Manama: Islamic International Rating Agency (“IIRA”) has reaffirmed the Shari’a Quality Ratings of Jordan Islamic Bank (“JIB”) at AA (SQ) based on the disclosures pertaining to the year ended December 2016. IIRA takes cognizance of the regulatory amendments in corporate governance framework of Islamic banks in the Hashemite Kingdom of Jordan (“Jordan” or “the country”).
IIRA continues to acknowledge JIB’s perseverance to conform to the high standards of Shari’a principles. The ratings also derive strength from the country’s inclusive financial regulatory framework which had issued governance amendments for Shari’a compliant banks to align with best practices over the past two consecutive periods.
More specifically, the recent revised regulatory amendment rebalance the focus on various stakeholders particularly on investment account holders, enhances oversight mechanism in the conduct of the Shari’a Supervisory Board (‘SSB’) and internal Shari’a audit& compliance; and among other things,envisages to further integrate Shari’a governance by enabling the involvement of supervisory pillars additional to theShari’aSupervisory Board,for ensuring Shari’a compliance.
JIB’s Shari’a governance infrastructure is boosted with the bank’s independent SSB comprising 4 well-reputed scholars along with the presence of highly qualified internal Shari’a audit staff. Compliance to Shari’a principles is well entrenched in the bank’s culture.
The bank also continued its philanthropic pursuits by contributing towards community welfare. Further, JIB organized various Shari’a related training programs for its staff and other beneficiaries including students and other non-domiciled banks.
For further information on this rating announcement, please contact us via e-mail at iira@iirating.com.
© Press Release 2018
