12 Facts About Arab Bank

Arab Bank is one of the largest financial institutions in the Middle East, founded in 1930 in Jerusalem, Mandatory Palestine, as the first private sector financial institution in the Arab world.

Arab Bank is a publicly held shareholding company listed on the Amman Stock Exchange.

Arab Bank is a major economic engine in Jordan and throughout the Middle East and North Africa region, providing banking services and capital, and facilitating development and trade throughout the region.

Under his leadership, Arab Bank reopened operations in Syria in 2005, and took steps to commence its activities in Iraq, circumstances permitting.

In January 2007, Arab Bank established Europe Arab Bank, a London-based, fully owned subsidiary.

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In 2008, Arab Bank partnered with Vasco, now OneSpan, to work on the bank's authentication technology.

Today, Arab Bank provides consumer banking services, as well as corporate and institutional banking services to individuals, corporations, government agencies and other international financial institutions.

In 2008, at the request of the Association of Banks, Arab Bank hosted a compliance workshop attended by compliance professionals from banks throughout the country including the Central Bank of Jordan.

In 1978, Arab Bank created the Abd Al-Hameed Shoman Foundation to promote social development in the Arab world in the fields of science and the humanities.

In 2011, the Arab Bank donated over 8 million Jordanian dinars to its Abd Al-Hameed Shoman Foundation to support scientific research and studies in the humanities in Jordan and the Middle East.

In 2005, the U S Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network assessed a $24 million penalty against the New York Branch of Arab Bank for failing to implement an adequate anti-money laundering program to manage the risks of money laundering and terrorist financing, and violating the suspicious activity reporting requirements of the Bank Secrecy Act.

In September 2009, the IDF issued a letter to Arab Bank stating that it had no evidence that the Bank or any of its directors or employees were involved in or funded terrorist activities.