Jordanian Banks Earn Global Recognition in Islamic Finance

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Jordanian Banks Earn Global Recognition in Islamic Finance

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Amman, Jan. 18 (Petra) – The Secretary-General of the Union of Arab Banks (UAB), Wissam Fattouh, highlighted the remarkable growth of the global Islamic financial industry, which reached approximately $3.38 trillion in total assets by the end of 2023.

Global and Regional Highlights
Of these assets, $1.8 trillion (52.5%) are concentrated in Gulf Cooperation Council (GCC) countries, underlining the region’s dominance in Islamic finance.

Two Jordanian banks, the Jordan Islamic Bank and Bank al Etihad, were recognized among the world’s best Islamic banks in The Banker magazine’s annual ranking.

Jordanian Achievements
• Jordan Islamic Bank: Ranked 26th in the Arab world and 42nd globally, with significant Sharia-compliant assets.
• Bank al Etihad: Ranked 34th regionally and 60th globally, showcasing its robust financial position.

Together, these banks hold approximately $10.7 billion in Sharia-compliant assets and have a combined capital of $1.2 billion, cementing Jordan’s position in the global Islamic banking sector.

Arab Banks’ Dominance
A total of 77 Arab banks made it to the list, representing $1.41 trillion in Sharia-compliant assets and $2.659 trillion in total assets.

Country-wise Representation:
• Iraq led with 19 banks included.
• UAE followed with 12, while Saudi Arabia and Bahrain each contributed 9 banks.
• Oman: 7 banks, Qatar: 5 banks, Kuwait: 4 banks.
• Jordan, Egypt: 2 banks each, while Tunisia and Sudan had one bank each.

Regional Leaders in Assets
• Saudi Arabia topped the rankings with $732 billion in Sharia-compliant assets.
• UAE: $225 billion.
• Kuwait: $161 billion.
• Qatar: $147 billion.

Jordan’s inclusion in the prestigious list highlights its growing role in the Islamic banking sector and underscores the country’s commitment to adhering to Sharia principles while achieving financial excellence.

/Petra// AF

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