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Thank You for Being Safwa Thank you for being Safwa Annual Report 2018 Annual Report 2018 His Majesty King Abdullah II Bin Al Hussein Annual Report 2018 His Royal Highness Prince Al Hussein Bin Abdullah II Crown Prince Annual Report 2018 Table of Contents Safwa Islamic Bank 10 Names Of The Board Of Directors Members 12 Members Of Shari’a Supervisory Board 12 Names Of Executive Management 13 Name Of The External Auditor 13 Chairman’s Letter 14 CEO’S Letter 16 Annual Report Of Shari’a Supervisory 22 Independent Auditor's Report 26 Financial Statments And Notes About Them 34 Board Of Directors’ Report 169 Information And Details Regarding Applying The Provisions Of 232 Corporate Governance And Companies Governance Guidelines Corporate Governance Manual 233 Governance Report 257 IT Governance Guide For Information Management 268 And Associated Technology Annual Report 2018 We Grow Together Safwa Islamic Bank 8 SAFWA ISLAMIC BANK 9 Annual Report 2018 In The Name of Allah Safwa Islamic Bank Safwa Islamic Bank (“the Bank or the group”) is a Jordanian public shareholding limited company and considered the legal successor of Industrial Development Bank that was established in 1965 in accord- ance with a special law (Industrial Development Bank Law). Moreover, the Bank is considered a legal successor and a replacement for all of its rights and obligation. On 30 April 2008, Law No. (26) for the year 2008 was issued and cancelled the Industrial Development Bank Law No. (5) for the year 1972 and change and register the bank as an Islamic bank under the name “ Jordan Dubai Islamic Bank ”. In its extraordinary meeting held on 17 May 2017, the Bank’s General Assembly decided to change the name of the Bank from “Jordan Dubai Islamic Bank” to “Safwa Islamic Bank”. subsidiaries within the Kingdom, in accordance with the effective Banking Law. 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 last- Our Values Innovation: At Safwa Islamic Bank, we adhere to the principles of innovation and distinguish ourselves as a innovative products and services; thus delivering the best of modern Islamic banking. Knowledge: At Safwa 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. Safwa Islamic Bank 10 Quality: Structuring products and providing service is implemented with the same principle of delivering quality through perfection. At Safwa Islamic Bank our wide array of solution driven products and services are Value: World Class Service At Safwa Islamic Bank: we are a customer-centred 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 Annual Report 2018 Names of the Board of Directors Members Dr. “Mohammed Nasser” Abu Hammour Chairman of the Board/Representative of Al-Etihad Islamic for Investment Co. Hamdan Al-Fawair Deputy Chairman of the Board / /Representative of Orphans Fund Development Foundation Representative of Al-Etihad Islamic for Investment Co. Deema Aqel Representative of Al-Etihad Islamic for Investment Co. Khaled Al-Gonsel Representative of Al-Etihad Islamic for Investment Co. Dr. Khaled Al Zantouti Representative of Al-Etihad Islamic for Investment Co. Dr. Ahmed Amneisi Representative of Al-Etihad Islamic for Investment Co. Dr. Nofan Al–Aqeil Representative of Government Contributions Management Company Dr. Ibrahim Saif Samir Abu Lughod Salem Burgan Members of Shari’a Supervisory Board His Eminence Prof.Dr.Hussein Hamed Hassan Chairman of the Shari'a Supervisory Board and Executive Member His Eminence Prof. Dr. Ali Muhieddin Al Qaradaghi Deputy Chairman of the Shari'a Supervisory Board His Eminence Sheikh Abdul Karim Al-Khasawneh His Eminence Dr. Ahmad Salem Melhem Safwa Islamic Bank 12 Names of Executive Managment Samer Tamimi Rami khayyat Deputy CEO, Chief of Corporate Banking Hani Al-Zrari Deputy CEO, Chief of Central Operations Ziad Kokash Deputy CEO, Chief of Risk Management Ibrahim Samha Deputy CEO, Chief of Finance and Corporate Strategies Nasfat Taha Head of Retail Banking Wael Al-Bitar Head of Treasury and Investment Rami Al-Kilani Head of Information Technology Ahmad Tarteer Head of Compliance and AML Masoud “Sakf al-Hait” Chief of Legal Affairs and Board Secretariat Muneer Faroneyah Head of Shari’a Supervision Mohammad Hawari Head of Human Capital Management Khalid Al-Issa Head of Internal Audit Name of the external auditor Deloitte & Touche (M.E) - JORDAN 13 Annual Report 2018 Chairman’s Letter Dear Brothers and Sisters Dear Shareholders, Peace, mercy and blessings of Allah On behalf of the Board of Directors of Safwa Islamic Bank, I am pleased to present to you our 2018 annual report of the Bank. We have Safwa Islamic Bank continued its journey towards achieving the goals of the