Law No. 28 of 2000

Jordan

This law provides general provisions for banking in Jordan. Inter alia, it discusses:

- Conditions for engaging in banking activities
- Penalties for violating the stated provisions
- Bank licensing
- Role of the Central Bank in regards to banking
- Conditions for foreign bank branches to operate in Jordan
- Items to keep at a bank’s head office
- Circumstances resulting in the Central Bank revoking a bank’s license
- Organization and management of banks
- Circumstances for employing Non-Jordanians
- Disclosures regarding personal stakes in bank-related business
- Function, duties and authorities of bank “auditing committee”
- Requirements and conditions for the operation of banks
- Permissible financial activities a bank may perform
- Notification of the Central Bank if a bank acquires at least 5% of the stocks and shares in the capital of any company
- Adherence to limits as set by the Central Bank
- Provisions for Islamic Banks
- Accounts and financial statements
- Inspection and auditing
- Banking confidentiality (including both when it applies and when it does not)
- Merger of banks
- Liquidation
- Corrective Measures and Penalties
- Fiscal year of the bank