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Islamic banking under the auspices of the Jordanian Islamic Bank

Hatem Hussain

15% cash dividends and 11.11% bonus shares

Increase the capital of the Jordanian Islamic Bank to 200 million dinars

The General Assembly of the Islamic Bank of Jordan approved at its 40th Ordinary Session, held on Monday, April 29, 2019, under the leadership of Mr. Adnan Ahmed Yousif, Chairman of the Board and in the presence of the Company's Controller, Mr. Mohammad Abu Ziad and a representative of Jordan's Central Bank Hossam Al Owaisi. (77.5%) to distribute a cash dividend of 15% in cash on paid-up capital following the approval of the Board of Directors' Report and the Annual Budget, Profit and Loss Account for the financial year ended 31 December 1818 and the Bank's future plan. The Board of Directors of the Supervisory Board and of the Auditors of Shari and the Supervisory Board of Shari was appointed for four years (2019-2023), composed of Mrs. Mahmoud Sartawi, Dr. Abdul Sattar Abu Ghada and Dr. Mohammed Khair. Al-Issa and Dr. Abdul Rahman Al-Kilani Ernst & Young Jordan's Board of Directors has also been elected and the General Meeting of the Islamic Bank of Jordan has decided to elect a new Board for the next four years.

1 – His Excellency Mr. Musa Abdel Aziz Shehadeh

2 – Al Baraka banking group represented by:

His Excellency Mr. Hamad Abdullah Al-Akbab

B. His Excellency Mr. Hood Hashim Ahmed Hashim

His Excellency Mr. Adnan Abdullah Al-Bassam

D. His Excellency Mr. Noor Mohammed Shaher Mahayni

3. His Excellency Mr Salim Ahmad Jamil Al-Khaza

4. His Excellency Mr. Ayman Abdel Karim Bashir Hattah

5. HE Mr Issa Haidarisi Mourad

6 – His Excellency Dr. Nabih Ahmed Salama Alzainat

His Excellency King Fawzi Ragheb Ghanem

8. His Excellency Mr Saleh Yacoub Mohammed Hussein

The Board of Directors decided to elect Mr. Mus Abdul Aziz Shehadeh as Chairman of the Board of Directors and to elect His Excellency Mr. Hamad Abdullah Al Aqab as Deputy Chairman of Al Baraka Banking Group.

In view of the election of his Excellency Mr Musa Abdul Aziz Shehadeh, the Director-General of the Jordanian Islamic Bank, the Board of Directors and in accordance with the corporate governance provisions preventing entry to the Board of Directors and Chief Executive Officer, Musa Abdul Aziz Shehadeh resigned as Managing Director / Tuesday, April 30, 2019 and appointment of Dr. Hussain Saeed Saifan CEO / Chief Executive Officer of the Bank from Wednesday morning 1/5/2019.

The General Assembly met at an extraordinary meeting and agreed to increase the Bank's share capital by 20 million dinars / shares by 11.11% as free shares and to supplement the fifth point of the company's Articles of Association and Articles of Association – the Bank's registered capital will be JD 200 million / share instead of 180 million JD. Increase retained earnings and voluntary reserves.

Mr Adnan Ahmed Yousif expressed his gratitude and appreciation to Mr Mus Shehad for his excellent management of the bank, which has left a clear mark on his career for almost 40 years, during which the Bank has achieved good results and a prominent position in the Jordanian banking and international Islamic banking sector. To the new board and executive management to continue the success of Jordanian Islamic Bank, suggesting that the Islamic Bank of Jordan continued its career in 2018 in deepening the experience of Islamic banking, maintaining its position in the banking arena. Despite the challenges and challenges faced by the local economy and the changing regional and international environment, Jordan has added to its clients' trust and satisfaction and the latest developments in banking and technology to achieve more success by winning international awards for several years. are Word Finance and Banker and Global Finance. Islamic finance and others, as well as credit ratings and legitimacy from international rating agencies such as Fitch, Capital Intelligence, Standard & Poor, and the IIRA, praise the combined efforts of executive management, and the Bank also thanked the Central Bank of Jordan and the official and supervisory authorities for their active role and understanding of the specificity and nature of the work of Islamic banks in issuing laws and regulations that contribute to promoting the work of Islamic banks, the Jordanian banking system and the national economy.

Mr. Shehadeh praised Mr. Adnan Ahmed Yousif's efforts for more than ten years during his term as Chairman of the Bank's Board of Directors and achieved excellent results at various levels and emphasizes the full harmony between the Board of Directors and Executive Management in order to achieve the Bank's strategy to meet the various challenges and achieve the best results.

Regarding the bank's annual budget figures as of 31/12/2018, Mr. Musa Shehadeh, Managing Director of the Jordanian Islamic Bank, said, despite all the circumstances, that she had achieved good growth in most of her economic and social activities. Of the bank's bank and investment assets, total bank and investment balance accounted for 13.7% of direct bank loans, with total bank deposits of total client deposits in Jordan operating at around 12%. Total assets of banks operating in Jordan reached 9.1%.

In 2018, the bank achieved a profit of CZK 75.4 million, after tax it reached a profit of CZK 49.8 million, the dividends before distribution amounted to CZK 192 million, the bank's income amounted to CZK 218 million, the equity amounted to CZK 393 million compared to 375 million KD. At the end of 2017, with a growth rate of 4.9%, a return on equity before tax of 19.6% and after taxation 13%, the capital adequacy ratio (CAR) at the end of 2018 was approximately 22.8%. The Central Bank of Jordan Bank maintained its loan portfolio and asset quality with a default debt ratio of 4.2% and a coverage rate of 124%.

Total assets at the end of 2018 (including limited investment accounts and investment agency (investment portfolio)) amounted to CZK 4.618 billion.

