International Islamic Rating Agency IIRA Confirms the credit rating of Jordan Islamic Bank

Islamic International Rating Agency (IIRA) has reaffirmed ratings on Jordan Islamic Bank  ( JIB ) on the international scale with foreign currency  at BB+/A 3 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 16/9/2019, it explained that Jordan Islamic Bank is considered as one of the pioneering Islamic banks globally. It is the largest Islamic bank in Jordan and the country’s third- largest bank, where it managed to retain its share in the local Islamic banking market to reach 55.9% Its share reached 8.2% of Jordanian banking assets amounting to JD 50.9 billion and Net profit for the first half of 2019 increased by 5% and the implementation of unfunded projects where the ratio dropped from 0.7% in 2017 to 0.3% in 2018 Where Jordan Islamic bank was able to maintain durability and solvency whence in terms of assets and deposits, , it has sufficient liquidity and stable funding base , sound capitalization , strong profitability, and Increase shareholders' equity. In addition to Geographical expansion and extensive branch network and ATM, The Bank clearly embodies the principles of Islamic banking in its vision, mission, banking and organizational culture. In addition to the Bank's excellence in social activities with a focus on its banking operations and its continuous quest for development and excellence and meet the needs of its customers. Dr. Hussein Said, Chief Executive Officer / General Manager of Jordan Islamic bank, said that," Continued follow-up of IIRA to the performance of our Bank and Reinstall of its credit ratings for our Bank, Emphasizes the success of our bank in reaching the attention of major international credit rating companies for its active role in Islamic banking Supporting the national economy, which important for us to exert more efforts to achieve the achievements that came as a result of the strategy that proved its success to improve the performance and excellence of the bank in the Jordanian and Islamic banking sector. It is worth mentioning that IIRA reaffirmed the Sharia Quality Rating of JIB at AA (SQR) at the beginning of 2017 for the eighth consecutive year 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.