07.04.2011 - Jordan becomes hub for Islamic finance in region
Competition looks set to continue heating up in the Islamic finance sector, with the latest entrant to the market, Saudi giant Al Rajhi Bank, opening for business in late March. As new players work expand their reach, Sharia-compliant financial services will become increasingly accessible for Jordanian customers, while meeting the Basel III capital adequacy and risk-management requirements will remain a top priority for the banks. Jordan Islamic Bank (JIB), the country’s oldest Sharia-compliant lender, having been set up in 1978, is now competing with recent arrivals Jordan Dubai Islamic Bank (JDIB) and Al Rajhi, along with Islamic International Arab Bank, which was the second Sharia-compliant lender to join the market, back in 1998.............................................Full Article: Source
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