Jib distributes cash dividends at 15%

Ordinary General Assembly of Jordan Islamic Bank approves the balance sheet for the year 2015 and agrees to distribute cash dividends at 15%. JD ( 74.7) million profits before tax. JD (4.17) billion total assets ( including restricted investment accounts , muqarada bonds and investment by proxy account) JD (3.75) billion total deposits( including restricted investment accounts, muqarada bonds and investment by proxy account). JD (3.15) billion the total balances of finance and investment( including restricted investment ,muqarada bonds and investment by proxy). JD (311) million shareholders’ equity. General Assembly of Jordan Islamic Bank (JIB) agreed in its ordinary meeting convened on Wednesday  27th April 2016, represented by Mr. Adnan Ahmad Yousif, Chairman of the Board of Directors, along with the attendance of the representative of companies’ controller  Mr. Mohammad Abu Ziad and his assistant Mr. Isam Aljarah  and the representative of the Central Bank of Jordan (CBJ)  Mr. Mr. Mamoun  Al-Masahqbeh and the quorum’s completion for shareholders’ attendance at  (73.7%) to distribute cash dividends to shareholders at 15 % of the paid capital after approving Board of Directors’ report, the annual balance sheet, profits and loss statement for the year ended on December 31-2015, the Bank’s future plan, Board of Directors’ discharge of the previous fiscal year and listening to the minutes of the General Assembly’s previous ordinary meeting and Sharia Supervisory Board and auditors’ reports, approve the decision of the Board of Directors to extend the membership of the Bank’s Sharia Supervisory Board members for four years as of 24/4/2015 (2015-2019) in accordance with the Islamic Banks Corporate Governance Instructions issued by the Central Bank of Jordan., where Messrs Ibrahim Abasi & Co, appointed as auditors. Mr. Adnan Yousif said we are pleased with the achievements the bank attained during 2015 and getting many international awards and Sharia and credit ratings from worldwide institutions such as best Islamic bank and best Islamic financial institution in Jordan , the Middle East and Levant  , maintaining a distinguished banking position which leads to increase the customers’ satisfaction and confidence of the bank, the  continuation to develop , expand and improve banking services and keeping pace with latest developments in the field of banking industry in accordance with principles of Islamic sharia despite the surrounding crises and  their negative impacts on the national economy. In 2015, a new Board of Directors was elected to the Bank where the corporate governance instructions of the Central Bank of Jordan (CBJ) were taken into account in terms of the Board of Directors composition and the independency of its members. The Board of Directors comprised of seven independent members and four dependent members. The BOD report stated all guidelines and disclosure requirements contained in “Corporate Governance Guide for public shareholding companies listed in Amman Stock Exchange accordance with the best related international practices and in consistence with Islamic banks corporate governance instructions No. (61/2015) dated 12/5/2015 issued by the Central Bank of Jordan. JIB prepared and updated the corporate governance guide as of 27/7/2015 and posted it on its website (www.jordanislamicbank.com). It is worth mentioning that the Bank prepared the first corporate governance guide on 31/12/2007. Mr. Adnan Yousif commended the continual support of those who believe in the notion of the bank, its clients, shareholders ,the executive management and staff in addition to the efficient role of the CBJ for its care and understanding of the particularity and business nature of Islamic banks for being pillars of the Jordanian banking sector and primary supporters of the national economy. Concerning the numbers of the Bank’s annual balance as of 31/12/2015, Mr. Musa Shihadeh, CEO / General Manager of JIB said the bank achieved tangible growth in its financial indicators and kept the increase of its share in Jordan banking market for the year 2015.The total balances of financing and investment at our Bank/ total direct credit facilities of other working banks in Jordan reached about 14.9%. Total Balances of savings schemes at our Bank/ total client deposits at other working banks in Jordan reached about 11.5%. Total Assets at our Bank/ total Assets of other working banks in Jordan reached about 8.8%. By the end of 2015, Jordan Islamic Bank (JIB) achieved profits before tax in an amount of about JD 74.7 million, compared with about JD 64 million in the previous year; with a growth of nearly 17%.Net profits after tax reached about JD 48.7 million compared to JD 45.1 million in 2014; with a growth of 8%. Shihadeh indicated that the growth of  the revenues increased by 6.3% to reach JD 200.3 million compared to JD 188.4 million at the end of 2014. The growth of joint investments profits prior distribution reached around 6.6%, amounting to about JD 177.4 million compared to about JD 166.4 million in 2014. Growth in Shareholders’ equity reached about10.3% , amounting to about JD 311 million compared to about JD 282 million at end of 2014 .The Return On Average Equity (ROAE) after tax reached about 16.42%. Capital Adequacy Ratio (CAR) at the end of 2015 stood at 21.11% according to the Islamic banks CAR standard approved by the  Central Bank of Jordan (CBJ)  and it is more than the levels required by the CBJ which reaches at least 12%. The growth in total assets including ( restricted investment accounts, muqarada bonds and investment  by proxy accounts ) reached around 8.2% amounting to about  JD 4.17  billion compared to about JD 3.86 billion at the end of 2014 with an increase of about  JD 315 million. At the end of 2015, the growth in the total balances of saving schemes (including restricted investment accounts , muqarada bonds and investment by proxy) reached around 8% amounting to around JD 3.75 billion, distributed to (816.1) thousand active accounts