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French Version

Jordan Islamic Bank net income rises

Jordan Islamic Bank, a subsidiary of Bahrain-based Albaraka Banking Group (ABG), announced that its operating income had increased 31 percent to $80.23 million at end of 2007 from $61.16 million in 2006. The bank said that the net income increased by 49 percent to $32.4 million in 2007 up from $21.82 in 2006.

The balance sheet witnessed a nine percent growth reaching $2.26 billion in 2007 compared with $2.06 billion in 2006 as a result of increases in financing and investments in particular murabaha sales receivables, the Ijarah Muntahia Bittamleek (leasing ending with ownership) portfolio and non-trading investments. This expansion was funded by a growth in customer accounts, unrestricted investment accounts and other deposits which rose by 10 percent from $1.74 billion in 2006 to $1.92 billion in 2007.

The bank’s strong performance in 2007 underpinned by continuing expansion of its network and providing more high quality Shari’a-compliant banking products and services as well as modernizing and upgrading its delivery channels and improving its operating and IT infrastructure.

All this helped it to consolidate its market share both in terms of financing and investment on one hand and deposits and investment accounts on the other. This reflected positively on its income especially the increase in income from joint financings and investments, growth revenue from banking services and other operating income, in particular its share as Mudarib (investment on your behalf) for the management of restricted investment accounts.

The bank was very successful in growing the investment accounts and deposits which now finance 84.8 percent of total assets. This is an indication of the solid customer base that the bank enjoys. On the other hand, the shareholder equity increased by a significant 16 percent to $188.26 million as at the end of 2007.

Chairman of the Board of Directors of Jordan Islamic Bank and President and Chief Executive of ABG, Adnan Ahmad Yousif, said such excellent performance was the result of the hard work of the bank’s executive management and all employees as well as the strong support that ABG, parent company extended to the Bank.

Yousif said that Jordan Islamic Bank intends to maintain a consistent growth rate, seeking balanced returns for its shareholders, depositors and employees while increasing its market share through the delivery of a range of competitive products and a widening branch network. It will also continue to seek to provide government agencies and projects with financial services through the issue of sukuks that can be traded on the Stock Exchange.

Vice Chairman of the Board of Directors and General Manager of Jordan Islamic Bank Musa Shihadeh said that the excellent financial results of the Bank in 2007 were due to the bank’s commitment to operating within the framework of the unified business strategies of Albaraka Banking Group, the assiduous efforts the Bank’s executive management in launching a number of initiatives in the area of the diversification of income sources, the bank’s continued expansion of its branch network in 2007 which ended the year with a total of 65 branches and banking offices and 66 Automatic Teller Machines (ATMs) linked to Jordan National Payment Network and Visa International Network. The bank’s network now covers all main residential and commercial areas in Jordan.

Shihadeh said that the good performance of the Jordanian economy had a marked impact on the financial results of the bank. “The real Gross Domestic Product (GDP) grew by an estimated 5.7 per cent, and there was a strong influx of foreign inward investment, encouraged by the government’s Investment Promotion Law. Foreign exchange reserves rose by 15 per cent to $7.02 billion. Meanwhile, the rate of inflation fell to an estimated 4.9 per cent, compared with 6.3 per cent the year before. Although the volume of turnover on the Amman Stock Exchange fell during the year, the stock price index actually recorded a near 30 per cent rise year-on-year, reflecting the growth in intrinsic value of the underlying stocks.

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