Central Bank of Jordan

World Bank declares Islamic finance a priority area

New Secretary-General Jaseem Ahmed, summit host, Yves Mersch, Gov. Banque centrale du Luxembourg and Faris Sharaf, the chairman of the IFSB governing council and governor of the Central Bank of Jordan were very happy about the good results of the global Islamic financial services industry, considering the challenging environment presented by the recent international financial crisis.
For Islamic finance in particular, the pressing issue is the need to assure that the regulatory and supervisory framework for Islamic finance is consistent with ongoing global regulatory and supervisory reforms. This is particularly important since Islamic finance is rapidly being conventionalized and increasingly integrated into global financial markets.

New opportunities on horizon for JIB

From being a small and unimportant Islamic bank established in 1978 and under the loyal and unbroken stewardship of the seasoned General Manager Musa Shihadeh, Jordan Islamic Bank (JIB) has, over the last three decades transformed itself into the largest Islamic lender and the third largest domestic bank in Jordan. This is by all standards impressive given that JIB's main competitor in the market is the mighty Arab Bank Group, one of the largest banks in the Middle East and which has its own dedicated Arab International Islamic Bank.
The Ministry of Finance and the Central Bank of Jordan have given the go-ahead for Al-Rajhi Bank in Jordan to explore the possibility of issuing a sukuk. Assuming that the Treasury and the central bank are working on introducing enabling legislation for sukuk origination and listing in Jordan, this would open up new avenues of raising finance and investments for the likes of JIB.

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