Arab Bank has recently launched a special promotional campaign entitled “Fly to many of your favorite destinations with the new Arab Bank – Royal Jordanian – Visa Credit Card” in collaboration with Royal Jordanian and Visa. This comes as part of the bank’s constant efforts to reward Visa Platinum credit cardholders with special offers that meet their expectations and fit their lifestyle.

The campaign, which will run until February 9th, 2018, offers Arab Bank – Royal Jordanian Visa Platinum new credit cardholders a welcome bonus of 8,000 miles upon using their cards for the first time. The campaign also entitles existing and new customers to guaranteed winnings up to 50,000 miles offered within Royal Jordanian’s frequent flyer program “Royal Club” when using their cards during the campaign’s period.

Commenting on this campaign, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated: “At Arab Bank, we continuously seek to provide our customers with value-added services and offers that meet their evolving needs and fit their lifestyle.” Matouk added: “Arab Bank – Royal Jordanian Visa Platinum Credit Card grants our customers access to the special privileges offered by Royal Jordanian’s Frequent Flyer Program “Royal Club” which include redeeming earned Royal Club miles for free airline tickets and upgrading Royal Jordanian airline tickets (or any of its one world alliance partners). Matouk added: “This campaign through its extra miles offer, running for a limited time, provides an ideal opportunity for customers to apply for this card and benefit from its unique banking benefits.”

Mr. Nabil Tabbara, Visa Inc. General Manager for the Levant region, said: “Visa is always pleased to partner with Arab Bank on special promotional campaigns and Visa’s products and solutions aimed at serving our cardholders and meeting their expectations, by helping them conduct their financial transactions easily and securely. This campaign reinforces our joined strategy with Arab Bank to provide customers with a unique payment experience, and encourage the use of digital payments solutions across the Kingdom."

Ms. Yola Isaac, Managing Director - Frequent Flyer Program “Royal Club”, expressed Royal Jordanian’s delight towards the launch of the new Arab Bank – Royal Jordanian Visa Credit Card, with upgraded and innovative features, to benefit both the bank's and Royal Jordanian’s customers, following the successful launch of Royal Jordanian’s all-new rewarding and engaging Frequent Flyer Program “Royal Club”. The new program offers members extra flexibility; value added benefits, rich rewards and an array of new digital services.

It is worth mentioning that Arab Bank – Royal Jordanian Visa Platinum Credit Card provides a wide range of benefits to its holders, including worldwide acceptance, “LoungeKey” service providing complimentary airport lounge access, in addition to many more offers from the “Visa Premium Privileges” program and easy access to credit card accounts anytime through both Arabi Mobile and the bank’s internet banking service, Arabi Online.

Arab Bank was the golden sponsor of the Fourth Jordan International Energy Summit 2018, recently held under the patronage of H.E. Minister of Energy and Mineral Resources at the Grand Hyatt Amman Hotel. The summit was attended by delegations of local and international professionals and industry experts in the energy and mineral resources sector.

Through various panel discussions, this year’s summit covered numerous topics regarding the Kingdom’s energy and minerals sector, with a focus on the latest trends in renewable energy, diversity in the energy mix, solar energy, wind energy, electricity projects, oil derivatives and oil shale industries. Moreover, the summit discussed projects related to Jordan’s mineral wealth such as mining, minerals and resources excavation, as well as energy storage. The discussions were led by global professionals in the energy sector as well as experts from the public sector.

Arab Bank's strategic sponsorship of this summit is part of its constant commitment towards economic conventions and initiatives contributing to the development of vital sectors and supporting sustainable economic growth.

It is worth mentioning that Arab Bank plays a leading role in financing renewable energy projects across Jordan in support of the national strategy in this field. Arab Bank enjoys extensive expertise and distinct ability when it comes to providing relevant financing solutions and accounts management services for energy sector projects in general and renewable energy specifically.

