The Chairman of the Industrial Development Bank (IDB), H.E. Mr. Samir Zaid Al-Rifa’i, announced IDB’s attainment of a preliminary license from the Central Bank of Jordan (CBJ) to begin its operations in Jordan as an Islamic banking institution that offers a comprehensive package of Shariah-compliant services. IDB will also soon be re-launched under the name of Jordan Dubai Islamic Bank (JDIB).

This development is the result of the combined efforts of the Bank’s team and partners who undertook the Bank’s restructuring operations recently as part of a strategic consortium that included each of Dubai Islamic Bank and Jordan Dubai Financial, the investment arm of Jordan Dubai Capital in the financial investment field.

Commenting on this achievement, Al-Rifa’i said: “We appreciate the continued support of the Central Bank of Jordan in making the Bank’s operations a success and enabling us to reach this stage in our investment and begin the Bank’s operations in accordance with the directions and policies of CBJ. By adopting international best practice, and a model that corresponds to the demands of the Jordanian market, we expect to have a tangible and positive impact, thus improving competitiveness within the local banking sector and stimulating its development. We believe in the importance of the banking sector and its vital role in supporting local economic development and growth.”