Islamic International Rating Agency (IIRA) situated in Bahrain has upgraded credit rating of Jordan Islamic Bank (JIB) on the national scale to A+(jo)/A-1 from A(jo)/A-2.The international scale ratings of JIB have been reaffirmed with the foreign currency rating at 'BB+/A-3'and the local currency rating at 'BBB-/A-3'. Outlook on the ratings is 'Stable'.
The Rating Agency has also reaffirmed Sharia Quality Rating of AA(SQR) assigned to JIB for the year 2011 and for the third year respectively. The report issued by the agency has commended JIB's conformance to very high standards of Islamic Shari'a principles in its dealings and finances based on the methodology adopted by the board of sharia quality rating. This rating is the highest sharia rating that any Islamic bank gets.
The Agency indicated in a statement that Jordan Islamic Bank is the first and largest islamic bank in Jordan and third largest bank in Jordan contributed in applying and developing islamic finance and commitment to islamic sharia principles. It added as well that Upgrading the credit rating of the Bank reflects the Bank's having a strong franchise in offering banking services since its domestic operations allowed it to mobilize a sizeable retail deposit base comprises over 90% of total deposits of the Bank. JIB has a strong liquidity since it has a high level of liquid assets and high level of retail deposits in addition to maintain its performance in 2011 as the growth ratios indicate in assets, deposits , customers' accounts, financings, profits, the advancement in capital expansion , growth of assets quality, original growth in basic profitability.
The Agency reaffirming Sharia Quality Rating assigned to JIB is based on its commitment to Islamic sharia and the presence of sharia supervisory board which consists of four scholars with wide experience in islamic sharia and high qualifications and undertake revising operations' reports and sharia audit. The Bank also has an efficient internal sharia audit department which has good knowledge and experience in islamic sharia in accordance with the work requirements. JIB is a social responsible institution which is distinguished in granting al Qard al Hassan for social purposes through AlQard al Hassan fund, offering donations, funding professionals and craftsmen and mutual insurance fund to achieve principle of social Takaful.
Concerning the ratings, Mr. Musa Abdelaziz Shihadeh, Vice Chairman - General Manager of JIB said we are proud of upgrading the Bank's credit rating and reaffirming Sharia quality rating assigned to JIB which indicates the Bank's ability to face different economic and political crises which have become big challenge in banking sector and asserts the safety of purpose and mean in its banking performance and commitment to standards and requirements of sharia quality, as the Agency declared.
Shihadeh added International credit rating agencies that look closely at our Bank's performance and grant it good ratings indicates the significance of its pioneer status in providing best islamic financial services according to islamic sharia principles and asserts the success of our vision and strategy and pushes us to make more effort to keep JIB's advancement and pioneering.