As part of the bank’s corporate social responsibility program “Together”, Arab Bank in collaboration with Tkiyet Um Ali, has started the distribution of winter blankets to underprivileged families in a number of the Kingdom's governorates as part of “Lamset Dafa” initiative conducted for the seventh consecutive year. Around 1,400 blankets are being distributed during November and December to underprivileged families, supported by Tkiyet Um Ali’s programs in Amman, Al Zarqa’, Madaba, Jerash, Al Mafraq, Irbid, Ma’an, Al Tafila, Central Jordan Valleys and Aqaba.

Arab Bank was recently the golden sponsor for the Accounting Professional Day entitled “"Last updates on International Financial Reporting Standards” which was held in Amman, under the patronage of H.E. the Minister of Finance and organized by the Jordanian Association of Certified Public Accountants. The forum was attended by a large number of businessmen, bankers and certified accountants from Jordan, the region and Arab professional associations in addition to participants from the regulatory authorities in Jordan.

The forum covered several topics that are of interest to the business sector in the Kingdom focusing on the latest amendments on International Financial Reporting Standards (IFRS). The discussion panels, led by financial experts, covered IFRS 9 on Financial Instruments, IFRS 15 on Revenue from contracts with customers and IFRS 16 on Lease Contracts.

Arab Bank's sponsorship of this forum comes as part of its constant commitment towards supporting initiatives and events aimed at promoting professional development and contributing to social and economic sustainability.

With the support of Arab Bank, The Children’s Museum Jordan; one of Her Majesty Queen Rania Al Abdullah’s non-profit educational organizations, launched a special program for its visitors in November entitled “Universal Children’s Month” to mark the annual International Children's Day, coinciding on the 20th of November each year.

The program aims to shed light on cultural diversity around the world to broaden children’s understanding of cultural differences between countries. It includes various initiatives and activities through which children learn about different countries and their traditions, cuisines, traditional costumes, tourist attractions and many other interesting cultural facts. This is in addition to the daily visitors program that includes a wide range of scientific, artistic and literature activities in the museum’s Exhibit Hall, Tinker Lab, Art Studio and Library.

Arab Bank’s sponsorship of this program and its constant support of the museum’s initiatives throughout the year comes as part of the bank’s corporate social responsibility program “Together”. The initiative is also in line with Arab Bank’s constant commitment towards developing children’s intellectual, cultural and artistic skills, and enriching their education experience in a way that develops their learning abilities and enhances their skills. The Universal Children’s Month program is part of the Community Connections programs organized by the Children’s Museum to raise children’s awareness on important topics, both community and global, through interactive learning programs.

It is worth mentioning that ‘Together’, Arab Bank’s corporate social responsibility program is a multi-faceted program that works on improving and developing different aspects of the community. Through a variety of initiatives and activities, the program aims to serve the community in health, poverty alleviation, environmental protection, education, and orphan support.

Arab Bank was the diamond sponsor of the Ninth International Conference of Royal Medical Services entitled “Leadership in Healthcare: Duties and Challenges”, which was recently held under the patronage of his Majesty King Abdullah II, Supreme Commander of the Jordan Armed Forces-Arab Army, at the King Hussein Bin Talal Convention Centre at the Dead Sea, from October 30th to November 2nd, 2018. The conference was attended by more than 220 scientists, experts officials and specialists in the medical fields and 30 official military delegations from the region in addition to nearly 6500 participants from Jordan, Arab and foreign countries.

The four-day conference included panel discussions and workshops in the fields of medicine, pharmacy, dentistry, nursing and allied health professions, providing a platform to exchange knowledge and expertise and showcasing advanced technological development in the medical field.

Arab Bank's strategic sponsorship of this conference is part of its constant commitment towards supporting initiatives and events focusing on the development of vital areas of the economy and community including those related to the medical sector, which is a main contributor to achieving sustainable development. Additionally, the bank’s support comes in recognition of the instrumental role of the Royal Medical Services in keeping up with the latest developments and trends in the health sector in order to help improve the health services provided in the Kingdom and reinforce its leading position in this field locally and regionally.

