Deposit Insurance Corporation

General Information

 

General Information

 

Overview

Jordan Deposit Insurance Corporation (JODIC) was established by virtue of Law No. (33) of the year 2000 and its amendments. JODIC enjoys a legal entity status with financial and administrative independence. It aims to protect depositors with operating banks in the Kingdom by insuring their deposits in order to encourage savings, enhance confidence in the banking system, and contribute to maintaining banking and financial stability in the Kingdom. Since JODIC's inception, and adoption of a limited and explicit deposit insurance system, JODIC pursued attaining its objectives professionally, in order to play its main role as the sole insurer, liquidator, and legal representative of any bank whose liquidation has been decided by the Central Bank of Jordan (CBJ), therefore JODIC covers the deposits of individuals and Corporate in Jordanian dinars (JD) with Islamic and commercial banks operating in the Kingdom, with a  maximum coverage limit of 50,000 JD (fifty thousand) per depositor per bank. The corporation may contribute to the bank’s resolution by taking one or more of the actions set out in the Law for banks that face problems with core effects on their financial position.

 

As for Islamic banks, the Deposit Insurance Fund for Islamic Banks was established according to the Corporation’s amending Law No. (8) of the year 2019. The Fund enjoys a legal entity status, managed by the Corporation based on an agency with fee “wakalah bi al ujr”. The Fund aims to protect the vast majority of depositors at Islamic banks and contribute to encouraging savings and enhancing confidence in the banking system.

JODIC is governed and supervised by a Board of Directors, chaired by the Governor of the Central Bank of Jordan, the deputy of the Governor, the Secretary General of the Ministry of Finance, the controller of companies at the Ministry of Industry and Trade, The Director General, and two members appointed by a decision of the Council of Ministers.

 

JODIC's Vision:

To be a leading professional deposit insurance corporation at the regional and international levels.

 

 JODIC's Mission:

To protect depositors with banks by insuring their deposits in order to encourage savings, enhance confidence in the banking system, and contribute to maintaining banking and financial stability in the Kingdom.

 

JODIC's Values:

Loyalty, Integrity, Excellence, Team Spirit, and Continuous Education & Training.

 

JODIC's Mandates:

  • Deposit Insurance.
  • Liquidation of failed banks.
  • Reserves' management.
  •  Banks’ Resolution.
  • Monitoring operating banks in the Kingdom.

 

 

 


Contact Information

  • City
  • Amman
  • PO Box
  • 940420
  • Address
  • Shmeisani Prince Shaker bin Zaid Street
  • ZIP Code
  • 11194
  • Fax
  • +962 6 5669910

Location


Government Entities

  • Prime Ministry

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    Ministries

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    Government Agencies