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Jordan Dubai Islamic Bank Is a Public Shareholding Limited Liability Company His Majesty King Abdullah II Bin Al Hussein His Royal Highness Prince Al Hussein Bin Abdullah II Crown Prince TABLE OF CONTENTS Jordan Dubai Islamic Bank 10 Board of Directors 12 Sharia Supervisory Board 15 Executive Management 16 Chairman’s Message 18 Corporate Governance Guide for Jordan Dubai Islamic Bank 23 The Board of Director’s Report for 2016 (Disclosure requirements 50 as per the Financial Securities Commissions instructions) Bank’s Organizational Structure 70 Sharia Supervisory Board Report 111 Independent Auditor’s Report 113 Financial Statements 120 Disclosures of Financial Statements 126 Awards and Certificates 188 Branches 202 7 Jordan Dubai Islamic Bank Annual Report 2016 Jordan Dubai Islamic Bank 8 9 Jordan Dubai Islamic Bank Annual Report 2016 In The Name of Allah, The Merciful, The Compassionate Jordan Dubai Islamic Bank is a Public Shareholding Limited Liability Company Established in Amman, the Hashemite Kingdom of Jordan, and registered as a public shareholding company in the Companies’ Registry on 23/6/1963 under reference No. 8 in the name of the Industrial Development Bank. Whereas it was established under Law No. 5 year 1972 which was hereafter canceled by the law canceling the law of the Industrial Development Bank No. 26 for year 2008, and legally and effectively replaced by Jordan Dubai Islamic. Jordan Dubai Islamic Bank started its operations on 17/1/2010 according to Islamic Sharia laws and the regulations of the Central Bank of Jordan and the Jordanian Law of Banks. Our Vision Leading Islamic banking to serve all spectrums of the society. Our Mission To provide distinctive and innovative services emanating from the divine principles of Islam to build lasting and solid partnerships and to maximize benefits to all stakeholders. Our Values Innovation: At Jordan Dubai Islamic Bank, we adhere to the principles of innovation and distinguish ourselves as a pioneering financial institution by combining traditional Islamic values with the latest technology and innovative products and services; thus delivering the best of modern Islamic banking. Knowledge: At Jordan Dubai Islamic Bank, our guiding principle of banking is inspired by the knowledge and doctrines embodied within the Islamic Sharia Principles. Built from these strong foundations, we are proud to introduce the new standard of modern Islamic banking in Jordan. Jordan Dubai Islamic Bank 10 Quality: Structuring products and providing service is implemented with the same principle of delivering quality through perfection. At Jordan Dubai Islamic Bank our wide array of solution driven products and services are created in harmony with our customers’ specific financial needs. Value: Defined by our modern Islamic banking approach and the success of our customers, our commitment is to deliver value and measurable returns by providing the finest banking service available. It is our valued belief at Jordan Dubai Islamic Bank that our customer’s benefit is key to our success. World Class Service At Jordan Dubai Islamic Bank we are a customer-centered modern Islamic banking institution that bases each of its relationships on unparalleled personal service and understanding. We care, we listen and we constantly deliver world class services. 11 Jordan Dubai Islamic Bank Annual Report 2016 Members of the Board of Directors *Mr. Mohammad Said Ahmad Abdullah Al Sharif Representative of MESC Investment Company Chairman of the Board since October 26th 2013 Dr. Faysal Abdelrazzaq Musa Al Hyari Representative of Orphans Fund Development Foundation Deputy Chairman Since March 16th 2014 *Mr. Mohammad Salim Saif Al Falasi Representative of MESC Investment Company Member of the Board of Directors since May 1st 2012 Dr. Hasan Naser Hasan Hasan Representative of Social Security Corporation/Investment unit of the social security corporation Member of the Board of Directors since August 1st 2016 H.E Dr. Nofan Mansour Aqeil Al Aqeil Representative of Jordan Ministry of Finance Member of the Board of Directors since August 3rd 2016 Mr. Jameel Nabil Jameel Anz Representative of FCP Fund Member of the Board of Directors since Sep 1st 2016 Mr. Raslan Nuri Raslan Deiranieh Independent Member since Jan 29th 2009 Dr. Waleed Ali Shehadeh Al Nasaan Independent Member since Jan 29th 2015 *Dr. Omar Mashhour Haditha Al Jazi Representative of MESC Investment Company Member of the Board of Directors since April 23rd 2015 until Dec 31st 2016 and as an Independent member since Jan 29th 2015 until April 22nd 2015 *Mr. Samer Bahjat Hilal Haddad Representative of MESC Investment Company Member of the Board of Directors since April 23rd 2015 *Mr. Yanal Rushdi Ahmad Tsibneh Representative of MESC Investment Company Member of the Board of Directors since April 23rd 2015 * Members resigned on January 3rd 2017 Jordan Dubai Islamic Bank 12 The following were appointed on the Board of Directors as of January 4th 2017 HE Mr. "MOH’D NASER" SALEM MOHAMMAD ABU-HAMMOUR Representative of Etihad Islamic Investment Company Chairman of the Board since January 4th 2017 Mr. Basem Isam Halim Salfiti Representative