IIRA Reaffirms Credit Ratings on JIB

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 local  currency at BBB-/A3,On the national scale ratings at A+(jo)/A1(jo). Outlook on the assigned ratings is stable. The report indicated that despite the persisting macroeconomic and regional challenges in Jordan , JIB is positioned as a prominent market player in Jordan banking sector for it’s the largest Islamic bank and the third largest  bank in Jordan in terms of assets and deposits, , it has sufficient liquidity and stable funding base , sound capitalization , strong profitability and superior return indicators; JIB’s ROAA and ROAE are superior compared to the banking sector aggregates, stable funding, utilization of alternative sources of energy in some branches. The bank endeavors to achieve efficiencies under its strategy  in automating processes , introducing electronic channels and enhanced use of IT  in providing internet banking services and mobile banking. On this occasion, Mr. Musa Shihadeh, CEO – General Manager of JIB expressed his pleasure of the bank’s success in applying its strategy aiming to maintain its distinguished position in Jordanian Islamic banking business to worthily deserve  reaffirming the ratings by IIRA  for achieving the  standards followed by Rating agencies, asserting its  the determination to exert further efforts to be always in the lead. 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.