Thursday, February 29, 2024
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In a year of global challenges and inflation threats, Jordan Islamic Bank (JIB) emerges stronger, posting improved results and expanding its sustainable banking initiatives.

Jordan Islamic Bank (JIB) Defies Global Challenges with Strong Growth

Despite global inflation and post-Covid uncertainties, Jordan Islamic Bank (JIB) has maintained steadfast growth and posted impressive results in the face of adversity. The bank’s commitment to sustainable banking and prudent expansion has bolstered its performance in the 2022 financial year.

Robust Financial Performance Amidst Adversity

JIB achieved net profits of $86.2 million after tax, showing a growth rate of 3.5% compared to the previous year. Joint investment profits reached $316.1 million, with a growth rate of 4.5%. The bank’s total assets, including investment accounts and wakala portfolios, rose to $8.73 billion, reflecting a 4% growth. Notably, funds granted to customers increased to $7.33 billion, showing a remarkable growth rate of 9.6%, a testament to the bank’s belief in its clients and the strength of Islamic banking.

Sustaining Trust and Building a Strong Foundation

JIB’s prudent approach led to a 4.7% increase in deposits, including wakala accounts, totaling $353 million. The bank’s directors confidently approved cash dividends to shareholders, reflecting a solid capital base and financial position. JIB also maintained a strong credit portfolio, with non-performing finances at 2.68%, fully covered by contingency financing.

Expanding Network and Embracing Digital Transformation

To enhance accessibility and financial inclusion, JIB opened two new banking offices and transformed five branches into purpose-designed mini branches. The bank’s network now comprises 111 branches and offices in strategic locations throughout Jordan. Embracing the trend of client-friendly banking, JIB introduced digital corners, providing seamless self-banking services. The bank’s extensive ATM network of 318 machines ranks first in Jordan, offering street-side accessibility.

Commitment to Sustainable Banking and Community Support

JIB’s commitment to Islamic financing and Sharia principles remains unwavering, as evident in the continued support of charitable endeavors and cultural contributions to Jordan’s society. The bank’s credit-lending sustains professionals, craftsmen, and small-to-medium enterprises, fostering the country’s economic growth.

Thriving into the Future

With over 2,440 employees, JIB’s paid-up capital stands at $282.1 million. Total assets under management reach approximately $8.73 billion, while total deposits, including restricted investment accounts, amount to $7.80 billion. Total financing and investment stand at about $7.33 billion, culminating in profits after tax of $86.2 million.

JIB’s successful journey from its founding in the late 1970s to its current stature is a testament to its commitment to sustainable banking and prudent growth. As it continues to thrive, JIB pioneers Islamic finance and shapes a better future for the banking industry.

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