Mu'taz I. Barbour

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.