International Islamic Rating Agency "IIRA" confirms the credit rating of Jordan Islamic Bank

Islamic International Rating Agency (IIRA) (Bahrain-based) continued to reconfirm 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; this is due to the bank's distinguished, strong and sustainable role in the continued increase of its share in the banking market and the expansion of granting financing to the retail sector. The report issued by the agency on 08/18/2021, indicated that Jordan Islamic Bank is one of the leading Islamic banks in the world and the largest Islamic bank in Jordan, and despite the consequences resulting from the spread of Covid-19, the bank was able to maintain its credit ratings for the continuity of Maintaining its market share of Jordanian banking assets, and a strong capital adequacy that reached at the end of 2020 to 23.74%, and achieved a growth in deposits that reached 8.9%, and individual sector deposits represent 87% of the total deposits, in addition to owning a wide network of branches and ATMs that supported the bank's presence close to the retail sector (individuals), with the bank's clear role in progressing towards digital transformation and expansion of mobile banking and internet banking services for corporate and individual customers. Dr. Hussein Said, CEO/General Manager of JIB, said that we appreciate the follow-up and interest of the International Islamic Rating Agency (IIRA) in the performance of our bank and the continuation of confirming the credit ratings that confirm the success of the efforts made to implement the strategy in the face of the various challenges and consequences resulting from Covid-19, with an emphasis on continuing by making more efforts. Dr. Hussein added that Islamic International Rating Agency also continued to reaffirmed the bank’s Sharia Quality Rating AA+ (SQ) at the end of December 2020, due to 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. Islamic International Rating Agency (IIRA) (Bahrain-based) continued to reconfirm 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; this is due to the bank's distinguished, strong and sustainable role in the continued increase of its share in the banking market and the expansion of granting financing to the retail sector. The report issued by the agency on 08/18/2021, indicated that Jordan Islamic Bank is one of the leading Islamic banks in the world and the largest Islamic bank in Jordan, and despite the consequences resulting from the spread of Covid-19, the bank was able to maintain its credit ratings for the continuity of Maintaining its market share of Jordanian banking assets, and a strong capital adequacy that reached at the end of 2020 to 23.74%, and achieved a growth in deposits that reached 8.9%, and individual sector deposits represent 87% of the total deposits, in addition to owning a wide network of branches and ATMs that supported the bank's presence close to the retail sector (individuals), with the bank's clear role in progressing towards digital transformation and expansion of mobile banking and internet banking services for corporate and individual customers.