Standard & Poors affirms the Credit Rating of JIB

Standard & Poor’s Ratings Services ( Paris ) has affirmed its long and short credit ratings  of Jordan Islamic Bank (JIB) successively  at BB-/B and assessed JIB’s Stand – Alone Credit Profile (SACP) at bb- , while revised its outlook to negative from stable which mirrors the negative outlook on Jordan. The report issued by S&P indicated that affirming the credit rating of JIB is due to major factors such as its leading position as the largest Islamic financial institution in Jordan and the country’s  third- largest bank  in terms of assets, deposits and financing, good business resiliency  to the current adverse economic conditions in Jordan, adequate liquidity ratio, moderate capitalization and profitability , ample core customer deposit base representing 99.9 %  of the total funding base. Mr. Musa Shihadeh , CEO –General Manger of JIB commented on this rating which coincides with the sovereign ratings assigned to Jordan, “ S&P rating asserts the successful application of the bank’s strategy in dealing with different surrounding conditions and maintaining a distinguished banking position with achieving growth in various indicators. This pushes us to make more efforts in order for our bank and its pioneer experience in Islamic banking business to be in the lead always and attract the attention of all”.