Domestic, Islamic, and foreign banks make up the banking system in the Kingdom of Jordan, most recently including an increase in branchless banking. The Central Bank of Jordan regulates these banks, with additional regulations in the financial sector coming from the Jordan Securities Commission. Recently, Jordan has had a large increase in microfinance borrowers. Laws for such microfinance transactions fall under Law No. 28 of 2000 which covers banking law in Jordan.
Microfinance & Banking
Private MFI's, commercial banks, governmental MFI's, and NGO's make up the microfinance industry in Jordan, the first Arab country to develop a National Microfinance Strategy according to a 2009 CGAP report. This same report states that while Jordan has been effective in meeting demand, especially relative to other countries in the region, demand is still greater than supply in regards to microfinance loans.
- Law No. 28 of 2000 ( June 2003) ()
There has been a growth in mobile banking in Jordan due to market penetration of mobile devices. Even so, there is still apprehension on the part of consumers due to various factors, including associated security risks.
- Circular to All Licensed Banks ( June 2010) ()
- Instructions for Conducting Banks’ Activities via Electronic Means Circular No. (8/2001) ( July 2001) ()