The General Assembly of Jordan Islamic Bank approved in its forty-fourth ordinary meeting, which was held by visual and electronic communication headed by Mr. Musa Shihadeh, Chairman of the Board of Directors, and in the presence of members of the Board, CEO / General Manager, Dr. Hussein Said, and shareholders holding shares (on behalf, by proxy and agency) at a rate of (74.44%) on the recommendation of the Board of Directors to distribute cash dividends to shareholders at a rate of (25%) in cash of the paid-up capital of JD 50 million, in the presence of the Companies Controller, Dr. Wael Al-Armouti, and a representative of the Central Bank of Jordan, on Thursday 27/4/ 2023.
The Board of Directors' report and financial statements for the fiscal year ending on 12/31/2022 and the bank's future plan were also approved, and discharge the members of the Board of Directors from liability for the previous financial year, the decisions of the previous ordinary general assembly meeting, and the reports of the Sharia Supervisory Board and the external auditor were heard. The Bank's Sharia Supervisory Board has been reappointed for the Bank for a period of four years (2023-2027) consisting of Dr. Mahmoud Al-Sartawi, Dr. Abdul Rahman Ibrahim Zaid Al- Kelani, Dr. “Mohammed Khair” Al-Issa and Mr. Yousif khalawi. Pricewaterhousecoopers (pwc)/ Jordan was also elected as auditors, the general assembly of the bank's shareholders decided to elect a new board of directors for the next four years (2023-2027) consisting of the following gentlemen:
- Al-Baraka Group, represented by:
- His Excellency Mr. Abdullah ben Brahim ben Suleiman Al-Howaish.
- His Excellency Mr. Houssem ben Habib ben Haj Amor.
- His Excellency Mr. Issa Haider Issa Murad.
- Her Excellency Malak Fawzi Ragheb Ghanem.
- His Excellency Mr. Daham ben Mashour ben Daham Al-Fayez.
- Social Security Corporation and its representative his Excellency Mr. Farouk Abdelhaleem Taher Al Hadidi.
- His Excellency Mr. Jamal Ahmad Mufleh Al-Sarayrah.
- His Excellency Dr. Tayseer Radwan Saleem Al Smadi.
- His Excellency Eng. Abed AlRahim Fathi Salim Boucai
- Her Excellency Dr. Khawla Fareez Awad Al-Nobani.
- His Excellency Mr. Ghassan ben Ahmed ben Mohammed Amodi.
The Board of Directors decided to elect H.E Mr. Abdullah Al-Howaish as Chairman of the Board and the election of His Excellency Mr. Houssem ben Haj Amor as Vice-Chairman of the Board of Directors.
Mr. Musa Shihadeh said, "By the grace of God Almighty," our bank was able, during the year 2022, to overcome the emerging challenges globally and locally and their effects on economic and social conditions through its ability to adapt to the changes resulting from the challenges. It is the result of the accumulated experience it has to work on improving operational efficiency to increase profitability rates and financial returns, which positively effects on the bank’s clients and shareholders, as it achieved a good results in most of its economic and social activities while preserving its share of the Jordanian banking market for the year 2022. The total financing and investment balances of the bank from the direct credit facilities of banks operating in Jordan amounted to about 15.6%, and the total balances of savings schemes of the bank from the total customer deposits with banks operating in Jordan amounted to about 13%, and the total assets of the bank to the total assets of banks operating in Jordan amounted to Its percentage is 9.5%. The bank’s net profits after tax amounted to about JD 61.1 million in 2022, compared to about JD 59.1 million, with a growth rate of 3.5%. Joint investment profits amounted to about JD 224.1 million, compared to about JD 214.4 million at the end of the year 2021, with a growth rate of 4.5%.
He praised the performance of the executive management and all employees of the bank for implementing the strategic plan to achieve the various goals. He also indicated that the prudent measures taken by the Central Bank to maintain monetary stability and support the march of Islamic banks and their special nature of work had a role in achieving these achievements in support of the national economy.