Arab Bank Group reported net income after tax for the nine month period ended 30 September 2018 of $643 million compared to $601 million in the prior period, recording a growth of 7%. The Group’s net income before tax grew by 8% to reach $865 million with net operating income reaching $ 988 million and recording a growth of 9%.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong operating performance of Arab Bank Group confirms the success of the Group, with its diversified business model regionally and globally, in dealing with the challenging operating environment.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the strong underlying performance of Arab Bank Group is reflected in the growth in net operating income during the nine month period which was driven by core banking income generated from interest and fees coupled with effective cost management. Net operating income grew by 9% and net interest income went up by 11% as a result of yield improvement and the effective management of cost of funds. Loans reached $25.4 billion while customer deposits reached $33.2 billion.

Mr. Sabbagh stated that the Bank’s main lines of business; corporate banking, consumer and private banking, and treasury have performed well despite the challenging conditions, benefiting from clear business focus and the bank’s strong platform in its home market and the extensive network regionally and globally. He further added that the Group’s core revenues are well diversified geographically between Jordan, GCC, Levant and North Africa, in addition to international operations which leverage the synergies with the Group’s business in the Arab World. Mr. Sabbagh stated that the Bank obtained Chinese regulatory approvals and will open its branch in Shanghai early 2019 to finance the increasing trade and commercial links between China and the Arab world.

Mr. Sabbagh commented that the Bank’s healthy returns have been understated over the past few years by one off unusual year-end provisions relating to the New York legal cases which were put to finality early in the year. He added that there will not be any legal provisions to be booked in the fourth quarter of this year, and that the Group is on a clear path to deliver sustainable growth.

Mr. Sabbagh continued that the Bank enjoys a strong balance sheet and solid fundamentals in terms of liquidity, capital strength, asset quality, and operating efficiency. He remarked that Arab Bank Group enjoys strong liquidity in the form of a granular deposit base and robust capitalization comprised of Tier 1 capital. Capital Adequacy Ratio as at 30 September stood at 15.9%. Liquidity remains high with a loan to deposit ratio of 77% and Basel 3 liquidity ratios well in excess of what is required. Mr. Sabbagh also highlighted that the Group has healthy asset quality metrics with credit provisions held against non-performing loans exceeding 100%.
Mr. Sabbagh concluded that while he anticipates the environment to continue to be challenging, he expects the Bank to perform well.

Mr. Masri remarked that the broad diversification of the business model and the geographical profile of Arab Bank will continue to support the strong financial performance of the Group and its position in its markets. He added that the strength of Arab Bank’s large and unrivalled Arab banking network with a presence in 5 continents has given the Group a robust platform to deliver strong results.

Mr. Masri concluded that Arab Bank has a solid and resilient business franchise and that it is in a strong position to capitalize on regional opportunities. He said that the Bank is committed to maintaining the highest standards of excellence in financial services and will continue to build on its core strengths and create value for its customers, employees, and shareholders.

Arab Bank was named for the third year in a row “Best Bank in the Middle East for 2018” by Global Finance, New York, and was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London.

Arab Bankers Association, headquartered in London, granted Chief Executive Officer of Arab Bank, Mr. Nemeh Sabbagh, its 2018 award for “Distinguished Services to Arab Banking”, in recognition of his outstanding efforts and contributions to Arab banking industry for more than 40 years.

The honoring ceremony took place at the Arab Bankers Association’s Annual Gala Dinner held on 18 October 2018 in London. The event was attended by regional and global economic figures and leading bankers.

George Kanaan, the CEO of the Arab Bankers Association said, “We are delighted to be able to honor Nemeh Sabbagh for his distinguished service to Arab Banking. Mr. Sabbagh leads an iconic Middle Eastern financial institution – Arab Bank – which has been protecting its customers and enabling them to fulfil their financial ambitions for nearly one hundred years”.

