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The Islamic International Arab Bank commenced its banking operations in accordance with Islamic Sharia rules on the twelfth day of Shawal 1418 AH, corresponding to 9 February 1998, to meet the growing demand for Islamic banking services and products.
The Islamic International Arab Bank was established in the Hashemite Kingdom of Jordan as a public shareholding company in accordance with the companies Law of 1989 and the company was registered in the Register of Public Shareholding companies under No. 327 on 30 March 1997.
The Islamic International Arab Bank's Vision : To be the premier Islamic financial institution in the Arab world.
Islamic International Arab Bank (IIAB)Islamic International Arab Bank (IIAB)has sponsored & launched two new Sharia'a compliant funds, the IIAB Islamic Mena Fund and the IIAB Sukuk and Murbaha MENA Fund. The Investment Manager/ Investment Advisor to both these funds is Al Arabi Investment Group Ltd (AB Invest).
The IIAB MENA Fund is an open ended investment vehicle, incorporated and registered in the Kingdom of Bahrain, subject to the rules and regulations of the Central Bank of Bahrain. IIAB has sponsored the Fund with US$5 Million. The Fund's objective is to achieve long-term capital appreciation through investing predominantly in a diversified basket of listed and unlisted equities in the Middle East & North Africa (MENA), whilst adhering at all times to the Sharia'a principles as monitored by the Fund's Sharia'a Board. The Fund is also listed on the Channel Islands Stock Exchange as the IIAB MENA Feeder Fund which Arab Bank has seeded with a further USD 5Million.
IIAB has also launched the IIAB Sukuk & Murabaha MENA Fund which is a medium-term, low risk vehicle with particular focus on Sukuks, Murabahas & Sharia'a compliant cash transactions. The Fund is listed on the Channel Islands Stock Exchange and was seeded by IIAB with USD 5 Million.
AB Private Banking, the wealth management arm of the Arab Bank Group will be distributing these funds to their clients thus increasing their investment product range in the conventional as well as Islamic Finance arena with innovative products with a regional focus .
Ghassan Bundakji, General Manger of AIIB said the launching of Islamic investment funds by AIIB is in line with growing demand by clients for Sharia'ah compliant investment tools.
Bundakji explained that the fund will be investing in activities and instruments that are sanctioned by the Islamic Sharia, in line with resolutions and recommendations set by the funds Sharia'ah board that monitors its activities.
IIAB considered one of the prominent Islamic banking institutions in Jordan, is a wholly owned subsidiary of Arab Bank Plc. They commenced their banking operations in accordance with the Islamic Sharia'ah in February 1998.
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