Total savings deposits (including limited investment accounts and investment funds) amounted to Kc 4,086 billion at the end of 2018, which was divided into approximately EUR 942 thousand.

The total volume of investment and investment funds at the end of 2018 (including limited investment accounts and investment portfolio) amounted to Kc 3,570 billion, distributed over CZK 223 thousand. Transactions compared to 3.333 billion KD at the end of 2017, distributed over 225,000 transactions.

The Bank's branch network at the end of 2018 consists of 76 branches, 29 banking offices, 77 branches and 30 offices in the first quarter. From 2019 onwards, in addition to the provision of services during official holidays and on the day of the congregation and Saturday and evening at some of the Bank's offices and offices, in addition to the Bank's human resources through rehabilitation and further training courses to improve the performance of all employees, Li 2405 men and women , and the bank continued to provide incentives to Mtaamelih by offering prices to savings account holders with a total figure of 150,000 dinars, as well as pricing for users of various bank cards issued by the bank, which reached some 235,000 dinars during 2018.

We also released our seventh report on the most important social responsibility and sustainability initiatives and initiatives for 2018, which are an integral part of the Bank's ongoing programs and initiatives to serve the society to balance economic, environmental and social performance through sponsorship of conferences and seminars, support research and vocational training. Experts and craftsmen and mutual insurance funds work together with community, energy and the environment.

Shehadeh emphasized banking technology achievements during 2018 from development and modernization by continuing to implement a plan to extend the provision of new services via electronic channels, which is most important: the introduction of more banking services, such as finance queries (PCI-DSS) ) and the implementation of trade policies and procedures to achieve information and technology management and management requirements. COBIT 5 IT Governance and completing a data center project in all its components, including the transfer and operation of all network equipment, core servers and central storage units for simultaneous work with a core data center and implementation of systems to increase cyber-attack and malware protection The development and development of a range of systems and products has been installed and operated by multiple ATMs across the kingdom to serve customers throughout the day and become the ATM network of 232 devices, about 13.6% of ATMs. Work in Britain), all of which are associated with customer accounts, and with the Middle East Network of Payment Services (EP) and Jordanian Shared Networking Exchange Mechanism (JONET), which consists of about 1,700 ATMs, and through them with global outside of Jordan.

About the Bank's Future Plan 2019 Shehadeh said it includes continuing the deployment of new services and the development of electronic banking and expanding the funding of individuals, whether Murabaha or Ijarah Muntahia Bittamleek, and financing small and medium-sized enterprises (SMEs) and financing government needs through direct financing of Murabah, A strives to diversify and develop services and offer new financing products to meet the needs and needs of the banking market, to adopt legitimate consent and to continue to keep up with all the new ones in banking technology and improve the efficiency of automated systems. by opening a branch and a new branch, three branches will be transferred to branches and the facility will be installed and operated. With the development and improvement of its operational management system, the strengthening of corporate governance and the continued application of Basel II and Basel III requirements, continuous efforts to improve asset quality, risk management and compliance monitoring, while maintaining the role of Social and Social Stability in the company, increasing workforce the power to reduce poverty, empower women and continue to provide renewable energy sources at the Bank's headquarters, using solar cells installed on the roofs of buildings; Bank customers' benefits from services and products provided by our bank. In coordination and cooperation with the management of the banking group Al Baraka.

The economic and social responsibility of Ramadan news

Ghassan student

She is an Islamic finance specialist

After a few days we have a date with the month of Fadil, the moon is not like the rest of the month, it is the month of Ramadan, with all its spiritual and moral virtues, we have to talk about economic and social misery and within 30 days society and its economic and social institutions, the spirit of love prevail and Social Solidarity We are dealing with our true religion, and in these limited lines, we are addressing an important aspect of our Islamic banks that can touch upon their social responsibility to society and individuals and the social and economic benefits they can bring together. And investing national economic growth, which undoubtedly contributes to alleviating the burden of unemployment and poverty, is not limited to one bank or other institution without the other, in addition to its role in spreading the knowledge and support of scientific initiatives and scientific research. But, it is possible that the difference in giving and willingness to contribute to fulfilling the role required by the community.

Corporate Social Responsibility is one of the most important principles promoted by Islam and its Sharian law, because it brings an economic and moral message that serves society and contributes to economic development through its role in reducing the burden of poverty and improving the living conditions of the needy groups, the content of Islamic and moral messages . An economic and social goal as a humanitarian and religious duty without injustice and exploitation, and in the interest of society in order to achieve security, stability and justice. We are obliged to pay zakaah, charity and all acts of justice and love, and we have the right to do so in the sense of verse.

It is normal that all the days of this holy month and the ensuing financial obligations of individuals who sometimes burden them, our Islamic banks attach one of their priorities to taking on social responsibility towards their society, if the principles and goals they are trying to achieve must to put social responsibility in line with economic responsibility. To the community, that is, they both lead a national message that is committed to the provisions of Islamic law.

This economic and social responsibility is not limited to our Islamic financial and banking institutions, but also to local financial and social institutions, whether profitable or voluntary, moral and social, and dedicated to society, thousands of families do not find their daily lives and displaced persons, which have become an economic burden. Our countries are all involved and responsible for contributing to the alleviation of the financial and social burden of the holy month's ethics, profit-making institutions seeking profit as an economic and social investment institution. and the logical goal when it is linked to the social goal of moral dimension and is positively reflected in the different aspects of life in our society.

A social and economic message based on the moral responsibility of Islamic financial institutions can also play an effective role in achieving better profits if there is a healthy social and economic environment and contributing to the development of society and reducing the burden on its members. When social goals are achieved, we achieve political and economic stability and a safe life for members of society.

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