ISLAMIC FINANCE

IIRA maintains credit ratings on Jordan Islamic Bank November 18, 2017

Ratings on Jordan Islamic Bank with the national scale ratings at A+(jo)/ A1(jo) (Single A Plus / A One). Manama – Islamic International Rating Agency (IIRA) has reaffirmed ratings on Jordan Islamic Bank (“JIB” or “the bank”) with the national scale ratings at A+(jo)/ A1(jo) (Single A Plus / A One). At the same time, on the international scale, both foreign and local currency ratings have been reaffirmed at BB+/A3 (Double B Plus / A Three) and at BBB-/A3 (Triple B Minus / A Three), respectively. Further, IIRA has maintained the outlook on the assigned ratings at stable. JIB is the largest Islamic bank in the Hashemite Kingdom of Jordan (“Jordan” or “the country”) and positioned as a prominent market player in the country’s overall banking sector. The current ratings factor in the persisting macroeconomic and regional challenges in Jordan that is gradually leading to a systemic slowdown in the country’s banking sector. While JIB has outpaced the industry in terms of overall asset and deposits growth,......

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