IIRA reaffirms Sharia Quality Rating of JIB

International Islamic Rating Agency (IIRA) (based in Bahrain) has reaffirmed the Sharia Quality Rating of Jordan Islamic Bank at AA+ (SQ) due to the bank’s continued compliance with uphold the highest standards of compliance with the principles and provisions of Islamic Sharia in its transactions, products and financing, and to meet the banking needs of its customers. According to the report issued by the Agency on 1 December 2021, Jordan Islamic Bank is considered one of the leading banks in the field of Islamic banking services globally and one of the largest banks operating in Jordan, and it has a strong Islamic banking base that enabled it to be the largest Islamic bank in Jordan in terms of Market share, geographical expansion, development, innovation and introduction of new banking products and expansion of digital banking services for individuals and companies with a commitment to strengthening the structure of Sharia governance and commitment to transparency of financial reporting and disclosures of Sharia governance of the bank, which are in line with best and recommended practices. The report also praised the high level of independence in the Board of Directors and effective internal controls, as well as the commitment of the Bank under the Sharia principles and its possession of a Sharia supervisory board and an independent internal Sharia audit department. The Bank obtains the Sharia Supervisory Board’s directions and approval of any modification to the existing product structures or their development continuously, Jordan Islamic Bank is also distinguished in its commitment to its social responsibilities and the principles of sustainability by offering donations and Al Qard Al-Hassan for social purposes and sustainable development..etc. Commenting on the rating granted to the bank, CEO/General Manager of Jordan Islamic Bank, Dr. Hussein Said, said, “The continuity of our bank’s preservation of this advanced rating of Sharia quality is an affirmation of the success of our bank in its relentless pursuit to implement the methodology of Sharia compliance with the principles of governance and enhance the role of Sharia supervision, appreciating all the efforts made by the board of directors, the Sharia bodies, the executive management and all the employees of our bank to ensure the continuity of excellence at all levels. It is worth noting that Islamic International Rating Agency continued to re-affirm the credit rating of Jordan Islamic Bank at 18 Aug 2021 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.