IIRA Reaffirms Ratings of JIB

Islamic International Rating Agency (IIRA) has reaffirmed the credit ratings of 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 have been reaffirmed  at A+(jo)/A1(jo). Outlook on the assigned ratings is stable. The report indicated that despite the economic challenges and unstable regional environment , JIB commands a strong presence in the Jordanian banking sector for it’s the largest Islamic bank and the third largest  bank  in terms of assets and deposits in Jordan, largely resilient, adequate reserves and liquidity with the accelerated growth in financings , sound profitability and capitalization indicators supported by the expansion   of the bank’s branches and offices in addition to the ATMs, utilization of alternative sources of energy in its branches, the continuation to improve the governance framework in compliance with the code of corporate governance for Islamic banks issued by the Central Bank of Jordan . On this occasion, Mr. Musa Shihadeh, CEO – General Manager of JIB said reaffirming the ratings of our bank by IIRA asserts the bank’s ability to keep the highest credit ratings standards ,the sound application of the bank’s strategy and its approach to maintain a distinguished position in Islamic banking domain and confront different challenges with 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 2016 for the seventh consecutive year for its conformance  to very high standards of Sharia compliance in all aspects of sharia quality analysis, having Sharia Supervisory Board, its role and pioneering position in Islamic banking industry  and its commitment to principles of corporate governance.