JODIC Issued the 2018 Annual Report.

Jordan Deposit Insurance Corporation (JODIC) released its 2018 annual report, which highlights the Corporation’s key achievements and its financial results during the year. The report reflected the main indicators of the development of deposits and depositors in the banking system; 75.8% of its deposits denominated in the local currency, 96.3% of those deposits are eligible, 97.4% of those deposits’ holders are fully insured whose deposits are equal or less than the maximum coverage limit of JD 50,000.   Also, the annual report demonstrated JODIC’s activities at the regional and international levels, illustrating its effective role through participating in the committees and events that are relevant to the deposit insurance industry.

As for the financial performance for the year 2018, JODIC’s financial statements disclosed an increase of JD 83.5 million in total assets compared to the year 2017 to reach JD 777.8 million by the end of 2018; JODIC’s investment portfolio composed 97.8% of those assets, and the return of investment amounted to JD 36.4 million with a growth rate of 18.4% compared to a year earlier. The report showed the Corporation’s financial soundness through disclosing the indicators of the reserves adequacy, as JODIC’s reserves amounted to JD 774.5 by the end of 2018.

At the legislative aspect, the annual report showed that the amended draft of the Corporation’s Law granted JODIC a vital role by expanding its responsibilities to collaborate with the Central Bank of Jordan in the resolution process in line with the amended draft of the Banking Law. Also, the draft Law stipulated the mandatory membership of Islamic banks under the deposit insurance umbrella that is compliant with Shariah Principles.

The 2018 annual report highlighted JODIC’s pivotal role in collaboration with the Central bank of Jordan as a main recognized pillar of the financial safety-net in order to encourage savings, enhance confidence in the banking system, and ultimately contribute to maintaining the banking and the financial stability in the Kingdom.