Question 1

What is Safwa Islamic Bank?

Accepted Answer

Safwa Islamic Bank is a leading Islamic banking institution in Jordan, operating in full compliance with Islamic Sharia principles. The bank provides comprehensive financial services including retail banking, corporate banking, and treasury operations, all structured according to Islamic finance guidelines. With 43 branches across Jordan and assets that grew by 13% in 2023, Safwa Islamic Bank serves individuals, businesses, and major corporations throughout the Hashemite Kingdom.

The bank is publicly listed on the Amman Stock Exchange under the symbol SIBK (code 111006) and operates as a subsidiary of Etihad Islamic Investment Company.

Question 2

When was Safwa Islamic Bank founded?

Accepted Answer

Safwa Islamic Bank was originally founded in 1963 and registered with the Ministry of Industry and Trade on June 23, 1963. The institution was initially known as Jordan Dubai Islamic Bank before rebranding to Safwa Islamic Bank in May 2017.

The bank has been listed on the Amman Stock Exchange since January 1, 1978, making it one of Jordan's established financial institutions with over six decades of history. Throughout its evolution, the bank has maintained its commitment to Islamic banking principles while modernizing its services and expanding its reach across Jordan.

Question 3

Where is Safwa Islamic Bank headquartered?

Accepted Answer

Safwa Islamic Bank is headquartered at the Abdali Boulevard on Suleiman Al Nabulsi Street, Building No. 38, in Amman, Jordan. The bank's postal address is P.O. Box 1982, Amman 11118.

This prime location in the Abdali district places the bank in one of Amman's most prominent business and commercial areas, reflecting its position as a major financial institution in Jordan's capital.

Question 4

Where does Safwa Islamic Bank operate?

Accepted Answer

Safwa Islamic Bank operates throughout Jordan with a network of 43 branches across the country. The bank maintains a strong presence in major cities including Amman, Irbid, Zarqa, Al-Salt, Madaba, Al-Karak, Al-Mafraq, Jerash, and Aqaba.

This nationwide coverage ensures that customers across Jordan, from the northern regions to the southern port city of Aqaba, have access to Islamic banking services. The bank complements its physical branch network with 75 ATMs distributed throughout the country, providing convenient access to banking services.

Question 5

What services does Safwa Islamic Bank offer?

Accepted Answer

Safwa Islamic Bank offers a comprehensive suite of Sharia-compliant banking products and services across three main segments: Retail Accounts, Corporate Accounts, and Treasury.

Retail banking services include current and savings accounts, investment deposits and certificates, and deposit boxes. The bank provides various Islamic financing solutions including car financing, real estate financing, Musawamah financing, travel financing, education financing, and medical treatment financing. Additional retail products cover goods financing, land financing, motorcycle financing, stock market financing, and solar system financing.

Corporate banking services feature tailored Islamic financing products for large and medium-sized enterprises, along with cash management solutions and specialized services for major clients. The bank also operates a small enterprise financing division to support entrepreneurial ventures.

Treasury and capital markets services include Sukuk (Islamic bonds) products, securities buying and selling, and fund management services. The bank provides brokerage services and refinancing solutions structured according to Islamic principles.

Digital banking capabilities include a mobile banking application, online banking platform, SMS banking services, and cash deposit machines. The bank also offers prepaid cards, credit cards, ATM cards, and point-of-sale (POS) device solutions for merchants.

Question 6

What makes Safwa Islamic Bank unique?

Accepted Answer

Safwa Islamic Bank distinguishes itself through its commitment to combining traditional Islamic values with modern banking technology. The bank's focus on diversity, modernity, justice, and transparency sets it apart in Jordan's banking sector.

The institution operates under the guidance of a Sharia Supervisory Board, ensuring all products and services comply with Islamic principles. This board, chaired by Dr. Ali Muhieddin Al-Qaradaghi, provides religious oversight and validates the bank's operations according to Islamic jurisprudence.

Safwa Islamic Bank has invested significantly in digitalization and innovation, developing a user-friendly mobile and online banking application designed to provide simple, easy, and quick solutions. This digital-first approach makes the bank stand out among Islamic banks in the region.

The bank's philosophy of excellence in customer service is a cornerstone of its operations, with staff trained to understand customer needs and provide flexible, fast solutions. The bank's 24/7 call center ensures continuous support for clients.

With 780 employees (510 male and 270 female, all Jordanian), the bank demonstrates its commitment to local employment and gender diversity in the workplace.

Question 7

What type of financial institution is Safwa Islamic Bank?

Accepted Answer

Safwa Islamic Bank operates as a Public Shareholding Company and is classified as an Islamic commercial bank in Jordan. This designation means the bank must observe Islamic Sharia principles in all its activities, including deposit-taking, investment, and service provision.

Islamic banks differ from conventional banks in that they do not charge or pay interest (riba), which is prohibited in Islam. Instead, they use profit-sharing arrangements, asset-backed financing, and other Sharia-compliant structures.

The bank is regulated by the Central Bank of Jordan, which supervises all banking operations in the Kingdom. As a licensed deposit-taking institution, Safwa Islamic Bank operates under Jordan's Banking Law while adhering to additional Islamic banking regulations and guidelines.

The bank's authorized, subscribed, and paid-up capital all stand at 150,000,000 Jordanian Dinars, reflecting its solid financial foundation. The institution is audited by Ernst & Young, with legal services provided by Hadidi & Co.

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