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 27/12/2020 stated that Jordan Islamic Bank is a pioneering Islamic bank globally and the oldest and the largest Islamic Bank in Jordan, in addition to the bank's compliance with the best recommended practices in relation to transparency and disclosure in accordance with regulatory requirements. The bank’s institutional, managerial and organizational culture is based on its vision and mission, which based on the application of ethical and Islamic standards for all its employees, and the existence of a Sharia supervisory board consisting of three highly qualified and experienced members, in addition to a separate and independent internal Sharia audit department that includes a qualified Sharia audit staff and Its reports are submitted directly to the Sharia Supervisory Board .The report also praised the bank’s continued development and innovation of new and modern products and expansion in providing digital services to retail customers (individuals). JIB received awards for several years from various institutions as the best Islamic bank in Jordan, strengthened its banking position in the local market through expansion, and spread to reach 108 branches and offices. In addition to the Bank's contribution in the area of social responsibility, including its reliance on Renewable energy "solar energy" in some of its branches and offices, providing Al-Qard Al-Hasan for social purposes, donations, and the existence of a mutual insurance fund to achieve the principle of social solidarity ... etc. Dr. Hussein Said, CEO / General Manager of JIB, expressed his happiness for the continuation of fixing the Sharia Quality Rating of the bank, said that: “We are proud of the International Islamic Rating Agency’s follow-up to the work of our bank in terms of continuous commitment to the highest Sharia quality standards and in line with the instructions of the Central Bank of Jordan regarding the Code of Corporate Governance (CCG) for Islamic banks, Which confirms the success of implementing our bank’s strategy by providing the best banking services in accordance with the provisions and principles of Islamic Sharia, which came as a result of continuous efforts to maintain the highest levels of commitment, growth and profitability while insisting on doing more efforts to maintain the distinguished position of our bank in the Islamic banking business .It is worth noting that Islamic International Rating Agency continued to re-affirm the credit rating of Jordan Islamic Bank at the beginning of December 2020 on the international scale with foreign currency  at BB+/A3 and the national scale ratings at A+(jo)/A1(jo). Outlook on the assigned ratings is stable.