Jordan Islamic Bank rated among the Jordan's leading financial institutions |
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AMMAN (JT) -- Fitch Ratings has recently rated Jordan Islamic Bank (JIB) for Finance and DevelopmentJordan Islamic Bank (JIB) for Finance and Development
as BB- (BB minus), considering it one of the leading banks yielding profit with a wide base of clients. JIBJIB Vice Chairman and General Manager Musa Abdul Aziz Shihadeh said the bank was awarded with a long-term issuer default rating (IDR) of BB-, a short term IDR of "B" , Individual "C/D" and Support 3.
Scores ranging between BB+ and BB- is considered by the agency as "stable".
Short- and long-term IDRs are assigned to entities for certain sectors, including corporate, financial institution and sovereign entities, and reflect the ability to meet financial commitments on a timely basis.
A short-term issuer default rating (SIDR) is based on the liquidity profile of the rated entity while the long-term IDR is assigned to issuers and counterparties, reflecting their ability to meet their most senior financial obligations on a timely basis, according to the Fitch Ratings website.
At the end of last year, Jordan Islamic BankJordan Islamic Bank registered 48.6 per cent growth, the highest among the 15 Jordanian banks listed on the Amman Stock Exchange, achieving a JD23 million net profit. The bank's cost/income ratio also decreased to 35 per cent in the 2007 fiscal year.
Since its establishment in 1978, the Bank has worked to maintain its growth momentum and to provide banking and investment servicesto its clients in accordance with the provisions of Islamic Sharia.
© Jordan Times 2008
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