JOFICO Profile

* JOFICO was established in 1976, in affiliation with M/S: Compagnie Financiere Du Group Victoire of France, with a Registered Capital of JD:250,000/- and a Paid-up Capital of JD: 125,000/-, out of which the French held 25% and two seats on the Board of Directors..

* In 1978 the Registered Capital of JD: 250,000/- was paid in full.

* In 1981 the company increased its Paid-up capital again to JD: 750,000/- .

* In 1983 the Company increased its paid-up Capital for the third time to JD: 1,000,000/- through capitalizing some of its voluntary reserves.

* In 1987, M/S: Lincoln National Life Insurance Co. of Fort Wayne, Indiana (USA) bought shares in the company and became then the first and only U.S. Firm to hold equity in a Jordanian public shareholding company and to sit on its Board of Directors, this started JOFICO’s Life Department

* In 1989 JOFICO took over the Jordanian operation of M/S: Provincial Insurance Plc., a U.K. based firm, which increased JOFICO’s capital from JD:1,000,000/- to JD:2,200,000/-, and allowed Provincial Insurance Plc. to sit on JOFICO’s Board of Directors, and to become the first and only British firm to sit on a Jordanian Board.

* In 1997 Major changes took place in JOFICO when:-

a) The Jordan Armed Forces bought equity in JOFICO and become Board Members, and
b) The Jordanian Economic & Social Organization for Retired Servicemen & Veterans, bought equity in JOFICO and also became Board Members.
c) The Jordan Social Security Corporation bought equity in JOFICO, and become Board Members.

* In 1998, JOFICO’s General Assembly in an extra-ordinary Session increased the number of Seats in JOFICO’s Board to accommodate the respected organizations mentioned above.

* JOFICO’s Board thus, is not only Professional and Multi-National, but now also holds the most powerful three organizations in the Kingdom.

* In 1999, JOFICO obtained the distinguished “ISO 9002.1194” Certificate.

* In 1999 JOFICO and Partners purchased 60% of M/S: Universal Insurance Co. Ltd., in Amman, and took over its Board and direct Management, and changed its name to “ Oasis Insurance Co. Ltd. ”
* In 2000 JOFICO and Partners purchased 70% of M/S: Al-Mashreq Insurance Co. Ltd., in Ramallah, and took over its Board and Direct Management.

* In 2001, and after JOFICO reached its Silver Jubilee while located at Jabal Amman/Second Circle. It moved to its new building located in the Shmeisani Area to start its second Twenty Five years.

* In 2003, the company increased its paid-up capital for the fourth time by offering 1650000 free shares representing 75% of the capital as dividends to reach a paid-up Capital of JD:3,850,000/-

* In 2004, the Company increased its paid-up capital another time by offering 150000 free shares representing as dividends to reach a paid-up Capital of JD: 4,000,000/- (Jordan Dinars Four Million).

* In 2005, the Company also increased its paid-up capital another time by offering 2000000 free shares representing as dividends to reach a paid-up Capital of JD: 6,000,000/- (Jordan Dinars Six Million).

* In 2006, the Jordan Armed Forces enter as a strategic partner by purchasing an additional 500,000 shares to increase the paid-up Capital to JD: 6,500,000/- (Jordan Dinars Six Million and Five Hundred Thousand).

* In 2008, The Company increased its Capital to 10,000,000/- through General subscription with a paid-up Capital to reach JD: 9,100,000/- (Jordan Dinars Ten Million).