Stable ratings for Jordan Islamic Bank
Manama, September 29, 2009
The Bahrain-based Islamic International Rating Agency (IIRA) has assigned its international scale ratings of BBB- / A-3 / stable for foreign currency long-term and short-term obligations and BBB/ A-3/ Stable for local currency long-term and short-term obligations of Jordan Islamic Bank (JIB).
IIRA has also assigned its National scale ratings of A (jd) and A-1 (jd) to long term and short term obligations of JIB. The outlook for the ratings is stable. The liquidity position is strong given the high level of assets, large proportion of individual deposits, negligible reliance on bank borrowing as a funding source and sound loan to deposit relationships.
It says JIB's asset quality is good and is maintained through well-conceived credit and investment policies. Though non-performing loans have shown an increasing trend over the last two years, they have been covered adequately through loan loss provisioning and the unutilised portion of the investment risk reserve.-TradeArabia News Service
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