JODIC Issued the 2016 Annual Report

Jordan Deposit Insurance Corporation (JODIC) issued its annual report of the year 2016 which highlights the key achievements of JODIC during the year, as the annual report indicated the  development of deposits and depositors in the banking system  as well as JODIC's vision, mission, values, and objectives.

The report clarify the steady growth in total deposits at the banking system to an average of annual growth rate of 6.2% for the last five years, and deposits denominated in Jordanian Dinar represented 78.9% of total deposits with the banking system.

In terms of JODIC’s financial performance, the financial statements showed that JODIC’s assets increased by JD 75.2 million during the year 2016 to register JD 615.7 million, while JODIC's investment portfolio in public debt instruments represented 96.3% of total assets by the end of the year 2016, and it’s worth mentioning that JODIC’s balance sheet of 2016 showed in its equity a JD 612.4 million as reserves comparing with a JD 537.2 million a year earlier, reflecting a growth rate of 14%.

At the legislation aspect, the report noted that the amended draft of the banking Law granted JODIC a vital role by expanding its responsibilities to collaborate with the CBJ in the resolution process. Also, JODIC continues its efforts to approve the amended Law that is consistent with the CBJ's law in order to cover Islamic Banks under deposit insurance umbrella that is comply with Islamic principles.

The report brought to light JODIC’s efforts and continuous endeavours in raising public awareness of the deposit insurance system, and JODIC’s core business. The report also demonstrated the integral role played by the Deposit Insurance Corporation along with the Central Bank as one of the main pillars of the financial safety net in the Kingdom that contributes effectively in supporting financial stability and enhancing depositors' confidence in the banking system.