Ammon News

IIRA reaffirms ratings of Jordan Islamic Bank for 2015

Ratings assigned to Jordan Islamic Bank derive strength from the institution’s strong franchise as the largest retail Islamic bank operating in the Hashemite Kingdom of Jordan. The bank’s financial risk profile is also healthy, with strong and improving asset quality indicators, sufficient profitability position, and sizable liquid reserves. Leverage indicators of the institution are at a comfortable level. Jordan’s macroeconomic environment, however, remains challenging against the backdrop of regional instability. The bank has been proactive in incorporating changes in the code of corporate governance for Islamic banks issued by the Central Bank of Jordan.

Jordan to establish regional center for Islamic banking

The Jordanian government announced its intention to establish regional center for Islamic finance. By now, the total amount of Islamic assets in the country reaches 5% of total banking assets. Islamic banks of Jordan perform considerably better than traditional banks as they offer various unique services and products.

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