Despite facing a set of extraordinary external and internal challenges over the past several years, the Jordanian economy remained resilient in 2015, with real GDP growth reaching 2.4% that year. The government is working with the IMF to implement fiscal reform policies, supported by low global oil prices, to reduce the kingdom’s fuel import bill, which should have seen GDP growth and major macroeconomic…
The rapidly evolving financial technology (fintech) industry is emerging as one of the most vibrant segments of the global financial services sector, collecting over $22bn in investment in 2015 – a figure that is expected to grow exponentially. The usefully disruptive effect of new products and services has raised competition levels and compelled incumbent institutions to innovate their offerings…
Still comprising a small portion of the financial services sector, Islamic finance is set to play a much bigger role in Jordan’s economic development by supporting financial services diversification and offering a potential solution to limited credit access and excess liquidity. The segment currently comprises four banks, three of them Jordanian and one foreign. The country’s first Islamic bank,…
Interview:Iyad Asali How would you assess the capacity for further growth in the Islamic banking segment? IYAD ASALI: The Central Bank of Jordan (CBJ) reported that 69% of the population in Jordan are financially excluded. This gives Islamic banks an opportunity to develop new financial services for this segment at reasonable costs, along with easy terms and conditions for their clients. Islamic…
Interview:Nemeh Sabbagh How will the central bank’s increased interest rates affect liquidity and demand for loans? NEMEH SABBAGH: Banks have followed the interest rate increases set by the Central Bank of Jordan (CBJ), sometimes with a lag, to reflect higher rates. As businesses and households also adjust with a lag, the full impact of increased interest rates will become clearer. In addition…
Interview:Ziad Fariz What steps has the CBJ taken to align itself with the national digitisation strategy? ZIAD FARIZ: Over the past five years the CBJ has developed and digitised many services varying from retail payments, like electronic bill payments and mobile transfer systems, to wholesale liquidity management instruments. Within these initiatives, the CBJ has focused on making these services…
Regulatory reforms aimed at implementing international best practices across banks, capital markets and the insurance industry have been undertaken in Jordan’s financial services sector, which already benefits from stable, well-capitalised and profitable lenders, and rapid growth and diversification in Islamic financial services. Yet, there remains room for improvement. The majority of the population…
Regulatory reforms aimed at implementing interna¬tional best practices across banks, capital markets and the insurance industry have been undertaken in Jordan’s financial services sector, which already benefits from stable, well-capitalised and profitable lenders, and rapid growth and diversification in Islamic financial services. Yet, there remains room for improvement. The majority of the population…
The country has made progress in key areas, reducing its fiscal deficit from 10.3% of GDP in 2014, to 3.2% in 2016 and an estimated 2.5% in 2017. Real GDP growth has also seen improvement, rising from a 25-year low of 2% in 2016 to 2.2% the following year. Moving forward the focus is set to shift towards green and digital expansion in line with the country’s new mid-term economic agenda, the Jor
The Main Topics Will Be Discussed By The Experts: New Jordan Forex Regulatory Status. Compliance Trends post Dodd-Frank. Fintech Trends in the Financial Service Industry. Supervisory and Regulatory Of banks and companies. Fluctuation of currency rates and its impact on import and export. Investment opportunities in the Arab and Gulf stocks and oil. Please contact for more informationinfo@afaqgroupadv.com visit…
