Author: Dr. Hussein Said, CEO and General Manager, Jordan Islamic Bank
August 1, 2021
Established in 1978, Jordan Islamic Bank (JIB) started as a public shareholding restricted firm, and the first department started its work in late 1979. Since these early days, the financial institution has come a great distance. Now with 108 branches and workplaces round Jordan, it strives not solely to maintain tempo with technological innovation by using trendy applied sciences, but additionally goals to offer the greatest Islamic services clearly and transparently.
The financial institution presents providers via 269 ATMs and gives banking telephone providers, on-line banking, 3D safe purchasing, on-line invoice funds and an e-wallet service via Islami cell. These providers can be found throughout official holidays and outdoors regular working hours via a quantity of branches and workplaces. In addition to this, the financial institution’s Facebook web page, Al Islami Messenger service and name centre are all accessible 24/7. JIB’s founding goals have at all times been to satisfy the financial and social wants of residents in the fields of banking, finance and funding in accordance with the ideas of Islamic Sharia.
Transactions and contracts are topic to the supervision of a Sharia board composed of specialist Sharia students. To guarantee our shoppers are conscious of our dedication to Sharia ideas, we just lately overhauled our branding, prefixing the names of our digital channels with the phrase ‘Islami,’ as in Islami web.
JIB pushed ahead with a number of tasks aimed toward modernising its service provision through new applied sciences
Our banking operations are regulated by the central financial institution of Jordan and the financial institution is regularly working to deepen and develop the ideas of company governance, develop danger administration and apply the necessities of the Basel III regulatory framework.
Success, naturally, has adopted. The financial institution has been honoured with many worldwide awards over the years, together with the Best Islamic Bank in Jordan and the Best Islamic monetary establishment from a number of prestigious worldwide establishments and magazines. We have additionally obtained credit score and Sharia scores from worldwide ranking companies, in addition to a letter of appreciation from the International Organisation for Standardisation (ISO) for our participation and dedication to CSR.
JIB’s CSR commitments supply an instance for nationwide establishments and firms to observe in the case of fulfilling their very own duties in the direction of the group, notably deprived teams, these with particular wants and the poor. By contributing to sustainable growth and enhancing monetary inclusion via numerous charitable programmes, social, cultural and voluntary actions, donations, Qard Al-Hasan and mutual insurance coverage funds, the financial institution works to make sure that Jordanian society and the nation’s monetary safety is at all times at the coronary heart of what we do (see Fig 1).
Another means we interact in bolstering Jordan’s financial stability is thru our participation in the nationwide self-employment programme, a scheme designed to advertise entrepreneurism amongst younger individuals. Working with the central financial institution of Jordan, we finance tasks that create long-term profession alternatives and revenue streams for the younger individuals concerned.
These days the financial institution gives a wide selection of providers, accepting deposits in Jordanian Dinar and foreign currency echange throughout quite a few present and funding accounts. We make investments funds in response to permissible practices of Islamic finance, making use of preparations similar to Mudarabah, Musharakah, Murabaha Sale, Ijarah Mawsufah Fi Al-Dhimmah. We additionally work with funds and merchandise to offer financing to cowl the prices of pilgrimage, training, medical therapy, renewable power methods and building. Our specialist wedding ceremony bundle permits the households of brides and grooms to cowl wedding ceremony prices through an installment plan.
JIB gives different banking providers similar to issuing prompt cash transfers through Western Union, renting of security deposit bins and issuing letters of assure, penning letters of credit score, and shopping for and promoting FX. We additionally act as brokers in shopping for and promoting shares and funding certificates, and as a dealer on the Amman Stock Exchange via our subsidiary Sanabel Al-Khair for Financial Investments.
JIB points a number of totally different banking playing cards for each Visa and Mastercard, together with Sharia-compliant and pay as you go merchandise. Our safety protocols, as you’d anticipate, are second to none. The financial institution additionally points a blind card for these with visible impairments with the purpose of bringing a few extra inclusive banking panorama, offering all teams of society with entry to monetary and banking providers. All of the financial institution’s prospects ought to be capable of administer their monetary affairs with full freedom and full privateness.
Moving with the instances
JIB is constantly working to develop its providers and improve its market share via the enlargement and geographical distribution of ATMs to cowl all areas in Jordan. We are constantly growing the quantity of providers accessible through our ATMs in addition to updating and reviewing safety measures throughout the network, which now consists of 269 models.
Our prospects even have entry to roughly 1,700 third-party ATMs inside Jordan and the Visa International network worldwide. The broad availability of service naturally displays positively on buyer satisfaction and additional solidifies the financial institution’s pursuits, profitability and competitiveness. A evaluation of this network of ATMs is carried out yearly with a view to making sure broad and honest distribution of the newest providers and inspiring prospects to make use of ATMs somewhat than branches.
During 2020 JIB pushed ahead with a number of tasks aimed toward modernising its service provision through new applied sciences. In order to alleviate the stress on branches throughout the COVID-19 pandemic, we shortly rolled out or expanded providers similar to the Islami Mobile app, an up to date web site, self-service kiosks, and devoted ATMs and an deciphering app for shoppers with disabilities.
From its inception, Jordan Islamic Bank has dedicated to turning into a frontrunner in the Jordanian banking sector. We strictly abide by a unifying imaginative and prescient to offer trendy banking providers through the largest network of ATMs unfold all through the Hashemite Kingdom of Jordan, with the hope of assembly the wants and aspirations of our present and future prospects.