Jordan’s success amid turmoil

Transcript

Jordan’s banking sector has been able to transcend the geopolitical chaos that has hampered many neighbouring nations. Jordan Islamic Bank’s Musa Shihadeh explains how.

Jordan’s banking sector has been able to transcend the geopolitical chaos that has hampered many neighbouring nations. Here to tell us how, Musa Shihadeh. 

World Finance: We just talked about some of the tensions in your region. Tell me, how have you been able to continue to build on your country’s momentum despite all of this?

Musa Shihadeh: Jordan is secured and attractive for investors. The laws in the country are attractive for people coming to invest in the country. Regulations of the central bank enhance banks to make investments, and this gives the banking sector the success they have in this turmoil around our country.

World Finance: Of course you’ve been at the core of Jordan’s Islamic banking sector. Can you tell me what has been the key to your growth?

Musa Shihadeh: Jordan Islamic Bank is a pioneer in banking, established 35 years ago. We stick with Sharia rules and applications. We try always to have the technology and services to satisfy our customers in order to keep them and get other customers to come to the bank, and keep their loyalty for this business in order to continue successfully.

World Finance: As part of these long term plans you have of course incorporated corporate social responsibility. Tell me how.

Musa Shihadeh: Jordan Islamic Bank, as an Islamic Bank, should go to social responsibility so it is part of our mission in order to comply and apply these transactions for the bank. We have always put plans for social responsibility. We made a plan for five years in order to keep up with investing with SMEs for helping the people in education and financing them and medical systems.

We put a plan to have a solar energy system in order to save energy and keep things well, and always we apply these things in order to help the country and make sure that we are doing our business, applying to the social responsibility that banks should be part of a community.

World Finance: So as you continue with your high growth optimism, tell me how are you looking to expand your market share?

Musa Shihadeh: In our policy as a bank we make plans in order to keep our customers. They are our centre – in services and satisfaction of them – and we try always to get new customers in order to further our business.

World Finance: So who’s at the core of these growth plans, is it domestic clients or international?

Musa Shihadeh: Our domestic customers we rely on more, because we are a local bank, although we welcome international customers. Always we have a slogan that the customer is our partner in our business, and we welcome them.

World Finance: Musa, tell me, what’s next for your bank?

Musa Shihadeh: We plan to diversify and give more services for our customers to satisfy them. We hope to issue a tradable sukuk this year, because the government has issued a private loan for this. We hope that we will continue attracting our customers and satisfying their needs with more branches and ATMs, and improving our services.

World Finance: Musa, thank you so much for joining me today.

Musa Shihadeh: Thank you.