Islamic International Rating Agency (IIRA) reaffirms Shari'a quality rating of Jordan Islamic Bank (JIB)

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.

Syrian refugee children’s education must continue

In the two Jordan camps for Syrian refugees, the Norwegian Refugee Council (NRC) is running an education programme with the help of Unicef and supported by Jordan’s education ministry. The camp schools have a Jordanian curriculum. The teachers are both Jordanian and Syrian, drawing on qualified camp residents to teach in the classrooms. NRC also runs a Youth Training Centre. It provides students life skills and leadership training to ensure they acquire traits that can be useful, both in the camp and upon their return to Syria. As winter sets in, relief agencies are concerned with stepping up a winterisation programme. Heaters and blankets are needed while old tents are being replaced with new trailers. Also needed are food, non-food items and medical care.

Jordan Government reveals plans for new SME bank

Jordan Prime Minister Abdullah Ensour reportedly said that the Government is discussing plans to establish a state-owned bank that would offer low cost credit facilities to small and medium-sized enterprises (SMEs). The proposed bank would not accept deposits but would operate on similar lines to the former Industrial Development Bank (IDB) with the aim of boosting SMEs and the broader industrial sector. The IDB was sold and now operates as the Shari’ah-compliant Jordan Dubai Islamic Bank. The Jordan Government aims to be the largest shareholder in the proposed bank but has indicated that international and regional financial institutions would be interested to become partners.

Jordan Islamic Bank leader in solar electricity generation

Jordan Islamic Bank began some time ago to develop a plan to provide alternative energy in its branches through the use of electric power generation using solar cells. The Bank seeks to disseminate to all branches and offices which achieves savings and a reduction in the electricity bill incurred by the bank, and contributes to the alleviation of high electrical loads in the Kingdom, thus contributing to the national economy and environmental protection. The Jordan Islamic Bank is one of the main Islamic banks in Jordan and the Arab states, where it has a proven track record of excellence successes. The Bank has a branch network of 80 branches and offices, employing about 2,000 employees, which embodies the vital role played by the Bank in the Jordanian economy.

Jordan Islamic Bank downgraded to 'BB-'; Outlook Negative

Standard & Poor's Ratings Services has lowered its long-term counterparty credit rating on Jordan Islamic Bank (JIB) to 'BB-' from 'BB' and affirmed the short-term counterparty credit rating at 'B'; the outlook is negative. The rating action follows S&P's downgrade of Jordan in May 2012. As per their methodology, the ratings on JIB are capped at the level of Jordan's long-term foreign currency sovereign credit rating, because it is the bank’s country of domicile. This mainly reflects JIB’s material exposure to domestic sovereign risk, which indirectly accounts for a significant portion of JIB's earning assets and equity. JIB is considered to be "moderately strategic" to its parent group, Bahrain-based Al Baraka Banking Group. However, JIB does not benefit from any notches of parent support because of the constraint imposed by the foreign currency sovereign ratings.

Arab Bank issues third sustainability report

Arab Bank recently issued its annual sustainability report for the third consecutive year; the report is a summary of the bank's performance and achievements on the social, economic and environmental levels for the year 2012. Arab Bank is the first Jordan based bank to issue a sustainability report at international standards. It focuses in detail on the internal programs adopted by the Bank, such as the integration of certain environmental and social criteria, in addition to the implementation of a number of initiatives that aim to reduce greenhouse gas emissions and also increase internal awareness levels. Also covered in the report are the Bank's social contributions, in addition to the participation of the Bank's employees in volunteering activities and capacity building programs for non-profit organizations.

Jordan Islamic Bank Co PLC : Musa Shihadeh receives the award of wise leadership from Tatweej Academy

Tatweej Academy for Excellence Awards and the Arab Organization for Social Responsibility have granted Mr. Musa Shihadeh, Vice Chairman, General Manager of Jordan Islamic Bank (JIB) a red sash and gold medal of Distinguished and a Certificate of Excellence in the field of wise leadership. This ceremony honors Shihadeh in appreciation of his distinguished efforts in settling islamic banking rules in Jordan, and possessing leadership and management characteristics. The ceremony was held in Dubai with the participation and attendance of institutions and management figures who were honored for the achievements and initiatives.

Jordan Islamic Bank Co PLC : IIRA upgrades credit rating of JIB and reaffirms Its Sharia Quality Rating of AA(SQR)

The Islamic International Rating Agency (IIRA) situated in Bahrain has upgraded the credit rating of Jordan Islamic Bank (JIB) on the national scale, whereas the international scale ratings of JIB have been reaffirmed. The outlook on the ratings is 'stable'. The report issued by the agency also reaffirmed JIB's Sharia Quality Rating of AA, which confirms the bank's conformance to very high standards of Islamic Shari'a principles in its dealings and finances.

