The Bank awarded bb (Anchor ) for its retention on good and appropriate status in the management of risk, a solid funding base and high and strong liquidity according to the new global methodology of rating developed by Standard & Poor’s and has recently been applied to all institutions that the agency rates them.
Standard & Poor’s mentioned in its reports that the Jordan Islamic Bank has a high banking ranking in the Jordanian banking sector as the third largest bank in Jordan and the leader in the local Islamic banking sector with total assets amounted $3.8 billion at June 30, 2011 and total market share of funds and deposits of 11% and 12% respectively at that date, due to the Bank’s commitment to a stable strategy that is implemented by experienced and constant management team.
Adnan Ahmed Yousif, Chairman of the Board of Directors of Jordan Islamic Bank said that affirming the ratings of Jordan Islamic Bank, in accordance with the new methodology adopted by the Standard & Poor’s represent a major achievement for the Bank, which indicates the strength of the Bank and its flexibility and ability to meet the difficult and volatile financial and political conditions around the world.
Moussa Shehadeh, Vice Chairman and General Manager of Jordan Islamic Bank said that affirming the ratings of Standard & Poor’s agency, according to the new methodology stresses the importance of our Bank locally among banks operating in Jordan , and the distinguished place it enjoys among the Islamic banks, as the Bank’s policies adopted to face economic fluctuations or difficulties and to serve customers under various conditions have been efficient, safety and successful, and despite all surrounding political and economic challenges and fluctuations.
“This motivates us to make more effort to achieve the highest growth in all financial indicators and within the Sharia rules and the consolidation of Islamic banking approach locally and globally,” he added.
JIB is one the subsidiary banking units of ABG. ABG is a Bahrain Joint Stock Company listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari’a. The authorised capital of ABG is $1.5 billion, while total shareholders’ equity amounts to about $1.8 billion.