Standard & Poor’s Global Ratings have affirmed credit ratings for Jordan Islamic Bank (JIB), namely B+ for long-term and B for short-term counterparty credit ratings and a stable outlook. JIB’s standalone credit profile (SACP) was assessed at BB-.
According to the ratings agency, JIB is weathering the COVID-19 pandemic well. JIB has been able to maintain its advanced market share and its leading position as the largest Islamic financial institution in Jordan and the country’s fourth-largest bank in terms of assets, with stable capital, a good record in financing, liquidity, achieving profits, Standard & Poor's Global Ratings said. The agency also noted that JIB has a wide and varied customer base, and has been flexible in managing its business and diversifying its investments.
Dr Hussein Said, CEO/GM of JIB, said: "Re-stabilising Standard & Poor's rating of our bank's credit ratings despite the negative effects of the spread of the corona pandemic and its negative effects on various sectors, praise be to God, the bank’s ability and success in managing and how to deal with this pandemic and its reflection on its performance, stressing the continuity of implementing the bank’s strategy to preserve the achievements made while striving to achieve more, enhance the bank’s position and expand its reach in the Jordanian market.