Jordan Islamic Bank Co PLC (Jordan Islamic Bank) is a pioneer in Jordan's financial markets, with a "faith-based, service-oriented" philosophy that has demonstrated excellence in Shariah-compliant retail banking, corporate banking, microfinance and digital finance. Founded in Amman in 1978 under the Jordanian Islamic Banking Special Act and incorporated into the Islamic Banking Chapter of the Jordanian Banking Act in 2000, it is headquartered at 11th August Street (P.O. Brown), Shmesani District, Amman, Jordan. Box 926225, Amman 11190）。 As a listed company on the Jordan Stock Exchange (ticker symbol: JOIB.AM), Jordan Islamic Bank serves approximately 1 million customers and is one of the largest Islamic banks in Jordan thanks to its deep heritage and innovative capabilities.

basic bank information

Islamic Bank of Jordan is a commercial bank, privately owned, established in 1978 and headquartered in Amman, Jordan. The bank was jointly initiated by the Jordanian government and private investors, with an initial registered capital of 2 million Jordanian dinars and an authorized capital of 4 million Jordanian dinars, which will increase to 150 million Jordanian dinars (about 212 million US dollars) in 2023. Major shareholders include institutional investors (e.g. Jordanian Investment Fund) and public shareholders, and the holding structure operates as an independent company. Banks are strictly regulated by the Central Bank of Jordan and are required to comply with the Jordanian Banking Act and international Islamic finance standards to ensure transparency in their operations and the safety of customer funds. Its deposits are protected by the Jordan Deposit Insurance Corporation, with a maximum coverage of Jordanian dinars (about $1.41 million) per depositor. The bank's SWIFT code is JIBAJOAM and the registration number is 111001. Jordan Islamic Bank has 64 branches and 109 banking offices across the country, with a total of approximately 2,500 employees in 2024.

Deposit & Financing Products

deposit class

Islamic Bank Jordan offers Shariah-compliant deposit products based on a profit-sharing (Mudaraba), correspondent investment (Wakala) or deposit-custody (Wadiah) model, based on an expected rate of return (EPR) rather than traditional interest rates, to meet the savings needs of individual and corporate customers:

Demand Deposits: Including instant access accounts, such as "Wadiah Current Account" and "Thuraya Savings Account", with a minimum account opening amount of 0 Jordanian dinars and an expected profit margin of about 0.5%-1.0%, the latest rate needs to be confirmed through branch or online banking. The Thuraya account provides high-end customers with priority service and bonus points, flexible access and no monthly fees, and is suitable for day-to-day money management.

• Fixed Deposits: Support multiple currencies such as Jordanian dinar, US dollar, euro, etc., with deposit terms ranging from 1 month to 5 years, and the minimum deposit amount is 500 Jordanian dinars. In 2025, the expected profit margin will vary depending on the term, e.g. 3.0% for 1 month, 4.0% for 3 months, 5.0% for 6 months, 6.5% for 12 months, and 8.0% for 2-5 years. Invest in low-risk ethical assets (e.g. real estate, sukuk bonds), and the profits are shared by the bank and the client in an agreed proportion.

• Featured products:

  • High Yield Savings Account: e.g. "Thuraya Savings Account", which offers an expected profit margin of up to 6.0% and requires maintaining a balance of more than 5,000 Jordanian dinars, combined with point rewards and sweepstakes (e.g. cash or travel rewards), No monthly fees.

  • Wakala Investment: Supports flexible tenors, suitable for customers with large amounts of funds, the expected profit margin needs to be queried through the branch or app, and the early withdrawal penalty is 90 to 180 days of profit.
    Customers can check the expected profit margin through the "JIB Mobile" app or online banking, deposit products can be opened and calculated instantly, and some accounts offer no transaction fee discounts.

financing

Jordanian Islamic Bank offers Shariah-compliant financing products based on Juno8888 based on Murabaha (cost plus), lease (Ijarah), Commodity Tawarruq or Musharaka model, alternative to traditional loans:

Home Financing (Murabaha/Ijarah): Financing up to 80% of the value of the property for up to 20 years using a cost-plus or lease model. In 2025, the annualized profit margin will be about 12%-16% (based on the benchmark interest rate of the Central Bank of Jordan, about 10%), and green financing discounts (energy-efficient properties) will be provided, and the application will require a credit score of more than 700 and an annual income of more than 5,000 Jordanian dinars.

• Car Loan (Murabaha): Support new and used car financing, with a financing amount of up to 50,000 Jordanian dinars, a term of up to 5 years, an annualized profit margin of about 10%-15%, and a credit score of 660 or more.

• Consumer Financing (Tawarruq): The financing amount ranges from JOD 1,000 to JOD 50,000, with a term of 1 to 5 years, an annualized profit margin of about 12%-18%, and the application threshold is an annual income of more than JWR 3,000 and a good credit history, and the customer needs to be at least 21 years old.

• Flexible payment options: Home finance and consumer finance support early payment with no penalty, monthly or bi-weekly payment plans, and revolving lines of credit give customers the flexibility to manage their payment contributions.
  All financing is subject to bank approval, and customers are required to provide credit history, proof of income and asset information, the specific terms of which are subject to the financing agreement. The bank's corporate finance services (e.g. letter of credit, Eastsna) provide additional support to SMEs.

digital service experience

Jordan Islamic Bank's mobile banking app "JIB Mobile" is at the heart of its digital services, available for download on iOS 14.0 and above, Android 9.0 and above, with an App Store rating of around 4.8 and a Google Play rating of around 4.7, with users praising its quick launch (in less than 2 seconds), intuitive interface, and multi-language support (Arabic, English). Core features include:

• Face recognition: Supports biometric authentication (such as Face ID and Touch ID), combined with 256-bit end-to-end encryption to ensure transaction security.

