IslamicFinance.de

Islamic International Rating Agency ( IIRA ) has reaffirmed its Shari'a Quality Rating of AA (SQR) assigned to Jordan Islamic Bank ( JIB ). This rating indicates JIB 's conformance to very high standards of Shari'a compliance in all aspects of Shari'a quality analysis. The bank has traditionally been supervised by an eminent Shari'a Supervisory Board. Moreover, the bank's Board of Directors has an adequate representation of independent directors, while recommended Board committees are also in place. Transparency of financial reporting by the bank with regards to investment accounts and corporate governance disclosures are generally in line with the recommended best practices by IFSB. However, diversification of Islamic financing structures in the portfolio is recommended by Shari'a scholars.