Safwa Islamic Bank

What Safwa Islamic Bank does

Safwa Islamic Bank is a publicly listed Jordanian Islamic bank (Jordan Exchange ticker: SIBK) headquartered in Amman, operating under Sharia-compliant principles since 2010. The bank serves retail, corporate, SME, startup, and premium (Safwa Gold) customer segments through a hybrid distribution model combining 30+ physical branches across all major Jordanian cities (including mall locations in City Mall, Taj Mall, Mecca Mall, and Istiklal Mall), an ATM network, and digital channels (Safwa Mobile app, Safwa Online internet banking, Safwa SMS, and a 24/7 call center). The bank is majority-owned by Al-Etihad Islamic for Investment Co. (62.37%) with institutional shareholders including the Social Security Corporation (9.38%) and Government Investments Management Company (5.55%).

The bank's product portfolio is structured around Islamic financing contracts (Murabaha, Ijara, Mudaraba, Musawamah, Wakala) and spans consumer financing (personal, auto, real estate, travel/education/treatment), corporate banking (Murabaha working capital, Ijara asset finance, Letters of Credit, Letters of Guarantee, foreign currency futures hedging), merchant services (POS terminals accepting all major international card schemes, Apple Pay, Google Pay, CliQ QR), and specialized products (Hajj Sukuk, Shifa'a medical card, multi-currency cards). Technology infrastructure includes the Cash Management System (CMS) for corporates with 24/7 salary disbursement, integration with Jordan's National Digital Identity ('Sind' platform) and CliQ instant payment system, and a correspondent banking network of 300+ banks across 80+ countries for international trade finance.

Revenue is generated through a diversified mix: profit rates on Islamic financing products (personal financing APR 13.18%-16.37%, auto financing APR 11.34%-14.42%, housing Ijara APR 7.92%-10.40%), investment deposit returns under Mudaraba profit-sharing, transaction fees (domestic RTGS/ACH transfers, international wire transfers, banking facility fees such as 0.25%-0.375% on letters of credit), subscription fees (Murabaha credit card annual fees 25-100 JOD), and merchant service fees from POS settlement. Go-to-market combines field sales via relationship managers for corporate banking, self-serve digital channels for retail, and dedicated premium concierge service for Safwa Gold customers. The bank employs 501-1,000 staff and has pursued regional expansion via a 2025 strategic partnership with Iraqi Islamic Bank.

Name

Safwa Islamic Bank

Legal name

Safwa Islamic Bank

Website

https://safwabank.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Safwa Islamic Bank is a Jordanian Sharia-compliant bank (Amman, listed as SIBK) offering retail, corporate, SME, and premium banking via 30+ branches, ATMs, and digital channels, with products spanning Murabaha/Ijara financing, trade finance, POS, and correspondent banking.

Ownership category

akta.pro rank

Product category

Islamic Retail and Corporate Banking

NAICS

Commercial Banking (522110)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic Corporate Banking (FSABAGAC), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Islamic Transaction Banking (Cash Management & Treasury Services) (FSABAGAF), Islamic Private Banking & Wealth (FSABAGAD)

Keywords

• Islamic banking services
• Sharia-compliant financing
• Corporate cash management
• Retail banking accounts
• Trade finance solutions

Headquarters

HQ city

Amman

HQ country

Jordan

HQ region

Middle East

Offices18 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Financing Revenue: Income from Islamic financing products including Murabaha (cost-plus financing), Ijara (lease-to-own), Musawamah, and Wakala arrangements. Revenue generated through profit rates charged on personal financing, auto financing, real estate financing, and corporate working capital/capital asset financing.
2. Investment Deposits & Certificates: Returns generated on investment deposit accounts and investment certificates based on Mudaraba (profit-sharing) structure. Returns calculated on daily account balance.
3. Account Fees & Commissions: Various account-related fees including minimum balance charges (1 JOD monthly for accounts below 100 JOD), account maintenance, statement issuance, and corporate account opening fees (75 JOD).
4. Card Fees: Annual fees for credit cards (Murabaha cards): Classic 25 JOD primary/15 JOD supplementary, Titanium 50/30 JOD, World 100/75 JOD. ATM card issuance and replacement fees. Multi-currency card issuance and renewal at 10 JOD.
5. Transfer & Remittance Fees: Domestic wire transfers (RTGS, ACH), international transfers, and CliQ corporate transfers with tiered fee structures based on amount. Foreign currency transfer fees with 50% discount for corporate savings accounts on international transfers.
6. Banking Facilities Fees: Letters of credit issuance (0.25%-0.375% min 40 JOD), letter of guarantee issuance (1% min 30 JOD local, 2% min 50 JOD external), collection commissions, and documentary credit handling fees.
7. POS Transaction Fees: Merchant service fees from POS devices accepting payments from all international cards (Visa, MasterCard, AMEX, JCB, UPI, Diners), contactless payments, and CliQ QR payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

Safwa Islamic Bank is a Jordanian public Islamic bank providing Sharia-compliant retail and corporate banking services. It offers deposit and current accounts, Mudaraba-based investment deposits and certificates, Murabaha/Ijara/Musawamah/Wakala personal and corporate financing, credit cards, real estate and auto financing, trade finance (letters of credit, guarantees, foreign currency futures), a Cash Management System, POS merchant services, and Hajj Sukuk, delivered through a nationwide Jordanian branch and ATM network and digital channels (Safwa Mobile, Safwa Online, SMS).

