• 15 Feb

    Jordan Islamic Bank announces 2016 results

    Growth in joint investment profits before distribution reached about 11.6 per cent at the end of 2016 amounting to about $284 million compared to $254 million at the end of 2015 with an increase of around $30 million.

    By the end of 2016, Jordan Islamic Bank (JIB) a subsidiary of Al Baraka Banking Group achieved profits before tax in an amount of $118.1 million, compared with $105.4 million in 2015; with a growth of nearly 12.1 per cent. Net profits after tax reached $76.2 million compared to $68.7 million during 2015; with a growth of nearly 11 per cent.

    Growth in joint investment profits before distribution reached about 11.6 per cent at the end of 2016 amounting to about $284 million compared to $254 million at the end of 2015 with an increase of around $30 million.

    Mr. Adnan Ahmed Yousif, Chairman of Jordan Islamic Bank, President & Chief Executive of Al Baraka Banking Group (ABG) expressed how much pleased he is with the good results the bank achieved during 2016, commending the efforts exerted by the executive management, Board of Directors and employees of the bank to keep on applying the strategic plan, achieve further growth and reap many global prizes and ratings including the awards of strongest Islamic retail bank in Jordan, the best banking group and best Islamic bank in Jordan for 2016 in addition to reaffirming the Shari'ah Quality Rating AA(SQR) for the eighth consecutive year by the Islamic International Rating Agency (IIRA) for the bank’s high degree of adherence to Shari'ah principles and provisions through the Shari'ah governance infrastructure instituted at the bank that is largely in accordance with the guidelines provided by the Central Bank of Jordan (CBJ) in the Code of Corporate Governance (CCG) for Islamic banks in affirmation of JIB’s ability to maintain a distinguished position among Jordanian and Islamic banks, commending the efforts of the CBJ, official institutions and organisations supporting the Jordanian banking sector and Islamic banking.

    With regard to the key financial indicators the bank achieved by the end of 2016, Mr. Musa Shihadeh, CEO – General Manager of JIB said that the growth rates achieved assert the safety of approach, efficiency, commitment to the bank’s mission, sustainability, continuation of growth in compliance with principles of governance and confront risks to reflect clearly on the most financial indicators of the bank. However, the growth in total assets including (restricted investment accounts, Muqarada bonds and investment by proxy accounts) reached around 8  per cent amounting to about $6.35 billion compared to about $5.88 billion at the end of 2015 with an increase of nearly $470 million.

    The growth achieved in the volume of balance sheet is a reflection on the growth of the revenues which reached 10.8 per cent, amounting to about $313 million compared to about $282.5 million at the end of 2015 with an increase of about $30.5 million.

     

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