Ordinary General Assembly of Jordan Islamic Bank approves the financial statements for the year 2017

JD ( 81) million profits before tax. JD (4.67) billion total assets (including restricted investment accounts and investment by proxy accounts). JD (4.16) billion total deposits(including restricted investment accounts and investment by proxy accounts. JD (3.37) billion the total financing and investments (including restricted investment accounts and investment by proxy accounts  ). JD (375) million  total shareholders’ equity.   General Assembly of Jordan Islamic Bank (JIB) agreed in its ordinary meeting convened on Thursday  26th  April 2018, 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 with his assistant Mr. Isam Aljarah and the representative of the Central Bank of Jordan (CBJ) Mr. Fawzi AlSous and the quorum’s completion for shareholders’ attendance at  (74 %) to distribute cash dividends to shareholders at 15 % of the paid capital after approving Board of Directors’ report, the annual financial statements for the year ended on December 31-2017, 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, Messrs Ernest & Young, appointed as auditors. Mr. Adnan Ahmed Yousif said, "We are proud of the achievements of Jordan Islamic Bank in 2017 despite the global economic crisis and the negative impact of the global economy on the national economy. However, JIB has won numerous international awards, credit & Sharia ratings from several international bodies such as best Islamic bank and best Islamic financial institution in Jordan for 2017, while maintaining a distinguished banking position between Jordanian and Islamic banks, thus enhancing the confidence and satisfaction of its clients, while continuing to develop, expand and improve banking services, and keep abreast of the recent developments in the field of banking industry in accordance with the provisions and principles of Islamic Sharia. The BoD report stated annexes to disclosure requirements according to the corporate governance guide of the bank , the IT Governance Guide and the Associated Technology, as per the instructions and disclosure requirements issued by Jordan Securities Commission for the Public Shareholding Companies for 2017 in order to enhance confidence in the Bank and its various activities in accordance with the best related international practices and in consistence with the CBJ Instructions for Islamic banks corporate govemance that are published on the bank’s website. (www.jordanislamicbank.com) to comply with what is stated. Mr. Adnan Yousif expressed his happiness with the efforts exerted by the executive management and employees of the bank and the trust and support of the believers in the bank and its shareholders and the distinguished role of the Central Bank of Jordan and the official and supervisory bodies to improve the performance of the Jordanian banking system and understanding the particularity of the operations of Islamic banks and their support for national economy. Concerning the numbers of the Bank’s annual balance as of 31/12/2017, Mr. Musa Shihadeh, CEO / General Manager of JIB said "Our Bank continues to pursue the same approach by continuously growing its financial indicators while maintaining its share of the Jordanian banking market for 2017. The bank's capital was increased to JD 180 million instead of JD 150 million, capitalizing  JD 30 million from the balance of retained earnings and distributing bonus shares to shareholders according to their share of capital by the end of 5/6/2017.  The total balances of financing and investment at the Bank/ total direct credit facilities of other working banks in Jordan reached about 13.6%. Total Balances of savings schemes at the Bank/ total client deposits at other working banks in Jordan reached about 12.5%. Total Assets at the Bank/ total Assets of other working banks in Jordan reached about 9.5%. During 2017, the bank achieved profits before tax that amounted to about JD 81 million, while profits after tax amounted to about JD 54.1 million. Growth in shareholders’ equity reached about 9.4% , amounting to about JD 375 million compared to about JD 343 million at end of 2016 .The Return On Average Equity (ROAE) after tax reached about 15.1%. Capital Adequacy Ratio (CAR) at the end of 2017 amounted to about 23.%  compared to about 22.02% at the end of 2016 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%. Return on Average Assets (ROAA) reached 1.30 % ,the Non- Performing Finance Ratio (NPF) reached 4% and their coverage ratio 123%. The growth in total assets including (including restricted investment accounts and investment by proxy accounts) reached around 3.6% amounting to about  JD 4.67  billion compared to about JD 4.50 billion at the end of 2016 with an increase of about  JD 163 million. At the end of 2017, the growth in the total balances of saving schemes (including restricted investment accounts and investment by proxy accounts ) reached around 3.1% amounting to around JD 4.16 billion, distributed to about (927) thousand active accounts compared to around JD 4.04 billion distributed to around (903) thousand active accounts. At the end of 2017, the growth in the total balances of financing and investments (including restricted investment accounts and investment by proxy accounts) reached around 3.8% amounting to about JD 3.37 billion, distributed to 225 thousand transactions compared to around JD 3.24 billion at end of 2016 distributed to 239 thousand transactions. The financing operations carried out by the Bank in the domestic market during 2017 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 2017, 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 172 thousand beneficiaries and the outstanding balance of financing amounted to about JD 1.05 billion. 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 (74) branches and (26) cash offices at the end of 2017 . The Bank roughly employs 2335 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. Since 1997, the Bank has continued to distribute awards to holders of Savings Accounts with a total value of around JD (150) thousand a year to cover the costs of Hajj, Umra, along with other awards. At the beginning of 2008, the Bank introduced awards to users of bank cards, where the awards in 2017 took the form of remittance of the full value of their purchases or part thereof with a total value of JD (223) thousand Dinars. It is known that the Bank incurs the value of all these awards from the funds of shareholders in accordance with the sharia opinion (Fatwa) given in this regard. To shed light on the most important activities and initiatives in the field of social responsibility during 2017, the Bank has issued its sixth 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, 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 2017, Shihadeh indicated that the Bank accomplished further developments and updating in the field of banking techniques, most notably: application of direct banking services via (Mobile-Banking) , launching the Bank’s new web site with a unique and modern design, renewing the certificate of accreditation for the protection and security of Payment Card Industry, Data Security Standard (PCI-DSS), updating the equipment of virtual environment and expanded the activation of their application, upgrading and updating the infrastructure and operating system for the system of transfers and LCs  (SWIFT), launching the (List Automation) applications for Anti- Money Laundering Services, development, innovation, and accomplishment of a number of systems and products, installing and operating new Automated Teller Machines (ATMs) in 2017, by this the Bank’s network of ATMs reached (206) machines, with a share of (12.8%) 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 (1,600) 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 2018, Shihadeh said that it includes: continue the introduction and development of new banking electronic services, expand individuals’ financing grants on Murabaha or Ijara 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, keeping current with the developments in banking technologies, increasing the capacity of automated systems used in order to improve efficiency of services and banking transactions provided to clients. The branching plan includes opening more branches and cash offices  or converting offices to branches ,installing and operating new ATMs and replace the old ones, develop and improve their operating management system., enhancing corporate governance practices, continue the application of Basel II and Basel III requirements, keeping on the continuous endeavour to improving the quality of assets, risk management, and compliance control, continuing to undertake social responsibility in different areas ,enhancing the financial inclusion by expanding the umbrella of beneficiaries of the financial services with high quality, in order to contribute to the sustainable development along with the financial and social stability and increasing the number of the working force and reducing poverty rates and women empowerment, continuing to make available alternative energy in the sites of the Bank, by generating electrical power using solar cells , making available to our clients the products and services provided by Al Baraka Banking Group (ABG), and ensuring that services and products provided by our Bank are available to the Group's Banks' clients, all with coordination and cooperation with ABG management.