Over the last 45 years, Jordan Islamic Bank (JIB) has steadily grown its banking, financing and investment businesses in accordance with Islamic guidelines. The corporate governance code it built became the standard in Jordan and one that the central bank has taken to using as a benchmark for peers.
Under chief executive Hussein Saeed, the bank is today third among Jordanian banks in terms of deposits, financings and investments and fourth in overall assets.
The bank’s return on equity is an industry leading 11.9% and its capital adequacy ratio a solid 21.2%. In 2022, shareholders’ equity increased 2.2% year on year to more than $734 million. JIB’s coverage ratio for non-performing financing reached 100% in the last year.
But it is JIB’s digital ambitions that particularly impress. In 2022, JIB launched additional mobile onboarding and application services that put it ahead of its competitors. These include new debit and credit card-related apps, access to credit bureau data and security protocols.
For corporate customers, the bank launched new internet banking services, including social security payment options, direct debit functions, faster transfers and enhancements in partnership with eFawateercom’s e-payment services.
JIB