IIRA Upgrades Jordan Islamic Bank’s Sharia Quality Rating

The Islamic International Rating Agency (“IIRA”) has upgraded the Sharia Quality Ratings of Jordan Islamic Bank (“JIB”) at AA+(SQ) based on recent review meetings and its assessment of disclosures pertaining to the year ended December 2017 for the bank’s perseverance to conform to very high standards of Sharia principles . The report issued by the Agency on 11/10/2018 stated that Jordan Islamic Bank is the first and largest Islamic bank in Jordan, commanding close to 55% of the local Islamic banking market according to statistics by the Association of Banks in Jordan (2018). It is also the third largest of all bank in the kingdom, representing 9.1% of the JD 46.5 b banking industry’s asset base. Upgrading the rating of JIB is based on the bank’s perseverance to very high standards of sharia principles which is clearly embodied in its vision and mission, its organizational culture and its commitment to apply the amendments in  Islamic banks’ corporate governance regulations issued by the Central Bank of Jordan to promoting the soundness and resilience of the banking industry. JIB asserts as well the importance of commitment to high Islamic and ethical standards at all levels of personnel, dedicating them in serving the society , ensuring fairness to all stakeholders and investment accountholders in addition to enhance the efficiency of the Sharia Supervisory Board which comprises of four well reputed members and internal Sharia audit staff. The report indicated the bank’s ability to enhance its banking position in the local market with a branching network comprising 100 branches and offices while keeping pace with banking technology and innovation in services and products , its contribution to charitable purposes and initiatives towards social responsibility including its reliance on solar energy to cover some branches and offices and finance hybrid cars, providing Al-Qard AlHasan for justified social purposes, providing donations and Mutual Insurance Fund to achieve social collaboration. Moreover, the bank operates comprehensive training programs with specific reference to sharia related trainings for its staff and other beneficiaries. Mr. Musa Shihadeh, General Manager of JIB commended upgrading the bank’s Sharia Quality Rating, which confirms the success of achieving the Bank’s strategy to adhere to the highest standards of Sharia quality in compliance with the provisions and principles of Islamic Sharia and in accordance with the instructions of the Central Bank of Jordan adopted in Islamic bank’s corporate governance, stressing making further efforts to achieve further achievements.