• Real-time transfers: Instant transfers in Jordanian dinars are supported through Jordanian electronic payment systems such as eFAWATEERcom, with a daily limit of up to 100,000 Jordanian dinars, international money transfers to more than 100 countries, and low-rate transfers in partnership with Western Union.

• Bill management: Support online bill pay, automatic debit, and e-statement, classify transactions in real time, and allow up to five bills to be paid at a time.

• Investment Tool Integration: Support Sukuk, real estate investment and fund trading through an investment platform that provides real-time market data and investment advisory services.
  The online banking platform "JIB Online" supports multiple browsers and provides similar functions, allowing customers to open an account in less than 5 minutes through the app or official website. The app supports accessibility features such as dynamic font adjustment and VoiceOver compatibility for visually impaired and hearing-impaired customers. In 2023, about 60% of customers completed transactions through digital platforms, significantly improving the user experience.

technological innovation

Islamic Bank is actively exploring in the fintech sector, driving digital transformation through its information technology division:

• AI customer service: Introduce an AI-driven customer service system to analyze transaction behavior and detect fraud risks in real time, automate 80% of customer inquiries by 2023, and plan to launch a virtual assistant in 2025 to support 24/7 inquiries and personalized financial advice.

• Open Banking API Support: Follows the Central Bank of Jordan's Open Banking Framework, integrates with third-party service providers, provides account management and financial services interoperability, and supports 35 deposit, credit card, and financing service APIs by 2024.

• Blockchain payment: Pilot a blockchain-based payment platform in 2023 to simplify cross-border transactions and improve efficiency and transparency.

• eFAWATEERcom Payment: Supports instant bill payment through the Jordanian electronic bill payment system, covering services such as water, electricity, and telecommunications, with a 15% increase in transaction volume in 2023.

• Other innovations: support for Apple Pay, Google Pay and local payment systems, and simplified mobile check deposits; In 2024, it will invest 50 million Jordanian dinars to upgrade cloud technology and data analysis platforms to improve operational efficiency.

Featured Services & Differentiation

Islamic banks in Jordan are known for their Shariah-compliant financial services and financial inclusion initiatives:

• Shariah-compliant: All products are certified by an independent Shariah monitoring committee, and investment activities involving alcohol, tobacco, gambling and other industries are prohibited to attract customers who pursue ethical investment, with non-Muslim customers accounting for 20% of the total customer base in 2023.

• Microfinance: Serving rural communities in Jordan and supporting small businesses and self-employed individuals, with a balance of microfinance loans accounting for 25% of the loan portfolio in 2023, reaching thousands of women through IFC-supported women's entrepreneurship programs.

• Green Finance: Invested in solar power plants, provided 85% of clean electricity for branches, and provided a total of 50 million Jordanian dinars in green financing in 2023, in response to the United Nations Principles for Responsible Banking, and won the "Jordan Green Finance Pioneer Award".

• Women's Entrepreneurship Support: Supporting women entrepreneurs through dedicated financing and training programs, with a 15% increase in women's loan balances in 2023.

• Community Contribution: Support education and charity projects through the Jordan Islamic Bank Foundation, such as the "Draw a Smile" campaign, donate 10 million Jordanian dinars for community development in 2023, hold financial literacy seminars, and improve the financial literacy skills of young people.

market position and honors

Jordan Islamic Bank is one of the leading Islamic banks in Jordan, with total assets of approximately JOD 6 billion (approximately US$8.5 billion) in 2024, ranking among the top 38 banks in Jordan. With 64 branches and 109 banking offices, the bank serves approximately 1 million customers (including 800,000 individual customers and 200,000 corporate customers), and dominates the retail banking, corporate banking and microfinance sectors. In 2023, banks reported an 8% increase in deposit balances, a 6% increase in financing balances, and a non-performing financing ratio of less than 0.2%, indicating that they are operating soundly. Jordanian Islamic Bank's innovation in digital services and green finance has allowed it to remain competitive in the regional market. Its international business accounts for 10% of its total revenue through foreign exchange and trade finance services. Key accolades include:

• International Finance 2023 "Best Islamic Bank in Jordan" award.

• 2022 Jordan Green Finance Pioneer Award.

• The Banker 2021 "Best SME Bank" Award.
  The ethical focus and innovative capacity of the Islamic Bank of Jordan make it the backbone of Jordan's financial markets.

summary

Jordan Islamic Bank Limited is a pioneer in Jordan's financial market with its 47-year heritage, inclusive services and innovative financial products. It offers a wide range of deposit and financing products, all Shariah-compliant, and meets the needs of its customers through 64 branches and advanced digital platforms. The digital service is centered on the "JIB Mobile" app, which provides efficient real-time transfers, bill management and investment functions. Technological innovations include AI customer service, open banking APIs, blockchain payments, and eFAWATEERcom payments, demonstrating its forward-looking digital transformation. With its microfinance, green finance, support for women's entrepreneurship and multiple industry accolades, Islamic Bank Jordan continues to demonstrate strong competitiveness and influence in Jordanian and regional financial markets.

Note

• specific expected profit margins and financing details may vary depending on market changes, please check with the Islamic Bank of Jordan website or check with the bank directly for the latest information.