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 recognized as a vital pillar of the financial safety-net in the Kingdom; it has made significant strides towards excellence and professionalism to become today an ideal model at the regional and international levels. Despite the financial and economic turmoils that many countries have witnessed globally in recent years, which have been a real stress testing for many financial and banking supervisory systems, JODIC’s efficiency is benchmarked against the best practices and international standards.

Since JODIC’s establishement in the year 2000, several milestones have been achieved which substantially contributed to 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 under the deposit insurance umbrella with a coverage limit of JD 50,000 (fifty thousand Jordanian dinar) per depositor per member bank. It is worth noting that the ratio of fully insured depositors reached 97.4% of total eligible depositors by the end of 2018. JODIC’s key achievements are significant outcomes of its objectives, despite the growing challenges facing our national economy that are mainly represented in preserving the financial and monetary stability, strengthening the soundness and resilience of the banking system, and promoting sustainable economic growth in the Kingdom.

The year 2019 crowned with the issuance of the Royal Decree in April which approved the amended Law of JODIC’s Law,  Law no. (8) of the year 2019. The amended Law included the mandatory membership of Islamic banks at the Deposit Insurance Fund for Islamic Banks. The inclusion of the Islamic banks under the deposit insurance umbrella contributed to enhancing banks’ competitiveness, anchoring equality in the banking system through insuring depositors and providing full protection under the coverage limit. Furthermore, the amended Law granted JODIC a vital role in the resolution process in the event that a bank has materially impacting problems in its financial position, which enhances JODIC’s role in collaboration with the Central Bank of Jordan (CBJ) in protecting the banking system being considered as one of the main national economy pillars that ultimately contributes to encouraging savings in the Kingdom.

Finally, I would like once again to welcome you to JODIC's website. Hoping it will be a useful source of information that meet your needs and expectations. Your inquiries and suggestions are highly welcomed and considered as an essential source for improving JODIC's performance.