Islamic International Arab Bank

Iyad Asali, General Manager, Islamic International Arab Bank: Interview

In this interview, Iyad Asali, General Manger of Islamic International Arab Bank speaks about the future of Islamic banking in Jordan. The Central Bank of Jordan (CBJ) reported that 69% of the population in Jordan are financially excluded. This gives Islamic banks an opportunity to develop new financial services for this segment. Jordan’s Islamic banks are currently trying to take advantage of this situation to raise awareness of their services. They are also working to improve financial literacy through media, events, social networks and conferences. Over the past five years Islamic International Arab Bank has developed a new framework for sharia-compliant SME financing in coordination with the CBJ. This cooperation led to the founding of an Islamic tool for mobilising funds to SMEs at subsidised costs and the establishment of a sharia-compliant fund to guarantee start-ups financing. This programme empowers a large segment of SMEs across various sectors, especially those owned by young entrepreneurs and women, and those located outside Amman.

Zain, Islamic International Arab Bank to support startups

Zain Jordan has signed a MoU with the Islamic International Arab Bank on supporting entrepreneurs and startups. Under the agreement, the Islamic International Arab Bank will provide support for Zain Jordan's Innovation Campus members in various areas of collaboration, in addition to exploring development opportunities in creativity and entrepreneurship. Zain Jordan CEO Ahmad Hanandeh said that Zain supports startups in facing challenges and equips them with the latest technological tools.

Capital Adequacy: Al Baraka Bank complies with Basel III requirement

The General Council for Islamic Banks and Financial Institutions (CIBAFI) held an In-focus session on Basel III and Islamic banks during the 21st World Islamic Banking Conference (WIBC) in Bahrain. The three prominent Islamic banks, Islamic International Arab Bank, Al Baraka Banking Group, and Bank of Khartoum, showed that they currently have sufficient levels of capital, far beyond what is required under Basel III. Al Baraka Banking Group's recent issuance of Tier-1 Basel III-compliant Sukuk in Pakistan reflects the Group's desire to adapt positively to the dynamic nature of regulatory regimes in the years ahead rather than any shortage of capital.

"KFHR": April proves the lowest issuance of Sukuk year to date

Kuwait Finance House Research Limited (KFHR) has written a report on the Islamic Sukuk market and the fact that in month of April it has been the lowest year to date.
The inaugural sukuk was structured as an Ijarah transaction with a maturity of seven years. The sukuk was subscribed for by a number of leading Islamic and commercial banks including Capital Bank, Cairo Amman Bank, Islamic International Arab Bank, Union Bank, Jordan Kuwait Bank, Bank of Jordan, and Arab Islamic Bank.

Al-Rajhi Cement – Jordan Issues the First Islamic Sukuk in Jordan Managed by Capital Investments

Capital Investments – the investment banking arm of Capital Bank - succeeded the first issuance of Islamic Sukuk in Jordan for the benefit of Al-Rajhi Cement – Jordan.
It was signed by a number of leading Islamic and commercial banks, including Capital Bank, Cairo Amman Bank, Islamic International Arab Bank, Union Bank, Jordan Kuwait Bank, Bank of Jordan, and Arab Islamic Bank.

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