Jordanian dinar accounts for 75.8 per cent of total deposits — JODIC

AMMAN — A total of 97.4 per cent of depositors whose deposits do not exceed JD50,000 are fully insured, the Jordan Deposit Insurance Corporation (JODIC) announced on Sunday.

In its 2018 report, the JODIC said that deposits in the Jordanian dinar accounted for 75.8 per cent of the total deposits, while deposits subject to the law at member banks stood at 96.3 per cent in the Jordanian dinar, the Jordan News Agency, Petra, reported.

The financial data and final statements of the JODIC for 2018 showed a deposit increase by some JD83.5 million in its assets, when compared to the year before, at JD777.8 million, according to the report. 

The corporation investment portfolio in the general debt tools constituted some 97.8 per cent, and gained revenues of JD36.4 million in 2018, with a growth rate of 18.4 per cent compared with 2017.

The report also showed that the financial solvency of the corporation through the reserve competence stood at JD774.5 million at the end of 2018, covering 10.57 of the insurance bill.

At the legislative level, the report highlighted the recently amended Deposit Insurance Corporation Law that aims at expanding JODIC authorities and starting cooperation with the Central Bank of Jordan to resolve the issues related to stumbling banks.

The amended law also included Islamic banks under the umbrella of the deposit insurance in accordance with the Sharia (Islamic law).