Writer: Dr. Hussein Explained, CEO and Basic Manager, Jordan Islamic Lender
August 1, 2021
Set up in 1978, Jordan Islamic Financial institution (JIB) commenced as a public shareholding limited business, and the to start with branch started its perform in late 1979. Because individuals early days, the lender has come a long way. Now with 108 branches and places of work close to Jordan, it strives not only to retain speed with technological innovation by using modern-day systems, but also aims to supply the very best Islamic solutions and solutions obviously and transparently.
The bank provides services as a result of 269 ATMs and gives banking phone solutions, on-line banking, 3D protected procuring, on-line monthly bill payments and an e-wallet support as a result of Islami cellular. These services are offered in the course of official vacations and outdoors standard functioning hours through a variety of branches and workplaces. In addition to this, the bank’s Facebook page, Al Islami Messenger service and connect with centre are all available 24/7. JIB’s founding aims have constantly been to meet up with the economic and social requirements of citizens in the fields of banking, finance and investment decision in accordance with the rules of Islamic Sharia.
Transactions and contracts are matter to the supervision of a Sharia board composed of specialist Sharia students. To assure our clientele are mindful of our motivation to Sharia rules, we just lately overhauled our branding, prefixing the names of our digital channels with the term ‘Islami,’ as in Islami world-wide-web.
JIB pushed forward with numerous initiatives aimed at modernising its service provision by way of new systems
Our banking operations are controlled by the central lender of Jordan and the lender is regularly performing to deepen and create the principles of corporate governance, build risk management and apply the prerequisites of the Basel III regulatory framework.
Achievement, by natural means, has followed. The financial institution has been honoured with several worldwide awards around the years, which include the Ideal Islamic Financial institution in Jordan and the Finest Islamic fiscal establishment from a number of prestigious global establishments and journals. We have also attained credit and Sharia rankings from worldwide score businesses, as perfectly as a letter of appreciation from the International Organisation for Standardisation (ISO) for our participation and commitment to CSR.
JIB’s CSR commitments provide an illustration for national institutions and companies to abide by when it comes to fulfilling their very own obligations towards the neighborhood, specifically disadvantaged groups, people with distinctive needs and the bad. By contributing to sustainable progress and boosting monetary inclusion through a variety of charitable programmes, social, cultural and voluntary routines, donations, Qard Al-Hasan and mutual insurance coverage resources, the bank performs to assure that Jordanian culture and the nation’s fiscal security is generally at the coronary heart of what we do (see Fig 1).
Another way we have interaction in bolstering Jordan’s economic steadiness is by our participation in the countrywide self-employment programme, a plan built to encourage entrepreneurism amongst youthful men and women. Doing the job with the central financial institution of Jordan, we finance jobs that make long-time period career prospects and income streams for the young persons concerned.
These times the financial institution offers a wide array of services, accepting deposits in Jordanian Dinar and overseas currencies throughout various present and investment accounts. We devote cash according to permissible methods of Islamic finance, producing use of preparations this sort of as Mudarabah, Musharakah, Murabaha Sale, Ijarah Mawsufah Fi Al-Dhimmah. We also perform with cash and products to offer financing to include the fees of pilgrimage, education and learning, clinical treatment method, renewable power programs and construction. Our expert wedding package allows the family members of brides and grooms to include wedding ceremony prices by using an installment strategy.
JIB presents other banking solutions these as issuing quick income transfers by means of Western Union, renting of safety deposit containers and issuing letters of warranty, penning letters of credit rating, and purchasing and offering Fx. We also act as agents in getting and selling shares and investment decision certificates, and as a broker on the Amman Inventory Exchange by way of our subsidiary Sanabel Al-Khair for Economical Investments.
JIB difficulties quite a few diverse banking playing cards for both equally Visa and Mastercard, which includes Sharia-compliant and pay as you go merchandise. Our safety protocols, as you would anticipate, are 2nd to none. The bank also troubles a blind card for people with visual impairments with the goal of bringing about a much more inclusive banking landscape, supplying all groups of culture with accessibility to fiscal and banking products and services. All of the bank’s buyers should be able to administer their financial affairs with comprehensive liberty and entire privacy.
Moving with the moments
JIB is continuously functioning to build its companies and maximize its market share by way of the enlargement and geographical distribution of ATMs to go over all areas in Jordan. We are repeatedly establishing the selection of companies available by means of our ATMs as properly as updating and examining security steps across the community, which now is made up of 269 models.
Our prospects also have obtain to somewhere around 1,700 third-get together ATMs in just Jordan and the Visa Intercontinental community worldwide. The wide availability of service in a natural way displays positively on client fulfillment and even more solidifies the bank’s interests, profitability and competitiveness. A evaluation of this network of ATMs is conducted per year with a watch to guaranteeing wide and good distribution of the most up-to-day products and services and encouraging customers to use ATMs instead than branches.
All through 2020 JIB pushed forward with a number of projects aimed at modernising its assistance provision by way of new systems. In get to minimize the tension on branches through the COVID-19 pandemic, we immediately rolled out or expanded solutions this kind of as the Islami Cell app, an up-to-date site, self-services kiosks, and dedicated ATMs and an deciphering application for shoppers with disabilities.
From its inception, Jordan Islamic Bank has fully commited to getting a leader in the Jordanian banking sector. We strictly abide by a unifying vision to present fashionable banking services by using the greatest community of ATMs unfold throughout the Hashemite Kingdom of Jordan, with the hope of meeting the demands and aspirations of our latest and long term customers.