Dubai Islamic Bank (DIB) has officially launched its Jordan subsidiary, the bank announced on Tuesday.
The branch in Amman will be the first of ten planned by DIB’s Jordan operation, which has been branded Jordan Dubai Islamic Bank.
The official launch in the Jordanian capital was attended by HE Samir Al Rifa’i, Prime Minister of the Hashemite Kingdom of Jordan, HE Dr Umayya Toukan, the Governor of the Central Bank of Jordan, and other government ministers and senior public and private-sector officials.
“We are extremely pleased to announce the launch of operations of JDIB, which will provide a full range of Sharia-compliant products and services to clients across the Kingdom,” said Abdulla Al Hamli, chief executive officer, Dubai Islamic Bank.
JDIB is a public shareholding company with a capital of $70m, resulting from the conversion of Industrial Development Bank (IDB) into an Islamic financial institution. IDB was re-launched as JDIB following the completion of a private placement of 26 million shares. DIB and Jordan Dubai Capital jointly own a 52 percent stake in JDIB.
DIB was established in 1975, is the largest Islamic bank in the UAE and currently has 62 branches across the emirates.
JDIB received its preliminary banking licence by the Central Bank of Jordan to operate as an Islamic financial institution in July last year.
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