Jordan Islamic Bank announces financial results for the third quarter of 2011 | Jordan Islamic Bank announces financial results for the third quarter of 2011 -
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Jordan Islamic Bank announces financial results for the third quarter of 2011

Jordan: Saturday, October 29 - 2011 @ 15:48

Mr. Adnan Ahmad Yousif, Chairman of the Board of Directors of Jordan Islamic bank – President & Chief Executive (P&CE) of AlBaraka Banking Group (ABG) which is situated in Bahrain said, the distinguished financial results the bank achieved till the end of September, 2011 assert the continual success of the bank’s applied strategy and the efforts made to achieve the best results which coincided with the bank’s receiving in September the award of the best Islamic retail bank in the world and the best Islamic financial institution in Jordan for the year 2011 which was granted by Global Finance magazine for the bank’s clear contribution in Islamic finance, meeting customers’ needs and offering services compliant with provisions and principles of Islamic sharia.

Fitch Ratings affirmed the bank’s credit rating at BB- with stable outlook which asserts the bank’s strength , its intrinsic consistency, its strong Islamic banking franchise in Jordan especially in the retail segment, sound core profitability, stable funding base, strong liquidity and good level of risk management systems.

On the other hand, Mr. Musa Abdelaziz Shihadeh, Vice Chairman, Chief Executive Officer (CEO) of Jordan Islamic bank said most of the bank’s financial indicators till 30/9/2011 showed an increase. The bank’s assets with managed accounts added to (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached about JD3.14bn ($4.43bn) as of 30 /9/2011 compared to JD2.88bn ($4.06bn) at end of 2010 with an increase reached JD254m ($358.3m) with a growth of 8.8% which asserts the bank’s continuation to advance and grow to enhance its status in Jordan banking sector.

Shihadeh indicated that facilities granted for customers with facilities granted from managed accounts added to reached about JD1.823bn ($2.571bn) at end of September , 2011 compared to JD1.701bn ($2.399bn) at end of 2010 with an increase reached about JD122m ($172m) with growth of 7.2%.

Customers’ deposits with managed accounts added to reached about JD2.84bn ($4.01bn) compared to JD2.59bn ($3.65bn) as of 31/12/2010 with an increase reached about JD249m ($351m) with growth of 9.6%.

Ownership equity reached till 30/9/2011 about JD199.6m ($281.5m), capital adequacy ratio (CAR) reached 20.75% according to the standard of Islamic Financial Services Board (IFSB) and legal liquidity ratio reached 158%.

Shihadeh assured that the bank will continue its mission to deepen the experience of Islamic banking and achieve more accomplishments in profits and global prizes, take the initiative in offering Islamic financial solutions, expand in Islamic banking services, develop modern banking techniques to ensure suitable banking solutions for individuals and corporate and meet the expectations of the bank’s shareholders and clients in order for Jordan Islamic bank to be always in the lead, God willing.

Jordan Islamic bank ( JIB) is one the subsidiary banking units of Al Baraka Banking Group. Al Baraka Banking Group (ABG) is a Bahrain Joint Stock Company listed on Bahrain Bours and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank with Standard and Poors investment grade long term counterparty credit rating of BBB- / A-3 (Short Term) with a Negative Outlook. ABG offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Islamic Shari’a. The authorised capital of ABG is $1.5bn, while total shareholders’ equity amounts to about $1.8bn. The Group has a wide geographical presence in the form of subsidiary banking Units and representative offices in twelve countries, which in turn provide their services through more than 400 branches.

These banking Units are Jordan Islamic Bank, Al Baraka Islamic Bank Bahrain, Al Baraka Bank Pakistan Limited; Banque Al Baraka D’Algerie, Al Baraka Bank Sudan; Al Baraka Bank Limited, South Africa; Al Baraka Bank Lebanon; Al Baraka Bank Tunisia; Al Baraka Bank Egypt; AlBaraka Turk Participation Bank, Al Baraka Bank Syria and representative offices in Indonesia and Libya (under formation).

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Saturday, October 29- 2011 @ 15:48 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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