Message from the Director General

Mu'taz I. Barbour

It gives me great pleasure to welcome you to the Website of Jordan Deposit Insurance Corporation (JODIC). The Corporation is widely recognized as a vital pillar of the financial safety-net in the Hashemite Kingdom of Jordan; it has made significant strides towards excellence and professionalism and become a model to be reckoned with both locally and internationally. The efficiency of the Corporation's system is benchmarked against the best practices and international standards, despite the financial and economic turmoil that many countries have witnessed globally in recent years, which were also seen as a real test of many financial and banking systems in terms of their protection efficiency.

Since it was established in the year 2000, JODIC has been through several milestones which subsequently lead to substantial contribution towards maintaining the effectiveness of the explicit-limited deposit insurance system in the Kingdom as well as providing full protection to the vast majority of depositors. The percentage of fully insured depositors reached 97.2% of total depositors whose deposits are subject to the provisions of JODIC's Law by the end of 2016 with the maximum coverage limit of JD 50,000 (fifty thousand Jordanian dinar) per depositor per member bank. JODIC's key achievements are consistent with the objectives set forth by the Corporation in light of the growing challenges facing our national economy that are mainly represented in ensuring the sustainability of the financial and monetary sector, in strengthening the soundness and resilience of the banking sector, and in bolstering the pace of economic growth in the Kingdom, with the ultimate goal of achieving the macro-economic objectives.

Furthermore, it is worth mentioning that the proposed amended draft version of JODIC's Law called for, firstly, the inclusion of the Islamic banks under its umbrella and to enforce the Corporation’s rules and regulations on their practices through mandatory membership of the deposit insurance system, and secondly, to make further measures to the Corporation's Law in a way to allow it to find the appropriate solutions to the troubled banks, i.e. Banking Resolution Process. The proposed amendments reflect JODIC's vital role in contributing to the financial and banking stability as well as its growing capabilities in enhancing the depositors' confidence in the banking system to ultimately encourage savings in the Kingdom.

Finally, I would like once again to welcome you at JODIC's website, hoping it will be a useful source of information and data that meet your needs and expectations. Your comments and suggestions are highly welcome and constitute an essential source for improving JODIC's performance.