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52% Growth in IIAB 2011 Profits

The Islamic International Arab Bank declared its financial statements for 2011 after the approval of the audited financial statements by the Central Bank of Jordan. The financial statements reflected the constant exceptional financial performance of the bank and the growth of most of the budget items.

Sharif Fares Sharaf, Chairman of the Board of Directors, said that "the growth in profit before tax, amounted to (52%) over the end of 2010, reflecting the bank's strong and distinctive performance, as net profits amounted to JD15.2 million, compared to JD10 million in 2010. The portfolio of Sales Receivables and Local Financings at the end of 2011 grew up to JD 462 million, with an increase of 25% over 2010. On the other hand, the customer deposits and cash margins (both restricted and unrestricted) at the end of 2011 reached JD1128 million, representing a growth of 15% over 2010 levels, showing an increased confidence in the Bank and the Jordanian economy despite the economic conditions."

The General Manager of the Bank, Mr. Iyad Asali, said that "… the Bank is taking steady steps in terms of financial results, as total revenues increased by (30%) and the Bank's share of investment income rose by (31%), while the revenues of banking services increased by (53%). In addition, the ROA before tax grew to (1.3%), compared to (0.9%) in 2010, while the ROE before tax grew to (17%), compared to (11.5%) for the same period of comparison.

Mr. Asali asserted the bank continued commitments in growing the funds available for investment, in accordance with its investment needs and availability of profit-yielding opportunities, notwithstanding the Bank keenness to manage its assets and liabilities ensuring rewarding returns within acceptable risk levels.

Furthermore, Mr. Asali explained that "the Bank is continuing the rational expansion plans, where the branch network reached thirty-four branches providing distinguished banking services, and financial solutions for all clients segments. Moreover, ten business centers were established during last year in Amman greater area (Sweifieh, Khalda, City Center, Marka, Abu Alanda, Wehdat and Gardens) in addition to Zarqa, Irbid, and Aqaba governorates, to serve the increasing demand for Islamic by the commercial sector.
Mr. Asali affirmed the bank commitment to its social responsibility and principles of social solidarity, arising from the corporate mission of strengthening interaction-based activities with the community by supporting and partnering with its institutions, hence the Bank has provided support to many associations and charitable institutions, as well as the Ministry of Social Development and Orphanages initiatives, and contributed to a number of other self-managed benevolent campaigns."

It is noteworthy that the Islamic International Arab Bank commenced its banking operations, in accordance with the provisions of Islamic Sharia, on Shawwal 12, 1418 AH, corresponding to February 9, 1998. At present, the Bank is considered one of the leading Islamic banking institutions in Jordan and the region.