According to the new methodology for rating
Jordan Islamic Bank announced that global rating agency Standard & Poor's, based in "Paris", affirmed ratings of the Bank for long and short-term commitments of "B / BB" respectively with negative outlook. 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.
The Standand Poor's agency 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 US$ 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.
Mr. 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.
Mr. Moussa Shehadeh, Vice Chairman and General Manager of Jordan Islamic Bank said that affirming the ratings of Stand & 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 Bankâ€™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.
Jordan Islamic Bank is one the subsidiary banking units of Al Baraka Banking Group. Al Baraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain Bours and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank with Standard and Poors investment grade long term counterparty credit rating of BBB- / A-3 (Short Term) with a Negative Outlook. 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 US$1.5 billion, while total shareholdersâ€™ equity amounts to about US$1.8 billion.
The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in twelve countries, which in turn provide their services through more than 400 branches. These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank Bahrain, Al Baraka Bank Pakistan Limited; Banque Al Baraka D'Algerie, Al Baraka Bank Sudan; Al Baraka Bank Limited, South Africa; Al Baraka Bank Lebanon; Al Baraka Bank Tunisia; Al Baraka Bank Egypt; AlBaraka Turk Participation Bank, Al Baraka Bank Syria and representative offices in Indonesia and Libya (under formation).