During the Board of Directors meeting, the members of the Bank's Board of Directors expressed their thanks and appreciation to Mr. Musa Shihadeh, Chairman of the Board of Directors, who expressed his unwillingness to nominate himself for the new Board of Directors session, after a tender career that lasted about 43 years in the banking business, at Jordan Islamic Bank, where the Board of Directors praised Mr. Musa Shihadeh's dedicated efforts and clear achievement to serve and spread the banking industry and the Islamic economy, to place Jordan Islamic Bank in the first ranks at the local, Islamic and international banking levels and to become one of the pillars of the Jordanian banking system and a source of pride for the Jordanian banking industry and achieving a prominent position among Arab and international banks, and the Board wished Mr. Musa Shihadeh success in his next career, stressing the importance of continuing communication with him to benefit from his long experience and familiarity and benefit from his views on some issues that the bank needs to continue its progress.
For his part, Mr. Musa Shihadeh thanked the members of the Board of Directors, the CEO / general manager of the bank, the former board members, the current and former chairman and members of the Sharia Supervisory Board, and all the current and former employees of the bank and may God have mercy on those who passed away, he also thanked the Central Bank of Jordan and the regulatory and governmental authorities for their efforts in facilitating the work of Islamic banking in Jordan.
On the other hand, Dr. Hussein Said, CEO / General Manager of Jordan Islamic Bank, praised the efforts of Mr. Musa Shihadeh during his tenure as chairman of the Bank's Board of Directors for four years, and before that he held the position of CEO / General Manager. During this period, the bank achieved distinguished results at various levels, presenting a model for a successful, persistent and wise leader, and crowned his career by achieving advanced and leading ranks in the Jordanian, Arab and international banking sector to achieve the bank’s strategy to face various challenges and achieve the best achievements, which emphasized the ability of harmony between the board of directors and the executive management. The bank also received international awards for several consecutive years from several international bodies, as well as credit and legal ratings from international rating institutions, confirming the success of the bank's march.
Dr. Hussein Said indicated that the bank’s annual budget numbers as it is on 31/12/2022 reflect the strength of the bank’s financial position and the success of its strategy in facing all the various challenges facing it. The assets, including (specified investment accounts and wakala investment accounts (investment portfolios)) amounted to about JD 6.190 billion compared to JD 5.953 billion at the end of 2021, an increase of about JD 237 million, with a growth rate of about 4%.
The balances of savings schemes, including (specified investment accounts and wakala investment accounts (investment portfolios)) amounted to about JD 5.533 billion, compared to JD 5.283 billion at the end of 2021, with an increase of about JD 250 million, with a growth rate of about 4.7% distributed over about 1152.1 thousand active accounts.
The total financing and investment balances at the end of 2022, including (specified investment accounts and wakala investment accounts (investment portfolios)) amounted to about JD 5.199 billion, distributed over 239.3 thousand transactions, compared to about JD 4.741 billion at the end of 2022, distributed over 234.1 thousand transactions.
Shareholders’ equity amounted to about JD 521 million, compared to about JD 510 million at the end of 2021, with a growth rate of about 2.2%. The Capital Adequacy Ratio (CAR) at the end of 2022 was about 21.21%, confirming the strength of the bank’s capital base, as the bank maintained the integrity of Its credit portfolio and the quality of its assets, as the percentage of Non- Performing Finances (NPFs) reached about 2.68%, and its coverage rate was about 100%.
Dr. Hussein Said indicated the bank's keenness to develop its electronic platforms to provide the best modern digital banking services to its customers, which keep pace with the latest developments in the banking industry by providing "Islami Mobile", "Islami Internet" and "Islami Digital", etc., and attracting a larger group of customers, in addition to delivering its distinguished services to various residential and economic communities easily, by opening two new offices, moving a branch to a new location, and converting five offices to mini branches, so that the bank’s network of branches will become by the end of 2022 consisting of 111 branches and offices, in addition to two digital offices “Islami Digital” in the Pavilion Mall / Amman and Wasfi Al-Tal Street Office (Al-Gardens) / Amman.
The Bank's efforts in comprehensive community development continue through its presence in innovative programs of social responsibility and sustainability directed to all segments of society by providing support and sponsorship for many activities, through the issuance of the Bank's eleventh report to highlight the most important activities and initiatives in social responsibility and sustainability for the year 2022, which it is an integral part of the Bank's ongoing programs and initiatives in community service to achieve balance in economic, environmental and social performance.
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