Jordan: Banking Law of 2000

This document presents the banking law number 28 of 2000 by the Central Bank of Jordan. Articles of the law are presented in different chapters that discuss the various aspects related to banking law:

• Describes the term banking law and definitions of specific terms used in the regulation; also explains the general provisions outlining its scope;
• Provides the necessary regulations required for the registration of the banks and conditions for revoking the license of a bank;
• Explains the law related to the organization and management of banks;
• Expounds the requirements and conditions for operation of banks;
• Elucidates the process and laws pertaining to Islamic banking;
• Clarifies the process that banks have to comply pertaining with accounts and financial statements;
• Describes the law regarding inspection and auditing during which the Central Bank and the auditors are appointed and authorized for inspection of a bank and any of its subsidiaries;
• Plainly states the nature of information that the bank has to keep as confidential and the information that it can reveal;
• Explicates the laws pertaining to the merger of banks;
• Discusses liquidation for which the Central Bank is the only agency authorized to issue a decision to liquidate any bank.

The document finally states the corrective measures and penalties that the Central Bank may impose in the cases where a bank, or any of its administrators, is found to have committed violation of any of the prescribed laws.