Nemeh Sabbagh is one of the most prominent Arab bankers. Earlier in his career, Mr. Sabbagh played a leading role in managing and expanding the international network of National Bank of Kuwait for nearly 20 years. Subsequently, Mr. Sabbagh led Arab National Bank in Saudi Arabia and BankMed in Lebanon. He is currently the CEO of Arab Bank since 2010 in addition to being the Chairman of Europe Arab Bank in London. Mr. Sabbagh holds MA degree in International Economics and Middle East Studies from Johns Hopkins University in addition to MBA in Finance from University of Chicago.

The Arab Bankers Association is the London-based professional body for those who work in banks and related industries in the Arab world and in the United Kingdom. It was founded in 1980.

Arab Bank has recently launched an updated version of its Arabi Mobile App offering a suite of digital banking solutions specially designed to allow customers to carry out many banking transactions online, easily and securely. The launch of the new version of the application comes as part of Arab Bank’s constant efforts to deploy the latest digital banking solutions towards offering its customers optimal banking experience.

With its new features the updated version of Arabi Mobile App represents yet another value-added proposition that complements Arab Bank’s digital banking channels giving customers further flexibility and the access to bank conveniently around the clock from wherever they are. The app’s new features include: instant registration, login with fingerprint and pattern, personalized app design based on the customer’s account type, beneficiary management for easier and quicker money transfers, the option to change or create a new second password, funds transfer between accounts, credit card dues and bills payment, funds transfer to local and international banks, request of various products and services such as credit cards and accounts details in addition to many other features.

Commenting on the mobile app update, Naim AlHussaini – Executive Vice President – Head of Consumer Banking at Arab Bank stated: “At Arab Bank, we continuously seek to enhance our customers experience by providing seamless digital banking solutions that meet their expectations and fit their lifestyle.” AlHussaini added: “Driven by customers’ evolving needs and behavior patterns, the banking sector is focusing more than ever on adopting digital solutions as a core strategy. Hence, we diligently worked to upgrade Arabi Mobile App with a host of added features in order to encourage our customers to use our digital banking channels for their day-to-day banking transactions and enjoy the added convenience and security which come with it.”

It is worth mentioning that Arabi Mobile App was also recognized as the Best Mobile Banking App (for smartphones and tablets) in Jordan for 2018 by Global Finance, a New York-based international publication, which also awarded Arab Bank the Best Consumer Digital Bank in Jordan for 2018.

The new version of Arabi Mobile App is available to Arab Bank customers through Apple Store and Google Play.

Global Finance, a New York-based international publication, has recently granted Arab Bank 14 global awards in recognition of its consumer and corporate digital banking services across the Middle East in 2018. The bank was chosen by a world-class panel of judges, which included experts in consulting, technology, and outsourcing, in addition to the magazine’s team of editors.

 The global recognition complements Arab Bank’s significant success record and comes as a result of its constant efforts to deploy the latest digital banking solutions offering customers across different sectors a seamless and responsive banking experience that meets their evolving needs and expectations. The awards for Jordan included Best Consumer Digital Bank, Best Mobile Banking App (for smartphones and tablets), Best Online Trade Finance Services, Best Online Cash Management, Best Website Design, Best in Social Media Marketing and Services and Digital Bank of Distinction (the best local Corporate/Institutional Digital Bank).

Arab Bank was also named Best Consumer Digital Bank in Palestine and Egypt, in addition to Digital Bank of Distinction (best local Corporate/Institutional Digital Bank) in Qatar, Bahrain and Lebanon.

On the regional level, Arab Bank received the awards for Best Website Design and Best in Social Media Marketing and Services in the Middle East for 2018.

 Arab Bank was selected for these awards based on several factors including: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives and web/mobile site design and functionality.

It is worth mentioning that Arab Bank received several international awards and recognitions from reputable international parties, most notably the award of Best Bank in the Middle East for 2018 from Global Finance (for the third consecutive year) in addition to Bank of the Year Award in the Middle East for 2017 from The Banker Magazine – Financial Times, London.

