JODIC Issued the 2017 Annual Report.

Jordan Deposit Insurance Corporation (JODIC) issued its annual report for the year 2017 which highlights the key achievements of JODIC during the year. The report demonstrates the development of deposits and depositors in the banking system; the deposits denominated in Jordanian Dinar represented 77.3% of total deposits at the banking system, while eligible deposits represented 96.4% of total deposits at the member banks, and the ratio of fully insured depositors reached 97.2% of total depositors whose deposits are subject to the provisions of JODIC’s Law at the end of 2017.

As for JODIC’s financial performance, the financial statements of the Corporation showed that the total assets reached JD 694.3 million with an increase of JD 78.4 million at the end of 2017 compared to a year earlier. JODIC’s portfolio, mainly composed of public debt instruments, represented 94.6% of the total assets and the returns of JODIC’s investment portfolio amounted to JD 30.7 million, with a growth rate of 13.3% compared to a year earlier. JODIC’s reserves increased from JD 612.4 million at the end of 2016 to JD 690.9 million at the end of 2017, registering 9.3% of total estimated reimbursement amount which recorded JD 7464.3 million at the end of 2017.

At the legislation aspect, the amended draft of the banking Law granted JODIC a vital role by expanding its responsibilities that enable the Corporation to collaborate with the Central Bank of Jordan 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 the deposit insurance umbrella that is compliant with Islamic principles.

Furthermore, the report highlighted JODIC’s continued efforts in raising public awareness about the deposit insurance system and the Corporation's core business. Also, the report illustrated the integral role played by JODIC, along with the Central Bank of Jordan, as one of the main pillars of the financial safety net that contributes effectively in supporting financial stability and enhancing depositors’ confidence in the banking system in the Kingdom.