IIRA reaffirms Sharia Quality Rating of JIB

Islamic International Rating Agency (IIRA) (based in Bahrain) has reaffirmed the Sharia Quality Rating of Jordan Islamic Bank (JIB) at AA + (SQ) in order to continue the bank’s commitment to applying the highest levels and standards of compliance and adherence to the principles and provisions of Islamic Sharia and a Sharia governance structure in line with the Instructions Code of Corporate Governance (CCG) for Islamic banks issued by the Central Bank of Jordan. The report issued by the agency on 19/12/2019, that JIB is the first and largest Islamic bank in Jordan and the third largest bank in the Jordanian banking sector, where its share is about 55% of the local Islamic banking market and represents 8.2% of the assets of the Jordanian banking industry. Also, the agency’s assessments were based on its classification based on the bank’s compliance with the highest standards of adherence to the principles and provisions of Islamic Sharia based on the institutional governance instructions of Islamic banks issued by the Central Bank of Jordan, through the bank’s managerial and organizational culture, with its vision, mission, and application of ethical and Islamic standards for all of its employees, and the presence of a Shari'a supervisory body consisting of four members with high academic qualifications and experience, along with a qualified internal legal cadre, along with the bank’s enhancement of its banking position in the local market by expanding in a network Branches, offices and keeping up with innovation in banking products according to the latest technological developments. In addition to active contributions in social responsibility initiatives, such as providing donations and AL- Qard AL-hassan and providing sponsorship and participation in various conferences and seminars concerned with the Islamic financial industry, providing financing for craftsmen and small and medium enterprises, and the existence of a mutual insurance fund to achieve the principle of social solidarity. And relying on alternative energy "solar energy" to cover some of its branches and offices, also implemented comprehensive training programs for its employees to provide them with knowledge and experience regarding adherence to the principles and provisions of Islamic Sharia. On this occasion, Dr. Hussein Said, CEO / General Manager of JIB said that reaffirmed the Sharia quality rating of our bank provides us with determination to do more effort, while continuing to implement the strategy aimed at continuous commitment to the highest standards of Sharia quality and in line with the instructions of the Central Bank of Jordan on the institutional governance of Islamic banks to achieve Distinguished results at various levels and maintaining the distinguished position achieved by the Jordan Islamic Bank in the Islamic banking sector. It is worth mentioning that IIRA  has reaffirmed the credit ratings of JIB on the international scale with foreign currency  at BB+/A 3 and local  currency at BBB-/A3.On the national scale, ratings have been reaffirmed  at A+(jo)/A1(jo). Outlook on the assigned ratings is stable.