Membership: 

All Jordanian Islamic banks and locally incorporated foreign Islamic banks, except for branches of Jordanian Islamic banks operating outside the Kingdom.

 Coverage Limit :

The prompt reimbursement amount is up to JD 50,000 (fifty thousand) per depositor per Islamic bank.

 Coverage scope:

- Eligible Deposits :

All types of deposits denominated in Jordanian Dinar belong to individuals and corporate, residents and non-residents, at the Islamic banks:

Credit Accounts (e.g. Current accounts and Demand Deposits)

Unrestricted Investment Accounts (e.g. Saving, Term and subject to notice deposits).

- Non-Eligible Deposits:

The following shall be excluded from deposits subject to the provisions of JODIC’s Law (Uninsured Deposits):

Government deposits.

Interbank deposits.

Cash collaterals within the limits of the value of the extended facilities guaranteed by the said collaterals.

Restricted investment accounts

 Insured Currency

JODIC insures deposits denominated in the Jordanian Dinar Only. Also, the JODIC may insure any foreign currency that the CBJ decides to subject to the provisions of JODIC’s Law.

 The Fund’s Capital:

 A sum of JD 150, 000 (one hundred and fifty thousand Jordanian Dinars) paid by the Corporation upon the establishment of the Fund, and this sum shall be considered as a part of the Government's contribution to the Corporation’s capital.

 A non-refundable initiation fee of JD 100,000 (one hundred thousand Jordanian Dinar), which shall be paid by any Islamic bank.

 The Financial Sources of the Fund:

 Membership fees paid by Islamic banks:

An Islamic bank shall pay an annual membership fee of 2.5 per thousand on the balance of credit accounts and the balance of Unrestricted Investment Accounts “Mutual Fund Accounts” or the like to be calculated and levied on the basis of the balances of the total of such accounts at the end of each year.

Annual membership fee may be amended, and the rules for its calculating may be changed by a decision of the Council of Ministers based on the Board's recommendation after the Islamic banks have been rated. 

 Returns on the investments of the Fund:

The Corporation shall invest the financial sources of the Fund in Government securities complying with Shariah principles and rulings according to Article (35 bis) of JODIC’s law.

Any non-interest loan “Qard Hasan” received by the Fund:

The Fund may borrow a non-interest loan “Qard Hasan” from the Corporation or any other party to be able to pay its debts and obligations legally.

 Any financial grants are given to the Fund with the approval of the Central Bank's board of directors. The Council of Ministers' approval must be also obtained if the grant is given by a non-Jordanian agency.

  Two Separate Portfolios are Established in the Fund as follows :

Takaful Portfolio of Credit Accounts: The annual membership fees paid by Islamic banks for credit accounts or the like, and the portion of Unrestricted Investment Accounts “Mutual Fund Accounts” not sharing in profits, shall be credited to the portfolio .

Takaful Portfolio of Unrestricted Investment Account: Mutual Fund Accounts; The annual membership fees paid by Islamic banks shall be credited to the portfolio on behalf of Unrestricted Investment Accounts Mutual Fund Accounts; holders or the like .

The Funds of the Deposit Insurance Fund for Islamic Banks Shall be Transferred in Case of Liquidution to the Zakat Fund in the Kingdom after Covering all Expenses and Losses Relared to the Fund