CI Affirms the Credit Ratings on JIB

Capital Intelligence Ratings (CI), the international credit rating agency, has affirmed Jordan Islamic Bank’s (JIB) Long and Short – Term Foreign Currency Ratings (FCRs) at BB- and B respectively with a negative outlook. However, the outlook for JIB is in line with the outlook for Jordan's sovereign FCRs as a result of the challenging operating environment .The support rating remains at "3" and the bank's Financial Strength Rating (FSR) is maintained at BBB- with a negative outlook. The report issued by the agency on 13 December 2018  indicated that the continuation to affirm the credit rating on JIB is supported by the bank’s ability to establish Islamic banking franchise in Jordan and its continuation to control the lion’s share of Islamic banking assets and customer deposits in Jordan despite keen competition over the past years ,the  bank's good asset quality, strong and abundant liquidity, sound profitability, a diversified customer deposit base,  its continuation to boast one of the lowest NPFs ratios in the local market, in addition to achieve a high Capital Adequacy Ratio (CAR) as of June 2018 . Mr. Musa Shihadeh, General Manager of JIB commended the efforts made by the Bank to maintain good credit ratings despite the continued difficult economic and political conditions surrounding the region and impacted on Jordan's sovereign credit rating. Stressing on leading the same approach to implement the Bank's strategy in facing various challenges to maintain what has been achieved and strive for more achievements.