shareholders, depositors, customers and employees of the Bank, in recognition Bank’s strategic of our capabilities, potentials and opportunities in the Jordanian market. We have objectives and implementation will make our sight on the need to make every effort to implement the strategic plans of the stakeholders bank, which will make our stakeholders as partners in the Bank’s success. partners in the Bank’s successes The Bank has continued to implement the set goals to develop its capabilities, get The year 2018 was a success for and excellence in all banking practices to introduce the highest level of service to the Bank in terms of operational financial results It also witnessed the introduction of new products and services 2018. In terms of electronic banking services, the year 2018 witnessed introducing a range of new and advanced services supporting the bank’s position in the market, taking into consideration the importance of the necessary security and protection measures to deal with cybercrimes. As part of our belief in delivering our services to the largest segment of customers and within the Bank’s expansion plans, we have opened 8 new branches in the year 2018, four of which are in the governorates of Aqaba, Salt, Jerash, Madaba and four other branches within the capital, our branches’ network reached 33 branches by the end of 2018, and 16 ATM machine were added to reach 73 ATM machine in total, which had a positive impact on the service of our customers. thousand at the end of 2018 compared to 55 thousand at the end of 2017. As a result of the outstanding performance of the Bank during the year 2018, the Board of Directors recommended to the General Assembly a distribution of cash the capital. after deducting the proposed cash dividends. Safwa Islamic Bank 14 We look forward to We look forward to 2019 with a positive outlook in line with the vision of His Majesty 2019 with optimism King Abdullah II, which is based on three axes: the rule of law, a dynamic economy and positive in line with His Majesty’s and basic services for the citizens to our belief in Jordan’s ability to meet the vision existing challenges and exploit the opportunities available and provide the great potential for growth and development. Jordan has been able to overcome important economic reforms. We believe that the relative political stability in the neighboring countries, the opening of the crossings, the decrease in oil prices and the stabilization of international interest rates will be a good start for the Jordanian economy. On this occasion, I would like to thank the Executive Management of the Bank and all our employees for their efforts and dedication to serve the Bank and its clients also like to extend my thanks and gratitude to all our clients and shareholders f¬or their continuous trust, and for our board of directors for their support and guidance to make this Bank succeed. We will continue I would also like to commend the role of the Shari'a Supervisory Board of the to apply the best Bank in assisting the Bank’s management by providing competitive services and international products that comply with Shari'a requirements and their supervisory and advisory banking practices in accordance with the Shari'a banking institution. In conclusion, we should point out that the effective supervisory role of the Central Bank of Jordan, the Securities Commission and the relevant regulatory bodies to ensure the safety and stability of the banking system to provide an attractive and stimulating investment environment for economic activity is a matter of thanks and appreciation. It is our responsibility to assure our shareholders and customers that the Bank will continue to apply its best practices in the implementation of the best international banking practices and in accordance with the provisions of the Islamic Shari›ah. The Bank will also continue to achieve the best results and achievements in response to the needs of the national economy and the local community, In line with developments in the banking industry and in various economic sectors. country under the leadership of his majesty King Abdullah II Ibn al-Hussein, may Allah protect him. Dr. Mohammed abu Hmmour Chairman 15 Annual Report 2018 CEO’s Letter Dear Shareholders of Safwa Islamic Bank I am pleased to present to you my first letter as the CEO of Safwa Islamic Bank, which I see the year 2018 a successful one from all aspects. In my almost 30 years of banking experience, I have been part of various financial institutions, as an employee and in different senior positions, I have to say that Safwa Islamic Bank is different in all aspects from what I have experienced before.
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