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Saturday, 14 July 2007

Profile 021- Jordan Islamic Bank

Jordan Islamic Bank for Finance and Investment was established as a public shareholding company on 28th.Nov, 1978 and was licensed to practice financing, banking and investment activities in compliance with the provisions of the glorious Islamic Shari'a in accordance with the Special Law according to which the Bank was established. This law, which was abolished and superceded by a special chapter on Islamic banking in the new Banks' law which was issued on 1/8/2000. When the Bank's first branch commenced business on 22/9/1979, the paid-up capital did not exceed JD 2 million of its authorized capital of JD 4 million, but with favor from Allah the paid up capital of the Bank now is JD 65 million (about USD 92 million). The Extraordinary General Assembly has approved in its meeting held on 30/4/2006 the amendment of 5th and 11th articles of the Articles of Corporation to incease the Bank's Capital by JD 25 million to be JD 65 million/share (about $92 milion) according to following: - Capitalizing the sum of 10 million JDs/shares from the profits or /and other reserves, free quarter of a share for each share. - the special subscription for the Bank's shareholders with the amount of 15 million JDs/share with a nominal value of one JD and premium of JD 1. and amending the number of the Board's members to be 9 instead of 7. The bank continued in Providing its investment financial and banking services through its branches covering different areas of the kingdom which reached (54) branches and (9) cash offices in addition to the bonded and public utilities reached 64 ATM'S throughout Jordan. Since its establishment, the Bank succeeded in maintaining its growth momentum and in establishing itself as one of the leading banks in Jordan by providing all kinds of banking and investment services to its clients in accordance with the provisions of Islamic Sharia, which applies a concept of economy different from the conventional concept especially with respect to the role of money. The Bank has been always a pioneer in every new in the banking field and coping with the development for improving and updating its services. The Bank has recently obtained the ISO ( 9001:2000 ) in management systems in addition to the bank's rating increase from (BB+ Stable) TO ( BBB-Stable) pursuant to capital inte- lligence reflecting the strong performance of the Bank in different production and management related issues and represents a new push towards achieving its future objectives in terms of improving, updating and developing its services in order to achieve an excellent level in compliance with the Bank’s mission and with the principles of glorious Islamic Sharia. The number of customer's active accounts thought the bank's network of (64) branches and offices,has reached (589) thousand accounts, the number of the Bank's employees has reached (1498) and the outstanding number of financing transactions was (99) thousand transactions at the end of the year. The Bank's strategy is based on the following critical elements which control its banking policy and activities:- - Maintaining the strength of the Bank's financial position. - Increasing the Bank's market share. - Optimizing the profits of shareholders and depositors. - Enhancing the ethical values and performance standards which Islamic banks set high in their statements of mission.

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