Jordan Dubai Islamic Bank launches operations

Published February 2nd, 2010 - 10:10 GMT

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Dubai Islamic Bank (DIB) announced today that its Jordanian subsidiary, Jordan Dubai Islamic Bank (JDIB), has officially launched its operations through it’s first and main branch located in Amman, the Jordanian capital. The branch has opened its doors to its first clients, following a high-profile launch ceremony held under the patronage of Samir Al-Rifa’i, Prime Minister of the Hashemite Kingdom of Jordan, and Dr. Umayya Toukan, the Governor of the Central Bank of Jordan, as well as government ministers and senior public and private-sector officials.

JDIB is focused on offering innovative Islamic banking products and solutions of international standards that meet the needs of corporate and retail clients. JDIB seeks to create a banking solutions system compliant with Islamic law in a modern economic environment, stimulating the demand for such services in the Jordanian market.

The launch of the bank’s first branch in Amman, Jordan, will be followed by an aggressive expansion of its operations across the Kingdom, including the planned opening of a total of 10 branches by the end of this year. The progressive launch of the branch network will also be supported by the launch of a number of innovative Islamic financial products, which will be launched over a period of time in line with the bank’s overall strategy. The launch of operations of JDIB also signals DIB’s focus on expanding its presence internationally.

“We are extremely pleased to announce the launch of operations of JDIB, which will provide a full range of Sharia-complaint products and services to clients across the Kingdom,” said Abdulla Al Hamli, Chief Executive Officer, Dubai Islamic Bank.

“The launch of JDIB further underscores the importance of increasing our international footprint,” he said. “As part of our global growth strategy, DIB intends to aggressively identity further expansion opportunities in underserved markets.”

JDIB is a public shareholding company with a capital of US$70 million, resulting from the conversion of Industrial Development Bank (IDB) into an Islamic financial institution. IDB was re-launched as JDIB following the completion of a private placement of 26 million shares. DIB and Jordan Dubai Capital (JD Capital) jointly own a 52 per cent stake in JDIB. Apart from being a shareholder in the bank, DIB also has a management contract to convert, restructure and establish the business.

Sami Afghan, Chief Executive Officer, Jordan Dubai Islamic Bank, said: “The bank's entry into the Jordanian market heralds a new era of Islamic banking in the Kingdom. JDIB is focused on adding value to our customers, shareholders and the Jordanian economy at large, and is committed to further developing the Islamic banking sector through world-class products and international service standards.”

“The formation of JDIB has been made possible thanks to the significant efforts and vision of His Excellency Samir Al-Rifa’i, Prime Minister of the Hashemite Kingdom of Jordan,” said Ismail Tahboub, Acting Chief Executive Officer, Jordan Dubai Capital. “We would like to further acknowledge the strong support of our founding partners, as well as the ongoing support provided by the Central Bank of Jordan, the Securities Commission, and the Ministry of Industry and Commerce.”

Founded in 2005, JD Capital is a Jordanian company focused on investments throughout the Kingdom and managing assets in excess of US$1.5 billion. JD Capital’s unique strategy is founded on the premise of unleashing Jordan’s full economic potential by targeting opportunities in key sectors while also leveraging public-private partnerships through its three main verticals: Jordan Dubai Energy & Infrastructure, Jordan Dubai Financial, and Jordan Dubai Properties. JD Capital maintains a distinctive edge by interacting with the local community to ensure solid contributions towards making a positive difference.