Arab Bank recently sponsored the "Small and Medium Enterprises and its Effect on Women Empowerment” forum which took place at the Intercontinental Hotel in Amman. The forum was organized by the Union of Arab Banks in cooperation with the Central Bank of Jordan and the Association of Banks in Jordan under the patronage of H.E. Dr. Ziad Fariz, Governor of the Central Bank of Jordan.

The two-day forum was attended by a large number of bankers, economists, business representatives and experts from Jordan and the region who have discussed a range of topics related to SMEs including: SME’s funding and supporting strategies and mechanisms, financial inclusion policies as a platform to support SMEs and microenterprises, embracing creativity and innovation, the role of the banking sector and the various financial bodies  in supporting SMEs, the economic & development policies required for supporting the economic and social development of women, in addition to many other relevant topics.

Arab Bank's strategic sponsorship of this forum comes as part of its constant commitment towards supporting economic initiatives and events focusing on the development of vital business sectors contributing to social and economic sustainability.

It is worth mentioning that Arab Bank is considered one of the leading banking institutions that support the SMEs sector both, locally and regionally. The bank offers a wide range of banking services through its vast network of business centers and branches throughout the Kingdom to support the growth of such enterprises.

In this regards, Arab Bank has received this year several international awards and recognitions from reputable international parties including Best Bank for SMEs in the Middle East from Euromoney.

As part of Arab Bank’s strategic initiatives to build the capacity of the Bahraini youth and assist them in entering the labor market, the bank recently conducted a two month training program for university students in the Kingdom of Bahrain. The training aimed at preparing students to work in the banking sector. To maximize the learning experience, the selected trainees were assigned to different divisions across the bank based on their majors where they received practical training under the direct supervision of specialized experts.

The training program, which started last July, included an introduction to daily banking operations and the different business divisions at the bank as well as the daily interaction between employees and customers to gain the necessary banking experience and communication skills associated with the work environment. It is worth mentioning that during this year, Arab Bank trained a total of 20 university students from the University of Bahrain, as well as other private and international universities.

Arab Bank has recently attained the approval from China Banking and Insurance Regulatory Commission (CBIRC) to upgrade its representative office in Shanghai into a fully operational branch.  This upgrade comes as part of the bank’s efforts to reinforce its presence in the Chinese market as part of its global branch network of over 600 branches across five continents.

Arab Bank opened its first representative office in Beijing back in 1985 becoming one of the first Arab banking institutions to establish presence in China. This was followed by the opening of its second office in Shanghai in 1996.

Commenting on this, Mr. Nemeh Sabbagh CEO of Arab Bank stated, “The Chinese economy is the second largest in the world and is continuously evolving and opening up rapidly towards global economies Today, Chinese companies are operating in various vital sectors across the world, including the Middle East and North Africa (MENA) region, where Arab Bank is considered one of the leading banks.” Sabbagh further added, “Through reinforcing the growth of our regional and global network, we aim to continue providing banking and financing solutions to institutions operating in the region targeting regional and global markets, including the promising Asian markets, in addition to  meeting the needs of global companies operating in the region, among which are  Chinese companies.”

Furthermore, Sabbagh pointed out that “Arab Bank has participated in financing a number of strategic projects across the region worth billions of dollars. Many Chinese companies took part in these projects, covering construction, manufacturing, and infrastructure sectors”. He added: “Arab Bank will continue playing a pivotal role in the region through financing trade as well as vital and strategic projects, in cooperation with leading companies and financial institutions, regionally and internationally.

It’s worth mentioning here that Arab Bank is among the leading correspondent banks providing services to main Chinese banks due to its extensive banking network, which is considered one of the largest global Arab banking networks.

Arab Bank received several international awards and recognitions from reputable international parties. Some of the notable awards included the Best Bank in the Middle East 2018 award from Global Finance magazine - New York for the third consecutive year and the Bank of the Year in the Middle East 2017 award from The Banker magazine (published by the Financial Times).

