The financial statements of Jordan Islamic Bank (JIB) indicated a continuation in profits’ growth till 30/9/2012. The Bank’s net profits after tax reached about USD39,92 million compared to about USD29,62 million in the same period in 2011 .
Mr. Adnan Ahmad Yousif, Chairman of the Board of JIB , CEO of AlBaraka Banking Group/Bahrain indicated that the growth in the third quarter net profits of 2012 resulted from the continuation of growth in different financial indicators in spite of the economic and political crises the surrounding area witnesses and their impacts on national economy and this reflects the Bank’s strength and its firm strategy that is capable of dealing with different circumstances in addition to the leading position the Bank occupies and obtaining many global ratings whose latest was during September whereas Standard & Poors rating services reaffirmed its long and short term credit ratings on Jordan Islamic Bank (JIB)at “BB/B” with a negative outlook. The Bank obtained “bb” anchor for the adequate business position it maintains, sticking to consistent strategy, adequate risk position, average funding and strong liquidity which enabled the Bank to have a leading position for it is considered the biggest Islamic bank in Jordan and the third- largest bank in Jordan banking sector.
Yousif stated that the Bank’s continuation to obtain global ratings asserts the success of the Bank and its team including executive management and staff in dealing with the developments and international and regional conditions in addition to follow conservative and sensible policies commending efforts of official and control authorities and CBJ for their continual cooperation and constant support of Jordan banking institution and Islamic banking.
Concerning the financial results the Bank achieved for the 3rd quarter of 2012, Mr. Musa Abdelaziz Shihadeh, Vice Chairman, General Manager of JIB said that most financial indicators of the Bank indicated an increase till 30/9/2012. The Bank’s assets with accounts managed added to (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about USD4, 68 billion as of 30/9/2012 compared to USD4,43 billion end of 2011 with an increase of about USD241,18 million with a growth of 5,4% which asserts the Bank’s advancement and development to enhance its position in Jordan banking sector.
Shihadeh indicated that facilities granted for customers with facilities granted from managed accounts added to reached about USD3,29 billion at end of September , 2012 compared to USD2,51 billion at end of 2011 with an increase reached about USD777,15million with growth of 31 %
Customers’ deposits with managed accounts added to reached about USD4, 23 billion compared to USD 3,99 billion at end of 2011 with an increase reached about USD207,33 million with growth of 5.1 %. Thus, this indicates the extent to which clients are confident of the Bank’s financial position strength.
Shihadeh pointed out that the Bank enhanced its capital base by increasing its capital to USD 176,3 million Dollar /share during the current year so that ownership equity become about USD311,1 million till 30/9/2012, capital adequacy ratio (CAR) reached 17,95% , the rate of return on Average equity (ROAE) after tax reached 17,7%.
Shihadeh added that the Bank has finalized applying the new banking system in its all branches and offices reaching 79. This achievement is considered an object of pride for all of us and for the Islamic banking which proved its ability and success to overstep different obstacles, asserting the Bank’s continuation to keep pace with developments that banking industry witnesses and which serves its clients and complies with principles and provisions of Islamic Sharia.
It is worth mentioning that Jordan Islamic Bank (JIB) is one the subsidiary banking units of Al Baraka Banking Group (ABG). Al Baraka Banking Group is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and NASDAQ Dubai stock exchanges. It is a leading international Islamic bank providing its unique services to around one billion people and with Standard and Poors investment grade long term counterparty credit rating of BBB- / A-3 (Short Term). Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is US$1.5 billion, while total 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 fifteen countries, which in turn provide their services through more than 400 branches. Al Baraka is currently having a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya (under formation), Iraq and Saudi Arabia.
