Amman, Jordan — Isam Salfiti, chairman of Bank al Etihad's board of directors, announced his resignation ahead of the bank's general assembly meeting on Thursday, April 25, 2024. The bank's general assembly elected a new board of directors for the coming four years, which has appointed Basem Salfiti as chairman and Jabra Ghandour as vice chairman.

The board decided to confer upon Isam Salfiti the honorary title of “Founding Chairman” in recognition of his efforts over the past 36 years.

Isam Salfiti expressed his deep gratitude to the board members and the bank's team for their efforts in developing the bank's services and providing a unique banking experience in the Jordanian market. He wished success to the new board of directors, led by his son Basem Salfiti, who will utilize his extensive experience in global banking and investment to serve Bank al Etihad and continue its development journey.

Isam Salfiti also emphasized his pride in the bank's evolution since its establishment in 1987 as a public shareholding company under the name "Arab Financial Corporation." The bank has come a long way from the launch of its new identity, "Bank al Etihad" in 2011, to its current status as a leading financial institution with several awards, including the "Best Digital Bank" in Jordan, the "Most Innovative Digital Bank" in Jordan by Global Finance magazine, and the "Best Socially and Economically Impactful Bank" by Euromoney magazine in 2023, among others.

Bank al Etihad holds a prominent position in the banking sector and enjoys strong financial stability, achieving growth indicators considered among the best in the banking sector in recent years. In 2023, the bank's assets reached approximately 7.4 billion JOD, customer deposits reached 5.7 billion JOD, and credit facilities reached 4.5 billion JOD. The bank also achieved profits of 90.4 million JOD before taxes in 2023, compared to 71.7 million JOD in 2022.

Last year, the bank issued an Additional Tier 1 Capital Bond, which attracted subscription requests covering 176.5% of the offered value in record time. This is a testament to the market's confidence in the bank's strategy and financial stability.

The new chairman of the board, Basem Salfiti, emphasized the importance of continuing the bank's strategy for growth in banking services, its geographic  expansion into the Iraqi market, and the strive to become the leading digital bank in Jordan, noting that the bank's mission has been and will remain to create the best banking experience and to place customers' trust and satisfaction at the foundation of its work.

He also praised the bank's corporate social responsibility programs, which are at the core of the bank's culture and aim to make a positive impact on society.

It is worth mentioning that Basem Salfiti served as vice chairman of the board of directors from 2020 to 2023. He holds a bachelor's degree in Electrical Engineering from Brown University in the United States and a master's degree in Finance and Strategic Planning from Columbia University in the United States. He also serves as a board member in several institutions, including the Jordanian Entrepreneurship Fund, Delta Insurance Company, Arab Center for Engineering Studies, National Association for the Preservation of Petra, and as the chairman of the board of trustees of Al Hussein Technical University. He previously worked in London as a general partner and managing director at Hummingbird Ventures and as executive director of the investment banking division at Morgan Stanley.


About Bank al Etihad

Bank al Etihad is a banking and financial institution that has focused on serving customers since 1987. The Bank al Etihad Group holds a prominent position in Jordan and consists of several companies, including a financial brokerage company (Etihad Brokerage) and a leasing company (Etihad Leasing). Bank al Etihad owns a 10% stake in the National Bank of Palestine and occupies a seat on its board of directors. In 2017, Bank al Etihad acquired a controlling stake in Safwa Islamic Bank.