The Banker Magazine: Jordan Islamic Bank Best Islamic bank in Jordan for the year 2020
Manama I August 23, 2020
Jordan Islamic Bank (JIB), one of the banking units of Al Baraka Banking Group B.S.C received the award for the Best Islamic bank in Jordan for the Year 2020 for the seventh time in a row, from The Banker which is a British magazine, that is issued by the Financial Times Group, The Banker Magazine specializes in the field of banking and investment at the international level and the magazine grants the award to distinguished banks every year at the country level.
The report issued by the magazine on the first of this month states that Jordan Islamic Bank is the largest Islamic bank in Jordan and the third largest bank in Jordan in terms of assets. According to the report, Jordan Islamic Bank deserved to win this award in terms of growth in financial indicators, commitment and excellence in applying financial inclusion and innovation in services and products, customer service and launching green energy initiatives in the service of society and the environment. Furthermore, the bank's Net income increased by 9.1% to JD 54.3 million, and Total assets including "restricted investment accounts" increased by 7.6% to reach JD 5 billion in 2019, with Capital Adequacy Raito increasing to 24.33%, and the return on equity reaching 13.3% % compared to 13% in the previous year, and the percentage of Non- Performing Finance (NPF) to the bank improved to 3.97% compared to 4.2% from the previous year. Also JIB is the first Jordanian bank to provide heaters and solar cells for homes subsidized by 30% from the Renewable Energy and Energy Conservation Fund / Ministry of Energy and Mineral Resources. Additionally, JIB has played a very distinct role in providing and facilitating financial banking services with ease to people with disabilities and this includes the bank issuing special cards for people with visual impairment. The Bank has also been actively participating in the national self-employment program that enables young people to set up development projects and provides job opportunities. Additionally, JIB has been engaged with the expansion and innovation in the electronic digital services arena, by launching updated versions of the mobile banking application and online banking services (I-Banking), while continuing to issue banking cards in accordance with the provisions and principles of Islamic Shariâ€™a and expanding the services and network of ATMs.
On this occasion, the President & Chief Executive of Al Baraka Banking Group, Mr. Adnan Ahmed Yousif, said that the Bank's obtaining this prestigious award for the seventh year in a row is a testament to the achievements made by the Bank, which embodies its clear role in consolidating the Islamic banking experience. The Bank is the first and largest Islamic bank in the Jordanian banking market and occupies a prominent position on the Arab and international levels due to the high-quality Islamic banking services and products that it provides to various segments of individuals and institutions that meet the needs of the Jordanian and regional societies and markets.
For his part, Dr. Hussein Said, CEO / General Manager of Jordan Islamic Bank said, " The continuous winning of The Banker magazine's awards since 2013 by our bank in addition to other awards that we continue to win from many international institutions and magazines that are concerned with highlighting the leading financial institutions in their areas of business, goes to confirm the success of the strategy deployed by Jordan Islamic Bank towards achieving the milestones that received the attention and appreciation of many institutions worldwide. This award further gives us the incentive to exert more effort to work towards greater achievements to fulfil the mission and goals of the Bank that are in line with the provisions and principles of Islamic Shari'a".
About Al Baraka
Al Baraka Banking Group B.S.C. (ABG) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and Nasdaq Dubai. It is a leading international Islamic banking group providing its unique services in countries with a population totalling around one billion.
The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition to two branches in Iraq and representative offices in Indonesia and Libya.
ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.
S&P Global Ratings has updated the long-term rating on Al Baraka Banking Group B.S.C. to 'BB-' with a 'Stable' Outlook, while affirming the 'B' short-term rating of the bank.
ABG has also been rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency (IIRA). IIRA has also rated ABG on the national scale at A+ (bh) / A2 (bh) with a fiduciary score of 81-85, the highest level amongst Islamic Financial Institutions in the region.