JIB: A model of ‘honest, sincere, and satisfying’ Islamic banking for Jordan
Newly-appointed chairman HE Mr Musa Shihadeh outlines JIB's recent performance
For 38 years, His Excellency Mr Musa Shihadeh was CEO and General Manager of JIB, one of Jordan’s oldest Islamic banks. But as of May 2019, he has stepped into the role of Chairman of the Board of Directors for the bank. He discusses the bank’s latest financial results, its commitment to financial inclusion and sustainability, and his vision for the future of the bank as a model of applied Sharia.
World Finance: Mr Shihadeh, talk me through the bank’s latest financial performance.
Musa Shihadeh: Our performance last year was good. Profits saw about 10 percent growth, and deposits was 7.5 percent.
This was because of expanding our technological transactions done through ATMs, phone banking, and branching.
This enhanced our business and led to that success.
World Finance: Now JIB has a real commitment to financial inclusion and sustainability; why is this mission so important to the bank, and to you personally?
Musa Shihadeh: We at the bank have a mission and strategy that we should serve every community person. Therefore we stress and concentrate our business on these transactions; try to help people to get under our umbrella of services. This will help to end poverty and unemployment, keep the economy stable and progress.
This stability will be resulted to our success and benefit as a bank.
World Finance: How does that position JIB in the Jordanian banking sector?
Musa Shihadeh: Jordan’s market has 25 banks. Four of them have Sharia application systems. We are the first in Islamic banks, and the third in all banks in Jordan.
World Finance: As I mentioned, although you are now Chairman of the Board of Directors for the bank, you were CEO and General Manager for 38 years, and saw some quite extraordinary changes in financial services during that time; what are you most proud of from your 38 years of leadership?
Musa Shihadeh: I’m proud of having the bank as a prominent bank in Jordan, with good relations with local and international banking systems. Satisfying every customer’s needs. And being a model for Islamic banking, applying Sharia in our products, that enhanced different banks to go and apply the Sharia principles.
World Finance: And what are you looking forward to in your new role on the board?
Musa Shihadeh: I’m looking that this bank will continue as a model for those who want to apply Sharia, and be honest, sincere, and satisfying the stakeholders.
World Finance: Musa Shihadeh, thank you very much.
Musa Shihadeh: Thank you very much.