Jordan Islamic Bank Co PLC : JIB and Hajj Fund sign an agreement of issuance Hajj Sukuk

Jordan Islamic Bank (JIB) and Ministry of Religious Endowments / Hajj fund have signed the agreement of issuance Hajj Sukuk for citizens who are interested in participating in the fund through Jordan Islamic Bank. Citizens can subscribe in Hajj Sukuk as a tool for saving and investment that complies with Sharia principles. Underwriting can be done through all JIB's branches and offices.

Jordan’s Nakhweh Relaunches as a Regional Hub for Social Ventures

Nakhweh in Jordan works in the field of social entrepreneurship; seeking as NGO trying to make volunteerism popular (or at least simple) for Jordanian youth. Now, the site is pivoting into an entirely new era, relaunching as a comprehensive directory for social work in the Middle East and North Africa.

Under its Organizations tab, the site will list all social ventures (including NGOs, nonprofits, social enterprises, and initiatives) in a searchable list, while still offering its signature volunteer matching services.

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.

Islamic International Rating Agency reaffirms Shari'a quality rating of Jordan Islamic Bank

Jordan Islamic Bank's Shari'a Quality Rating (SQR) was reaffirmed as AA by the Islamic International Rating Agency (IIRA). This is an indication that the bank conforms with very high standards of Shari'a compliance in regard of all aspects of Shari'a quality analysis. JIB, owned in majority by the Al Baraka Banking Group (ABG), is set to maintain and enhance the level of compliance with the spirit of Shari'a principles in Islamic finance.

Jordan to establish regional center for Islamic banking

In order to stabilize the role of Islamic banking in the country, Jordan's government will establish a leading regional center for Islamic finance. This was made possible particularly by the rapid growth of Islamic banking in Jordan after the enforcement of laws organizing the work of takaful insurance and sukuk. So far, the assets of the four Islamic banks operating in Jordan is $4.6 billion. This constitutes 5% of the total banking assets. With an annual growth of 13% they develop better and faster compared with traditional banks in terms of deposits and financing.

Commodity trade finance lures Arab banks

Without causing much noise, liquidity-rich Arab banks have been taking part in commodity trade finance - an area which, until recently, was dominated by a small number of French banks. While the market share of eurozone banks has decreased from 80% two years ago to 50% today, banks from the Gulf region become more and more present. The lending limitations of the eurozone banks is caused by constrained US dollar liquidity.

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Foursan Group Announces Investment in Jordan Dubai Islamic Bank

The private equity firm Foursan Group has invested in in Jordan Dubai Islamic Bank (JDIB) and thus became the bank's second largest shareholder. The investment was completed through Foursan Capital Partners I. The goal of this transaction is a benefit from the rapidly growing Islamic banking sector as well as from JDIB's overall positive future growth prospects.

S&P Indices Launches Shariah Index with the Organisation of Islamic Cooperation

S&P Indices made an anouncement that a new Index will be launched due to increase in the demand for a shariah-compliant benchmark in Islamic countries. The new S&P/OIC COMCEC 50 Shariah Index will measure the performance of 50 leading Shariah-compliant companies from members of the Organisation of Islamic Cooperation (OIC). Eligible countries and territories for the Index are: Bahrain, Bangladesh, Côte d'Ivoire, Egypt, Indonesia, Jordan, Kazakhstan, Kuwait, Lebanon, Malaysia, Morocco, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Tunisia, Turkey and the United Arab Emirates.

‘Middle East must move towards social sustainable development’

Klaus Schwab, executive chairman and founder of the World Economic Forum (WEF), has the strong oppinion that it is time for the Middle East to grasp a more holistic, inclusive and qualitative approach to economic development. He stated that the events in this region over the past 10 months have no precedent and have developed a new regional order that is still evolving.

He also reminded that the next World Economic Forum on Europe, the Middle East, North Africa and Central Asia will take place in Istanbul, Turkey, in June 2012.

Shari’a compliant solutions in banking

Junaid Ahmed, President & CEO Dubai Islamic Bank Pakistan Limited, revealed the prospects of finding shari’a compliant solutions in the banking industry in an interview given to Profit.
He stated that DIBPL has always looked for its strength in its slogan and being the first Islamic Bank of the world and having a global presence in the UAE, Jordan, Turkey, Sudan and Bosnia, the bank is in a position to present the best mix of banking services to their customers.

KFH will finance international real estate in Jordan, Turkey soon

Real Estate Department at Kuwait Finance House will participate in the real estate and investment expo organized by Top Expo Group at the Fair Ground. KFH will introduce its financing services for all kinds of real estate, such as residential, investment, commercial, and industrial for local real estate; in addition to financing real estate in most countries worldwide.
Furthermore, KFH presents clients the possibility to acquire real estate in Bahrain through Murabaha and Ijarah.

Egypt Rekindles Interest in Islamic Finance

Egypt has renewed interest in the growing sector of Islamic banking and finance in an effort to rebuild the economy of the country using internal methods of financing.
Part of the country's pursuit will be to launch a sovereign Sukuk, or bond, program within months. It would be Egypt's first sovereign Sukuk, ahead of country states including Saudi Arabia, Kuwait, the United Arab Emirates, Turkey and Jordan aditionally mature markets such as Great Britain and France.

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