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Mu'taz I. Barbour
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I am pleased to welcome you
to the website of Jordan Deposit Insurance Corporation (JODIC) which is a vital
pillar of the financial safety net in the Kingdom, that
moved steadily toward excellence and professionalism during its march over two
decades since its inception, to continue its proven track records of incredible
success in achieving its objectives of depositors’ protection to encourage
savings, enhance confidence in the banking system, and contribute to
maintaining banking and financial stability in the Kingdom, to support the
sustainable economic growth. JODIC has
become an ideal model at the regional and international levels, as it operates in
compliance with the best international practices despite the global financial crisis
that was a real stress testing for many financial and banking safety systems.
The deposit insurance
umbrella expanded to cover Islamic banks through establishing Deposit Insurance
Fund for Islamic Banks after the JODIC’s amending Law no. (8) of the year 2019
was approved on April 1, 2019. The mandatory membership of Islamic banks in the
deposit insurance system strengthens banks’ competitiveness and anchored
equality and fairness among depositors. As a result, JODIC contributes in
providing full protection to the vast majority of depositors with banks
operating in the Kingdom, the ratio of fully insured depositors, whose deposits
are equal or less than JD 50.000, registered 97.0% to total eligible depositors.
Furthermore, the JODIC’s
amended Law granted the Corporation a vital role in the bank’s resolution in collaboration
with the Central Bank of Jordan, that strengthens the
protection of the banking system that considered as one of the main pillars of
the national economy, which contributes to encouraging savings in the Kingdom.
Finally, I would like once
again to welcome you and invite you all to visit JODIC’s website, hoping it
will be a useful source of knowledge in the deposit insurance system and a
platform for communicating with you that meets your needs and expectations.
Your comments and suggestions
are highly welcomed and considered as an essential source for improving JODIC's
performance.
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