The Cabinet Approved the Mandating Reasons for the Draft of the Amended JODIC's Law

The Cabinet approved on Tuesday May 30th, 2017 the mandating reasons for the draft of the amended JODIC's Law to be further proceeded with the required legislative and constitutional procedures.

The draft Law included amendments comprise the mandatory membership of Islamic banks at JODIC in accordance with the Shari'ah Principles in furtherance of promoting financial stability in the Kingdom.

Another amendment is related to the elimination of the need for submission of claims by depositors to receive for the insured amount of their deposits in case of bank liquidation.

Furthermore, the draft law included JODIC's role in participating along with the Central Bank of Jordan in the banking resolution process in line with the draft of the amended Banking Law.