compared to around JD 3.47 billion in 2014 distributed to around (776.8) thousand active accounts. At the end of 2015 the growth in the total balances of financing and investment (including restricted investment ,muqarada bonds and investment by proxy) reached around 20% amounting to about  JD 3.15 billion distributed to 200.8 thousand transactions compared to around JD 2.63 billion at end of 2014 distributed to 185.8 thousand transactions. The financing operations carried out by the Bank in the domestic market during 2015 included various social and economic activities and utilities. Such finance was provided to some health facilities (hospitals, clinics and pharmaceutical companies), educational facilities (universities, schools and institutes), many industrial and real-estate projects and transportation means in addition to the finances provided by the Bank to the commercial sector. The Board of Directors’ report indicated that by the end of 2015, the number of beneficiaries of the bank’s financings to cover the citizens’ needs of housing, lands, building materials, transportation means, construction vehicles and furniture reached around 157.062 thousand beneficiaries and the outstanding  balance of financing amounted to about JD 985 million. Shihadeh affirmed that the bank is interested in delivering its distinguished services to various economic and housing complex easily by opening new branches and cash offices , or converting offices to branches or moving branches to new locations. Thus, the Bank’s network of branches and offices totaled (73) branches and (20) banking offices . The Bank roughly employs 2148 employees and works on developing their skills through involving them in various training courses inside the bank’s training academy or through specialized centers inside and outside Jordan. To shed light on the most important activities and initiatives  in the field of social responsibility during 2015,the Bank has issued its fourth report on social responsibility which is considered an integral part of the Bank’s programs and initiatives which serve society continually through providing monetary support for many activities and initiatives in various fields such as donations , Good Loans “ AlQard AlHassan”, sponsor conferences , scientific research , professional training, finance professionals and craftsmen, Mutual Insurance Fund, energy and environment and interaction with local community in addition to other activities. During 2015, Shihadeh indicated that the Bank accomplished further developments and updating in the field of banking techniques, most notably: Expanded the application of the electronic payment service (Efawateercom) through the internet, the teller, and the ATM, Updated the ATM operational systems and applications to increase the protection standards applied to such machines and adding new services thereto to facilitate the banking transactions of the clients, Updated the PCs at the Bank’s departments, branches, and offices in line with the information security requirements and the standards and controls of obtaining the Payment Card Industry Data Security Standard (PCI-DSS) certification, updated the equipment of the virtual environment and expanded the activation of their application, Launched the World Master / Baraka Card, which is issued by our Bank to its outstanding clients and the clients of Albaraka Banking Group clients in fifteen countries on behalf and in cooperation with Albaraka Banking Group. The holder of this card can enjoy the privileges and offers provided by this card all over the world, Launched the family card “the Prepaid Master Cards”, which is designated to those who are convicted in executive cases at the Sharia Executive courts where holders of these cards can get cash from the card balance through the ATMs or the sale points, Applied the e-clearing centralization at the Central Operations Department, Applied the Operational Risks System and the anti-money laundry system at the Bank’s departments, branches, and offices, Completed and developed a number of systems and products, Jordan Islamic Bank benefited from the solar energy cells which were installed on the surfaces of eighteen branches by decreasing the electricity consumption at these branches, Installed and operated new Automated Teller Machines (ATMs) in 2015. Thus, the Bank's network of ATMs consists of (169) machines, constituting 12% of all ATMs operating in the Kingdom, all connected to client accounts, the Middle East Payment Services (MEPS),  and the Jordanian Automated Teller Machines Network (JONET), which comprises nearly (1400) ATMs. In addition, the Bank's network of ATMs is linked through JONET to the International Visa Network outside Jordan. Concerning the future plan of the Bank for the year 2016, Shihadeh said that it includes: continue the introduction and development of new banking electronic services, expand individuals’ financing grants on Murabaha or Ijarah Muntahia Bittamleek or Istisna’a' basis, expand SMEs projects financing grants, issue/ participate in Islamic instruments tradable in the Exchange, while continue the financing of the government needs by using this instrument and through the direct finance by Murabaha, roll out new financing products meeting the banking market demands and needs after obtaining the Sharia (legal) approval. The branching plan includes: Open three branches in "Abdoun / Amman", "Prince Hassan District / Amman” and Petra Street / Irbid.",Open seven offices in Ebin Ebleen / Ajloun, Wasfi Al Tal Street / Amman, Jubeiha / Amman, Theeban / Maadaba, Shafa Badran / Amman, Ein El Pasha / Balqa, and Hasa / Tafeileh, Install and operate new ATMs and replace the old ones, develop and improve their operating management system, provide our clients with AlBaraka Banking Group (ABG) Banks services and products, and ABG Banks clients with our services and products, in coordination and cooperation with ABG Management, enhance the corporate governance principles , continue the application of Basel II and Basel III requirements.