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Jordan Islamic Bank Profits Surge 67 Per Cent
MANAMA - Jordan Islamic Bank, a subsidiary banking unit of Albaraka Banking Group BSC (ABG), announced that it achieved a significant improvement in its net profit in the first nine months of 2008 as it increased by 67 per cent.
“The bank was not affected by the financial crisis in the international market nor by the consequences of the failure of the Lehman Brothers, because the bank had no investments in or with this or other similar institutions that do not comply with the principles of the Islamic Shariah,” said Musa Shihadeh, Vice-Chairman of the Board of Directors and General Manager of Jordan Islamic Bank.
The financial results of the Bank for the nine months of the year show that it achieved a net profit before tax amounting to JD44.34 million compared to JD26.58 million for the same period of last year, representing an increase of 67 per cent.
Profits after tax amounted to JD30.4 million as at the end of the third quarter of this year compared to JD17.63 million for the same period of last year, representing an increase of 73 per cent.
Total customer deposits as at
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