Islamic International Rating Agency (IIRA) continued to confirm the credit rating of Jordan Islamic Bank

Islamic International Rating Agency (IIRA) (Bahrain-based) continued to confirm the credit rating of Jordan Islamic Bank on the international scale with foreign currency  at BB+/A3 and the national scale ratings at A+(jo)/A1(jo). Outlook on the assigned ratings is stable. According to the report issued by the agency on 12/8/2020, Jordan Islamic Bank is considered as one of the pioneering Islamic banks globally, largest and oldest Islamic bank in Jordan, and Confirms the credit rating came as a result of the bank's ability to continue to maintain its market share to reach 8.7% of Jordanian banking assets amounting to JD 51.1 billion and its strong capital adequacy reached 24.1% at the end of the first half of 2020, and maintained sustainable profitability in 2019 for the first half of 2020. The report indicated that despite the effects and consequences of the spread of the Corona pandemic, the bank continued to achieve growth in deposits, finances and investments, and continued to maintain its share in the local banking market in addition to geographical expansion and the possession of a wide network of branches and ATMs, as the bank showed clear progress in digital transformation. Which made it easier for retail customers (individuals) and Small and medium-sized enterprises (SMEs) to benefit from digital services with ease and convenience, in addition to the bank receiving awards from different institutions as the best Islamic bank in Jordan and the best bank in Islamic finance for several years, and the bank clearly applies the principles of Islamic banking in its vision. Its mission, banking transactions and organizational culture enable the bank to manage all its risks in difficult market conditions and in the risk environment which increasing globally. Dr. Hussein Said, CEO / General Manager of Jordan Islamic Bank, stated that the affirmation of the credit ratings of our bank confirms the strength of our bank and its success in implementing the strategy and the method adopted to meet various challenges, preserve gains while striving to achieve more achievements and distinction, appreciating the interest of IIRA Follow-up on the achievements of our bank, which are the subject of appreciation and attention and motivate us to make more efforts. It is worth mentioning that IIRA reaffirmed the Sharia Quality Rating of JIB at AA+ (SQR) at the end of 2019 for the bank’s high degree of adherence to Sharia principles and provisions through the Sharia governance infrastructure instituted at the bank that is largely in accordance with the guidelines provided by the Central Bank of Jordan (CBJ) in the Code of Corporate Governance (CCG) for Islamic banks.