Best bancatakaful provider 2025: Islamic Insurance Company
Islamic Insurance Company of Jordan stands out as the deserving winner of the country’s bancatakaful provider award. This recognition highlights its exceptional performance and strategic enhancements in the takaful insurance landscape.
Marked by significant financial strides and innovative product offerings, 2024 was a landmark year for Islamic Insurance Company. The company reported total assets of JD52 million ($73 million), setting a robust financial foundation that surpasses the required solvency margin by a remarkable 96%.
In terms of profitability, Islamic Insurance Company achieved gross profits before tax of JD2.87 million in 2024, which not only represents an increase over the previous year’s profits but also sets a high benchmark within the Jordanian insurance market.
The company also introduced a series of innovative takaful life insurance products catering to diverse needs. These include individual life insurance solutions with a savings component payable at maturity, aimed at financial security and future planning. Its educational plan offers a thoughtful product design that ensures educational costs are covered in the event of the policyholder’s death.
Beyond product innovation, Islamic Insurance Company has embraced digital transformation to enhance customer engagement and streamline operations. Over the past year, it has optimised its social media presence, revamped website interfaces to improve user experience, and upgraded its digital marketing tools. These advancements in digital strategies not only facilitate better customer interaction but also enhance market presence and accessibility through optimised search engine strategies.
These concerted efforts in financial excellence, product innovation and digital engagement have set Islamic Insurance Company apart, securing its spot as a leader in the bancatakaful landscape in Jordan.
Best Islamic bank 2025: Jordan Islamic Bank
Jordan Islamic Bank (JIB) has consistently demonstrated exemplary growth and innovation, making it a deserving recipient of Euromoney’s award for best Islamic bank in Jordan.
JIB’s assets under management saw a robust growth of 8.7% year-over-year. This surge in assets is complemented by substantial growth in both its Shariah-compliant retail and corporate loan portfolios, which expanded by 4% and 7%, respectively.
The impact of these financial achievements is particularly significant in the local context, where JIB provided financing worth JD631 million ($890 million) to individual clients as of October 2024 – a 13% increase from the previous year. This has contributed to JIB capturing a commanding 46% market share among Islamic banks in Jordan, making it the largest Islamic financial institution in terms of total assets within the sector.
Additionally, 2024 saw the launch of several innovative products that have enhanced JIB’s service delivery and customer satisfaction. Digital initiatives like the Islami Aqar real estate app, the ability to open sub-accounts online, and enhancements in anti-money laundering procedures through automated kiosks exemplify JIB’s commitment to technological integration. Offerings such as digital forms, chatbot services, and QR code integrations on documents and cheques also showcase JIB’s forward-thinking approach to digital banking solutions, making Islamic banking more accessible and convenient for its clients.
JIB’s adherence to governance and Shariah compliance is rigorously maintained. With structures such as the Sharia supervisory board, JIB ensures that all operational aspects comply with the stringent regulations set forth by Islamic finance standards and the Central Bank of Jordan.
Jordan Islamic Bank’s leadership in market share, innovation in financial products, and its commitment to Shariah compliance culminate in its recognition as Jordan’s best Islamic bank, truly reflecting its excellence and leadership in the national Islamic banking sector.
