Question 1

What is Islamic International Arab Bank?

Accepted Answer

Islamic International Arab Bank (IIAB) is a leading Islamic banking institution in Jordan that operates in accordance with Islamic Sharia principles. Established as a public shareholding company, the bank provides comprehensive Sharia-compliant financial solutions to retail, SME, and corporate customers throughout Jordan.

The bank is commonly known as "Arabi Islami" and positions itself with the tagline "Trust, Safe, and Halal Investment." IIAB is one of the pioneering Islamic banks in Jordan and the region, offering banking services that strictly adhere to Islamic finance principles including equity participation and profit-sharing rather than interest-based transactions.

Question 2

When was Islamic International Arab Bank founded?

Accepted Answer

Islamic International Arab Bank was founded by Abdul Hamid Abdul Majeed Shoman and registered as a public shareholding company on March 30, 1997, under registration number 327 in the Public Shareholding Companies' Register in accordance with the Companies Law of 1989.

The bank commenced its banking operations on Shawwal 12, 1418 AH, which corresponds to February 9, 1998. The bank was established to meet the growing demand for Islamic banking services and products in local, Arab, and Islamic markets, founded on the Islamic economic principle distinguishing between permitted trade and prohibited usury.

Question 3

Where is Islamic International Arab Bank headquartered?

Accepted Answer

Islamic International Arab Bank is headquartered in Amman, the capital of the Hashemite Kingdom of Jordan. The main office is located at Building 20, Wasfi Al Tall Street, with postal address P.O. Box 925802, Amman 11190, Jordan.

The headquarters serves as the central hub for the bank's operations throughout Jordan and houses its executive management and Shariah Supervisory Committee.

Question 4

Where does Islamic International Arab Bank operate?

Accepted Answer

Islamic International Arab Bank operates exclusively within Jordan, maintaining an extensive network across all governorates of the Kingdom. The bank has strategically positioned 47 branches throughout Jordan to ensure accessibility for customers in all regions.

The branch network includes locations in major cities and malls, with presence in Amman (including Abdali Mall, Taj Mall, City Mall, Raya Mall, and Plaza Mall), Irbid (including Arabella Mall and Irbid City Center), Ramtha, and other governorates. The bank also operates 114 ATMs strategically distributed across all governorates of Jordan, providing comprehensive geographic coverage.

Question 5

What services does Islamic International Arab Bank offer?

Accepted Answer

Islamic International Arab Bank offers a comprehensive range of Sharia-compliant banking services across multiple segments. For retail banking, the bank provides real estate financing for purchasing, constructing, or renovating homes, auto financing products, personal financing for education, medical treatment, and consumer goods, and current and savings accounts in Jordanian Dinars and US Dollars.

IIAB was the first Islamic bank in Jordan to introduce a Sharia-compliant credit card where customers repay utilized amounts in installments with no profit or hidden charges (Qard Hasan). For commercial and corporate banking, the bank offers comprehensive solutions for large corporations and tailored financial products for the SME sector, utilizing Islamic financing methods including Murabaha (cost-plus financing), Mudaraba (profit-sharing), Musharaka (partnership), Istisna (manufacturing contracts), and Ijarah (leasing ending in ownership).

The bank provides treasury and investment services including money exchange services, Sukuk issuance and management, trustee services, and correspondent banking relationships with other financial institutions and central banks. Digital banking services include the Arabi Islami Mobile app with biometric authentication, online account opening and instant card issuance, CliQ instant payment services, eFawateercom bill payment platform, and 24/7 phone banking (IVR) services.

Additional services include the Neqati loyalty rewards program, online banknote acceptance at ATMs, ATM services for the visually impaired, instant card issuance at all branches, CRIF credit report requests, and Social Security Corporation services integration.

Question 6

What makes Islamic International Arab Bank unique?

Accepted Answer

Islamic International Arab Bank distinguishes itself as a pioneer in Sharia-compliant banking innovation in Jordan. The bank was the first Islamic bank in Jordan to introduce a Sharia-compliant credit card with the Qard Hasan (benevolent loan) concept, allowing customers to repay without profit or hidden charges.

IIAB operates under the supervision of a dedicated Shariah Supervisory Committee that reviews and approves all banking operations, contracts, and agreements to ensure full compliance with Islamic Sharia principles. The bank has successfully accessed low-rate financing schemes from international institutions including the World Bank and Arab Fund through the Central Bank of Jordan, specifically to support the SME sector.

Since 2021, the bank has implemented an ambitious digital transformation strategy that significantly improved customer experience through a revamped mobile app, value-added ATM services including online banknote acceptance and services for the visually impaired, and instant card issuance capabilities at all branches. The bank maintains a strong commitment to corporate social responsibility, actively supporting initiatives to decrease poverty and unemployment rates in Jordan while promoting sustainable economic development through Islamic banking principles.

Question 7

What type of financial institution is Islamic International Arab Bank?

Accepted Answer

Islamic International Arab Bank is an Islamic commercial bank operating as a public shareholding company. In Jordan's banking sector classification, it functions as a full-service Islamic bank providing both retail and commercial banking services in strict accordance with Islamic Sharia law.

As an Islamic bank, IIAB operates fundamentally differently from conventional banks by avoiding interest-based transactions (riba) and instead utilizing profit-sharing, partnership, and equity-participation models. The bank offers comprehensive banking services including deposit accounts, financing, transfers, commercial services, and investment products, all structured to comply with Shariah principles as overseen by its Shariah Supervisory Committee. This makes it part of Jordan's growing Islamic banking sector, serving customers who seek halal (permissible) financial services while maintaining competitive banking capabilities comparable to conventional banks.

Islamic International Arab Bank

in Jordan 🇯🇴

Crypto-Friendliness

All done!

About Islamic International Arab Bank in Jordan

Islamic Intern­ational Arab Bank