AMMAN —
All companies engaging in financing activities will now be licensed by the
Central Bank of Jordan (CBJ), which will also control and supervise their
performance, according to Al-Mamlaka TV. Finance Companies Regulation No. 107
of 2021 came into force on 30 May 2022.
اضافة اعلان
The Central Bank
had subjected microfinance companies to its control and supervision under the
Microfinance Companies Regulation issued in 2015 while amending its own law in
2016 by expanding the scope of its objectives to include control and
supervision of financial institutions that practice various activities
stipulated in the Banks’ Law, including financing.
With the Finance
Companies Regulation coming into effect, the Microfinance Companies Regulation
No. 5 of 2015 will be abolished, which means that microfinance companies that
were licensed by the Central Bank before the provisions of the new regulation
came into force are considered licensed according to it, provided that they
adjust their status in accordance with the provisions of the new regulation
within a year.
As for existing
finance companies, the new regulation has given them time to adjust their
status in line with its provisions within two years from the date of its entry
into force.
The new regulation has prohibited any person from engaging
in financing activities without a license from the Central Bank.
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