The Royal Decree was Issued Approving the Amended Law OF The Deposit Insurance Corporation, Law NO. (8) Of the Year2019.

The Royal Decree was issued approving the amended law of the Deposit Insurance Corporation (JODIC), Law No. (8) of the year 2019. This law was effective as from the date of its publication in the Official Gazette issue No. (5569) on Monday April 1, 2019. The amended law included the mandatory membership of Islamic banks under the deposit insurance umbrella in accordance with Shari’ah principles for the purpose of protecting depositors, granting JODIC a vital role in the resolution process in line with the banking law amendments and strengthening confidence in banking system by paying the insurance sum due to an insured deposits holder without a claim.

The amended law of JODIC of the year 2019