Banking

Jordan’s banking sector emerged from the global economic crisis in good health, providing much needed economic stability throughout 2011. Of the 17 banks that had declared year-end results for 2011 by March 2012, all reported positive net profits, and sum profit across these banks increased by nearly 25% on 2010. While the sector faces challenges in the form of increasing rates of non-performing loans, criticism for not doing enough to provide credit to small businesses, and a competitive marketplace, banks largely remain profitable with low exposure to risk. The banking sector is well placed to underpin economic recovery and return the country to healthy levels of growth. This chapter includes an interview with Ziad Fariz, Governor of the Central Bank of Jordan; and Kholoud Saqqaf, Executive Vice President of Arab Bank. The chapter also includes a roundtable with Tarek Akel, CEO of Al Rajhi Bank; Iyad Ghasoub Asali, General Manager of the Islamic International Arab Bank; Sami Al Afghani, CEO of the Jordan Dubai Islamic Bank; and Musa Shihadeh, Vice-Chairman and CEO of the Jordan Islamic Bank.