investment accounts and wakala investment accounts (investment portfolios)), about JD 4.803 billion, with a growth rate of about 9.3% distributed over about 1080 thousand active accounts, confirming the bank's customers’ confidence in investment activities and advanced banking services that are in line with the provisions and principles of Islamic sharia. The total financing and investment balances, including ((specified investment accounts and investment wakala accounts (Investment portfolios) amounted to about JD 4.282 billion, with a growth of 12.2% distributed over 231.5 thousand transactions, and in implementation of the bank’s strategy in the distribution of funds and investments made to individual, SMEs, and companies which takes into account the sectoral and geographical diversity while maintaining the achievement of rewarding returns, and ensuring the delivery of its distinguished services to various residential and economic communities easily through the opening of new branches and offices or transferring offices to branches and moving them to new locations until the bank at the end of 2020 has 108 branches and offices at the end of 2020. During 2020, the Bank accomplished more developments and updates in the various fields of banking technologies digital transformation and continued its plan to expand by providing new services through its electronic channels to provide additional services on Mobile Banking, I-Banking, and the launch of our bank's page on "Facebook" and the launch of the digital assistant (Islami Messenger) to serve our bank's customers instantaneously without the need to wait. In addition, using the QR service in instant transfer, and launching the e-wallet service and Instant Payment System (CliQ) among local banks. The Bank continued to provide services for customers from the corporations’ sector through the new version of Internet bank services for corporations. It also renewed the reliability certificate for the Payment Card Industry Data Security Standard (PCI-DSS), and the Bank gained the (ISO 27001) Certificate in the Implementation of Information Security Management. He added that the bank continues to implement its future plans by offering new financing products that meet the customers' desires and the needs of the banking market, and strive to create more products that meet the market requirements of services and keep pace with technological development and are in line with the provisions and principles of Islamic Sharia while continuing to expand the financing of individuals, whether through Murabaha  or Ijarah Muntahia Bittamleek, taking into account the negative effects of the Corona pandemic and the less affected or unaffected sectors, expanding funding for small and medium enterprises (SMEs), implementing the digital transformation plan, introducing new electronic banking services, improving services through electronic channels, encourage customers to use those services, and adhering to governance. Improving asset quality, Risk management, Compliance control, and performing the bank’s social role in various fields.