of Etihad Islamic Investment Company Member of the Board of Directors since January 4th 2017 Ms. Deema Mufleh Mohammad Aqel Representative of Etihad Islamic Investment Company Member of the Board of Directors since January 4th 2017 Mr. Fayez Ahmed Hasan Maremi Representative of Etihad Islamic Investment Company Member of the Board of Directors since January 4th 2017 Mr. Khaled Amre Al Gonsel Representative of Etihad Islamic Investment Company Member of the Board of Directors since January 4th 2017 Board members resigned during 2016 Mr. Emad Jamal Ahmad Al Qudah Representative of Social Security Corporation/Investment unit of the social security corporation Member of the Board of Directors from September 1st 2014 until July 31st 2016 Dr. Eizzidein Muhyeddin Yassein Kanakrieh Representative of Jordan Ministry of Finance Member of the Board of Directors from June 8th 2014 until August 2nd 2016 Mr. Shahm Muneeb Elias Al Wirr Representative of FCP Fund Member of the Board of Directors from September 1st 2014 until August 31st 2016 13 Jordan Dubai Islamic Bank Annual Report 2016 Board of Directors Mr. Mohammad Saeed AL Sharif Chairman Dr. Mr. Dr. H.E Dr. Faysal Abdel Razzaq Mohamed Salem AL Falasi Hasan Naser Hasan Hasan Nofan Mansour Aqeil Al Aqeil AL Hyari Member Membe Membe Deputy Chairman Mr. Mr. Dr. Dr. Jameel Nabil Jameel Anz Raslan Nouri Deiranieh Waleed A. AL Nassan Omar Mashhoor AL Jazy Member Member Member Member Mr. Mr. Samer Bahjat Helal Yanal Rushdi Ahmad Haddad Etsebna Member Member Jordan Dubai Islamic Bank 14 Sharia Supervisory Board Prof. Doctor Hussein Hamed Hassan Chairman and Executive Member Prof. Doctor Prof. Doctor Dr. Ali Mohyiddin Al Quradaghi Ali Mohammed El Moussa (Al Sawa) Ahmad Salem Mulhem Member Member Member 15 Jordan Dubai Islamic Bank Annual Report 2016 Executive Management Mr. Sami "Husam Eddin" Sabri Al Afghani Chief Executive Officer Dr. Haitham Marouf Hamad Jouher Deputy CEO Chief of Corporate Excellence Mr. Rami Ziad Abdel Fattah Al Khayyat Deputy CEO Chief of Corporate Banking Mr. Hani "Mohammed Subhi" Al Zrari Deputy CEO Chief of Operations Mr. Ziad Said Khalil Kokash Deputy CEO Chief of Risk Management Mr. Ibrahim Salah Mohammad Samha Deputy CEO Chief of Finance & Corportae Strategies Mr. Masoud Ismail Masoud Sakfal-Hait Head of Legal & Board Secretarit Mr. Rami Reyad Hassan Al Kailani Head of Information Technology Mr. Munir Mohammad Fayyad Farouneyah Head of Sharia Supervisory Executive Management resigned during the year 2016 Mr. Mohammad "Mohammad Fayyad" (Al Haj Ahmad) Deputy CEO Chief of Treasury & Investment Mr. Taj Omran Amin Khomosh Deputy CEO Chief of Retail Banking Mr. Ajoud Sharafaldeen Ali Al Rousan Head of Internal Audit Jordan Dubai Islamic Bank 16 Executive Management Mr. Sami "Husam Eddin" Sabri Al Afghani Chief Executive Officer Dr. Mr. Haitham Marouf Hamad Jouher Rami Ziad Abdel Fattah Deputy CEO Al Khayyat Chief of Corporate Excellence Deputy CEO Chief of Corporate Banking Mr. Mr. Mr. Hani "Mohammed Subhi" Ziad Said Khalil Ibrahim Salah Mohammad Al Zrari Kokash Samha Deputy CEO Deputy CEO Deputy CEO Chief of Operations Chief of Risk Chief of Finance & Management Corportae Strategies Mr. Mr. Mr. Masoud Ismail Masoud Rami Reyad Hassan Munir Mohammad Fayyad Sakfal-Hait Al Kailani Farouneyah Head of Legal & Head of Information Technology Head of Sharia Supervisory Board Secretarit 17 Jordan Dubai Islamic Bank Annual Report 2016 Message of the Chairman In the Name of Allah, the Most Gracious, the Most Merciful May the Peace and the mercy and blessings of Allah be upon you Praise belongs to God, the lord of all being. Blessings and peace be upon the most noble of Messengers, the Prophet Mohammad and on his kinsman and disciples. Ladies and Gentlemen, Dear shareholders, On behalf of the board of directors of Jordan Dubai Islamic Bank, it is my pleasure to present you with the annual report for the year 2016, which includes the results of the bank’s achievements during the past financial year. Dear shareholders, The Board of Directors of the Jordan Dubai Islamic Bank has been keen, through clear mechanisms and work plans, to adopt strategies that aim at fulfilling the needs and requirements of the relevant shareholders, customers, and supervisory bodies. Many periodical revisions have been conducted on these strategies in order to continuously improve them. These revisions had a positive impact on the bank’s performance, achievements, and results, which are in harmony with the Bank’s strategic plan that originally emerged from the vision, message, and values of the Bank through its adoption of the basic concepts of institutional excellence according to the international standards. This institutional excellence has borne fruit for the works of the Bank which had notably grown and were reflected on the growth of the Bank’s net profits after tax by a percentage of 47% through the steady increase in the customers’ base due to their increased confidence in the bank’s services and high quality products proveded through the net of branches that increased from one branch in 2010 to a net of 24 branches spreading all over the kingdom by the end of 2016.
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