Amman: Two Jordanian banks have been recognized among the world's best Islamic banks, according to a recent announcement by the Secretary-General of the Union of Arab Banks (UAB), Wissam Fattouh. The recognition was highlighted in a report by The Banker magazine, which ranks banks based on their Sharia-compliant assets. The Jordan Islamic Bank and Bank al Etihad were the two banks noted for their outstanding performance, with combined Sharia-compliant assets totaling approximately $10.7 billion and a combined capital of around $1.2 billion.
According to Jordan News Agency, the Jordan Islamic Bank achieved a ranking of 26th in the Arab world and 42nd globally, while Bank al Etihad was positioned 34th regionally and 60th globally. This recognition comes amidst the backdrop of the Islamic financial industry's significant growth, with the industry reaching approximately $3.38 trillion by the end of 2023. A substantial portion of these assets, around $1.8 trillion or 52.5%, are concentrated in the Gulf Cooperation Council (GCC) countries.
The data highlighted that 77 Arab banks made it to the list, collectively holding $1.41 trillion in Sharia-compliant assets, with total assets amounting to $2.659 trillion. Iraq led the count with 19 banks on the list, followed by the UAE with 12, and Saudi Arabia and Bahrain each with 9. Saudi banks dominated in terms of Sharia-compliant assets, reaching a total of $732 billion, followed by the UAE, Kuwait, and Qatar with $225 billion, $161 billion, and $147 billion respectively. Jordan and Egypt each had two banks included in the prestigious list.