Product overview

Safwa Islamic Bank is an Islamic bank based in Jordan offering a comprehensive suite of Sharia-compliant banking products and services. The portfolio is organized into retail banking (savings, current, and deposit accounts), consumer financing (real estate, vehicles, personal needs), corporate banking (Cash Management System, Corporate Deposit Cards, POS devices, Banking Facilities including Murabaha and Ijara), and digital banking services (SAFWA Mobile, Safwa Online, SMS alerts). The bank operates primarily through its digital platforms (SAFWA Mobile app and Safwa Online) supplemented by branch network and ATM infrastructure, serving individuals, small businesses, corporations, and premium (Safwa Gold) segments across Jordan.

Differentiator

Problem solved

Functional benefit

Brands

• Safwa Gold: Premium banking services tier for high-value customers.
• Safwa Mobile
• Safwa Online
• SIB Smart
• Shifa'a

Products and services

• SAFWA Mobile
• Safwa Online Web-based internet banking platform for retail and corporate customers to view accounts, perform transfers, pay bills, and use the CliQ instant payment system.
• Electronic Murabaha Credit Card Sharia-compliant Islamic credit card based on the Murabaha principle, offered in Classic, Titanium, and World tiers with an associated points and loyalty program for retail customers.
• Personal Financing Sharia-compliant personal financing product for individuals covering goods, lands, motorcycles, stocks, and solar systems or heaters, priced via fixed or declining profit rates.
• Cars Financing Sharia-compliant vehicle financing product enabling retail customers to purchase cars via fixed or declining profit rate arrangements.
• Housing Financing with Fixed Return Sharia-compliant real estate financing product (Ijara) enabling retail customers to purchase homes under fixed-return arrangements.
• Land Financing Sharia-compliant financing product enabling customers to purchase land and build homes.
• Office Financing Sharia-compliant commercial real estate Ijara financing for business premises.
• Travel, Education and Treatment Financing Consumer financing product covering travel, education, and medical treatment expenses under Sharia-compliant terms.
• Yusur for Refinancing Sharia-compliant debt refinancing product enabling customers to consolidate or restructure existing financing obligations.
• Musawamah Financing Sharia-compliant financing product structured as a Musawamah (negotiated sale) transaction.
• Corporate Savings Account Sharia-compliant (Mudaraba-based) corporate savings account with unlimited withdrawals and same-day wire transfer capability.
• Corporate Current Account Current account for corporate clients with electronic banking service access.
• Cash Management System (CMS) Corporate banking portal enabling companies to independently manage accounts with power matrix compatible with commercial registry, 24/7 salary disbursement, instant transfers, card management, cheque book requests, e-fawateercom services, and payment orders.
• Cash Deposit Machines (CDM) Cash deposit machines installed at corporate client headquarters with direct connection to the bank, accepting JOD and USD banknotes up to 10,000 notes per transaction.
• Banking Facilities Comprehensive Sharia-compliant corporate banking facilities including Murabaha working capital financing, Ijara (rent-to-own) for capital assets, Letters of Credit for import/export, Letters of Guarantee, and foreign currency futures for exchange rate hedging.
• Point-of-Sale Devices (POS) Merchant POS devices accepting Visa, MasterCard, AMEX, JCB, UPI, Diners, contactless payments, Apple Pay, Google Pay, and CliQ QR, with same-day or 24-hour settlement.
• Corporate Deposit Card (CDC) Card enabling corporate clients to deposit cash at Safwa ATMs (deposit-only, no withdrawal), with multiple cards per account and unlimited deposit capability.
• Multi-Currency Card Card enabling transactions in multiple currencies, with issuance and renewal fees of 10 JOD per card.
• Safwa Medical Card (Shifa'a) Medical card providing health-related benefits and services to cardholders.
• Standard Savings Account Basic savings account for retail customers.
• Women Savings Account (Harir) Savings account designed specifically for women with tailored features.
• Kids Savings Account (Kanzy) Savings account designed for children with age-appropriate features.
• Current Account Standard retail current account for everyday banking transactions.
• Investment Deposits Investment deposit accounts offering returns based on Islamic Mudaraba principles, with returns calculated on daily account balance.
• Investment Certificate Certificate-based Sharia-compliant investment product for customers seeking Islamic investment returns.
• Prepaid Profit Deposit Account Deposit account with prepaid profit feature.
• Deposit Box Safe deposit box service for secure storage of valuables.
• Hajj Sukuk Islamic savings instrument dedicated to funding Hajj pilgrimage expenses.
• Safwa SMS SMS banking notification and alert service.
• Direct Debit Service (ACH) Automated clearing house (ACH) service for recurring payment authorizations.
• Expatriate Services Banking services tailored for expatriate customers residing in Jordan.
• Salary in Advance Salary advance service allowing employees to access a portion of earned salary before the standard payday.
• MISC for Financial Brokerage Financial brokerage services for Sharia-compliant investment products.
• Safwa Gold Premium banking service for high-net-worth customers under the Safwa Gold brand, offering enhanced services and products.
• Capital Market Services Capital market products and services for investment and trading activities.
• ATM Services ATM-based banking services including cash deposit, withdrawal, balance inquiry, and cardless transactions.