Arab Bank recently launched a special promotional campaign for its customers in Jordan, entitled “Your Bills Are on Us, with Our Digital Banking Services.” The campaign aims to encourage customers to use the Bank’s E-channels services: "Arabi Online", "Arabi Mobile" and ATM for bill payments, credit card payments and remittances.

The promotion, which is valid until December 31st, 2018, offers all qualified individuals using digital banking services provided by Arab Bank a chance to enter a monthly draw to win back the value of their transactions conducted during the same month up to JD 1,000. Each month, three winners who carry out at least one transaction (Outward or inward remittances/ credit card payment/ bill payment through e-fawateercom) using "Arabi Online", "Arabi Mobile" and ATM will be announced.

Commenting on the campaign launch, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated, “Arab Bank seeks to continuously carry out special campaigns that reward our valued customers and offer them added benefits while using Arab Bank digital banking services within the highest levels of flexibility and security.” Matouk further added, “This campaign, which will continue throughout the year, is an ideal opportunity to encourage our customers to conduct many banking transactions easily and securely anywhere, anytime, and get a chance to win valuable cash prizes."

It is worth noting that Arab Bank offers its customers a comprehensive range of digital banking services free of charge and without any subscription fees. Using these E-channels, customers can carryout  many banking transactions, such as accessing their balances and account details, making transfers between their accounts and other accounts, making credit card payments and linking or modifying their fixed deposits in addition to many other banking services.

Arab Bank Group closed 2017 with solid results, reporting a growth in net operating income of 8% as compared to prior year. Excluding the effect of foreign currency devaluations, net operating income achieved double digit growth of 12%. Net income after tax is at $533 million as compared to $532.7 million in 2016, whilst loans and advances grew by 6% to reach USD 25.1 billion.

In view of the results, the Board of Directors has recommended to the shareholders the distribution of 30% cash dividends for the financial year 2017.

Mr. Sabih Masri, Chairman of the Board of Directors stated that the strong performance of Arab Bank Group confirms the success of the Group in dealing with the challenging and changing operating environment and reflects the Group’s prudent operating policies.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the solid results of Arab Bank Group for 2017 were driven by sustainable growth in the underlying business, spread improvements and well controlled expenses. Mr. Sabbagh remarked that Arab Bank Group enjoys strong liquidity and robust capitalization. As of 31 December 2017, the Group’s loan-to-deposit ratio stood at 74%, whilst the capital adequacy ratio calculated in accordance with Basel III regulations is at 15.3%. He added that the asset quality of the Group remains to be high, with NPL ratio at 5.2%, and credit provisions held against non-performing loans at 100%, excluding the value of collaterals.

Mr. Masri concluded by remarking that the encouraging results will continue to support the continuous improvement in the financial performance of the Group and its position in its markets.

Arab Bank was named “Bank of the Year in the Middle East for 2017” by The Banker – Financial Times, London  and “Best Bank in the Middle East for 2017” by Global Finance, New York.

The 2017 financial statements are subject to the approval of the Central Bank of Jordan.

Arab Bank recently held a training workshop for its SME customers under the title “Developing Management and Finance skills for Small and Medium Enterprises (SMEs) customers”.

Held at the InterContinental Jordan Hotel, the workshop was the second in a series of sessions conducted by the Bank as part of its constant efforts to build the capacities of its SME customers through providing them with the needed business management expertise and financial knowledge to help develop and grow their businesses.

The workshop which was led by a specialized team of the Bank’s executives , focused on several key topics related to the SMEs sector, including the basics of project management, project financing, accounting records, cash flow management and other related topics.

Arab Bank is considered one of the leading banking institutions in supporting the SME sector locally and regionally. Through its corporate service centers across the Kingdom, the Bank provides a full range of banking solutions to develop and expand the business potential of its SME customers.