Deposit Insurance Fund For Islamic Banks

The Deposit Guarantee Fund was established with Islamic banks under the law amending the Deposit Insurance Corporation Law No. (8/2019) as a fund with legal personality that the institution manages.

Where the fund guarantees protection for depositors with the fund by guaranteeing their deposits and the fund is considered the only guarantor for deposits with Islamic banks in the Jordanian banking system in accordance with the law of the provisions of the institution and in accordance with the provisions of Islamic Sharia. This is to encourage savings, enhance confidence in Islamic banks, and contribute to maintaining financial and banking stability in the Kingdom. The relationship between the foundation and the fund is based on the agency with the other.

The provisions of the Foundation shall be applied to the Fund to the extent that they do not contradict the provisions related to it in the same law. The fund is based on the principle of solidarity and cooperation. What is paid to him from the Islamic banks, depositors and the Foundation is as a donation.

The fund provides a full guarantee to about 98% of the depositors with the Islamic banks that are members of the fund.