IIRA reaffirms ratings of Jordan Islamic Bank for 2015 | Main News | Ammon News

IIRA reaffirms ratings of Jordan Islamic Bank for 2015

[9/3/2015 2:01:52 PM]

AMMONNEWS - Ratings assigned to JIB derive strength from the institution’s strong franchise as the largest retail Islamic bank operating in the Hashemite Kingdom of Jordan. The bank’s financial risk profile is also healthy, with strong and improving asset quality indicators, sufficient profitability position, and sizable liquid reserves. Leverage indicators of the institution, although higher vis-à-vis the industry aggregates, are at a comfortable level.

Jordan’s macroeconomic environment, however, remains challenging against the backdrop of regional instability. Any improvement in the country’s economic indicators is likely to enhance growth prospects for the banking sector, and further strengthen the ratings assigned to JIB.

The bank has been proactive in incorporating changes in the code of corporate governance for Islamic banks issued by the Central Bank of Jordan. The composition of the Board vis-à-vis independent directors stands enhanced, with realignment of an independent director’s definition with best practices. Steps are also being taken to upgrade business systems and processes to improve the overall customer service experience.

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