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Jordan Islamic Bank financial results

Jordan: Tuesday, May 14 - 2013 @ 15:29

Mr. Adnan Ahmed Yousif expressed how much pleased he is with the results the Bank achieved during the 1st quarter of the current year in spite of the political and economic fluctuations the region witnesses, asserting the safety of applying the Bank’s strategic plan which is well planned for the coming five years and the results which were achieved by collaborating the efforts of management and employees at the Bank efficiently in employing fund and finding safe investment approaches, continuing to offer services to clients at high levels in order to consolidate islamic banking business in Jordan which is supported constantly by official institutions and control authorities which are headed by Central Bank of Jordan (CBJ).

On his part, Mr. Musa Abdelaziz Shihadeh , Vice Chairman , General Manager of Jordan Islamic Bank (JIB ) said the Bank’s financial indicators for the 1st quarter of 2013 showed an increase which asserts the strong credit and financial position the Bank occupies. The Bank has achieved net profits after tax that amounted to $14.67m compared to $10.16m during the same period last year.

Shareholders’ equity at the end of the first quarter of the current year increased to reach about $336.95m compared to $322.28m at the end of 2012 with a growth of 4.6%.

The Bank’s assets with the managed accounts added to (restricted investment accounts and Muqarada bonds) amounted to about $4.67bn compared to $4.61bn at the end of 2012.

Customers’ deposits (including managed accounts) at the end of the 1st quarter of the current year reached approximately $4.200bn compared to $4.164bn as of 31/12/2012.

Facilities granted for customers reached during the 1st quarter of the current year approximately $3.202bn compared to $3.173bn at the end of 2012 where financing individuals comprises quarter of the total amount of the bank’s financing.

Shihadeh indicated that these standard results are stemmed from the Bank’s prudent policy which seeks to avoid risks, distribute and employ investments within sharia controls, in addition to the increase in granting credit facilities for individuals, the Bank’s participation in financing governmental needs and good return on finances which were granted in previous years and become payable this year.

He added that we aim to continue enhancing the Bank’s position in Jordan banking sector and achieve our strategy which proved its success in maintaining the growth ratios in all operations with seeking to render the best banking services which are compliant with provisions of islamic sharia.

It is worth mentioning that Al Baraka Banking Group is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank providing its unique services to around one billion people and with Standard and Poors investment grade long term counterparty credit rating of BBB- / A-3 (Short Term).

Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is $1.5bn, while total equity amounts to about $2bn.

The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in fifteen countries, which in turn provide their services through more than 450 branches. Al Baraka is currently having a strong presence in Jordan, Tunisia, Sudan, Turkey, Bahrain, Egypt, Algeria, Pakistan, South Africa, Lebanon, Syria, Indonesia, Libya, Iraq and Saudi Arabia.

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Tuesday, May 14- 2013 @ 15:29 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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