Quantifiable outcome

• Same-day wire transfers for amounts ≥5,000 JD or equivalent in foreign currencies
• +3 more outcomes

Named customers1 record

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Al-Hussein Technical UniversitycoreStrategic or Co-development Partner · 1 July 2025Cooperation agreement signed to advance technical education and professional development. Part of Safwa Islamic Bank's corporate social responsibility initiatives. The partnership aims to support technical education and provide professional development opportunities for students.
• Union Bank ( بنك الاتحاد)minorStrategic or Co-development Partner · 1 July 2025Mentioned as participant in the strategic partnership signing ceremony with Iraqi Islamic Bank, alongside Safwa Islamic Bank Chairman. Represents broader industry collaboration in the regional banking sector.
• Iraqi Islamic Bank (المصرف العراقي الإسلامي)coreStrategic or Co-development Partner · 1 February 2025Strategic partnership announced where Safwa Islamic Bank becomes a strategic partner in Iraqi Islamic Bank. Represents Safwa's expansion beyond Jordan into regional markets. Signed by Chairman Dr. Mohammad Abu Hammour and Iraqi Islamic Bank Chairman Ahmed Waleed. Part of strategy to enhance financial position and external investment for revenue diversification.
• Military Credit Fund (صندوق الائتمان العسكري)coreStrategic or Co-development Partner · 1 January 2025Strategic partnership providing 'Rafaa Al Silah' ( رفاق السلاح) program for military retirees. Safwa Islamic Bank offers personal financing, housing financing, and auto financing at preferential rates. Partnership renewed for third consecutive year in 2025. Signed between CEO Samer Al-Tamimi and Director General Yazeed Al-Khalidi.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Jordan Islamic Bank: Jordan's largest and longest-standing Islamic bank, offering retail, corporate and investment Sharia-compliant products across an extensive national branch and digital network. Direct competitor to Safwa in the Jordanian Islamic banking market and the most relevant peer for benchmarking share, product set, and pricing.
• Islamic International Arab Bank (IIAB): Sharia-compliant arm of Arab Bank Group operating in Jordan with full retail, corporate and treasury Islamic banking services. Direct in-market competitor to Safwa with similar product breadth and a comparable target customer base across Jordan.

Broad incumbents

• Arab Bank: Largest conventional bank in Jordan with a regional MENA footprint and the parent of IIAB. Competes with Safwa across retail and corporate deposits and lending, and constrains Safwa's ability to grow Islamic wallet share inside conventional clients.
• Bank Al Etihad: Major Jordanian conventional bank closely linked to Al-Etihad Islamic for Investment Co., which is Safwa's controlling shareholder. Operates overlapping retail and SME products, making it a structural peer in customer acquisition and corporate banking.
• Al Rajhi Bank: World's largest Islamic bank by assets, headquartered in Saudi Arabia with growing presence in Jordan. Comparable as a full-service Islamic franchise across retail, corporate and treasury, and a relevant benchmark for Islamic product design and digital banking.
• Kuwait Finance House: Leading Kuwait-based Islamic bank with regional subsidiaries and a similar Sharia-compliant retail/corporate/investment product set. Relevant peer for cross-border Islamic franchise benchmarks and potential regional expansion template for Safwa.
• Dubai Islamic Bank: UAE's largest Islamic bank offering retail, corporate, treasury and real estate financing under Sharia principles. Comparable on full-stack Islamic product suite, digital banking ambition, and regional expansion strategy.
• Abu Dhabi Islamic Bank (ADIB): UAE-headquartered Islamic bank with broad retail, corporate, and wealth offerings and a growing digital franchise. Comparable as a mid-sized-to-large regional Islamic competitor on product breadth, digital platforms and cross-border growth approach.
• Qatar Islamic Bank (QIB): Qatar's largest Islamic bank with full retail, corporate and treasury Sharia-compliant services and an advanced mobile app. Comparable to Safwa on Sharia product breadth, digital banking focus, and premium-segment targeting.

Regional players

• Jordan Kuwait Bank: Major Jordan-based conventional bank with a regional shareholder base and active retail and corporate banking franchise. Competes with Safwa for the same Jordanian deposit and SME pools, but from a conventional rather than Islamic platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SafwaBank

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Safwa Islamic Bank