IIRA confirms the credit rating of JIB

International Islamic Rating Agency (IIRA) announced the re-affirmation of the credit rating of Jordan Islamic Bank at A + (jo) / A1 (jo) at the local level and BB + / A3 at the international level for foreign currencies, while maintaining a "stable" outlook for all of these ratings The agency indicated in its report issued on 11/10/2022 that Jordan Islamic Bank’s preservation of these ratings reflects the bank’s stability, distinction and leadership in the local banking market, as it is one of the pioneers of Islamic banking work globally and the largest Islamic banks in Jordan, as it continued to increase its share in the banking market. To reach about 8.7% of the total assets of the banking sector in Jordan, amounting to JD 61.1 billion. The Central Bank of Jordan also considers Jordan Islamic Bank an important role in stabilizing the local financial system. The report disclosed that granting these ratings came as a result of stability in the bank’s risk indicators, achieving a competitive advantage in maintaining a stable financing base, expanding granting funds to the retail sector (individuals), achieving sound and strong liquidity indicators, and enjoying good profitability with an increase in net income by 13.3% to reach its profits at the end of 2021 amounted to JD 59.1 million, in addition to maintaining sufficient reserves, and wide geographical coverage throughout the Kingdom with 84 branches and 25 offices, and the number of employees is 2439 male and female until the end of 2021. The report indicated that the bank’s banking operations management was characterized by stability in addition to commitment to the bank’s distinguished social role despite the Corona pandemic and its effects during the years (2020-2021) on economic growth in Jordan, but the bank was able to achieve growth in banking facilities and programs for various segments of society and worked on Significantly expanding its financing and investment portfolio in 2021, and the expansion in the provision of digital banking services occupied a large space in its business to serve its customers of all categories. Dr. Hussein Said, CEO/General Manager of Jordan Islamic Bank, expressed his pride in the bank’s obtaining these ratings by the prestigious Islamic Rating Agency, which confirms the strength of the bank’s financial position and that it stands on a solid ground thanks to its prudence in studying and evaluating risks, and its ability to adapt with various economic conditions and fluctuations with high efficiency, indicating that the International Islamic Rating Agency reaffirm the Shariah Quality Rating of the Bank AA+ (SQ) at the beginning of September 2022, due to the bank’s commitment to applying the highest levels and standards of compliance and adherence to the principles and provisions of Islamic Sharia.