FAQ

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  • What is the Association of Banks?
The Association of Banks is a professional association whose membership includes licensed banks operating in Jordan, in order to undertake the task of coordination between these institutions, and upgrade banks' performance services, act as a link between them and the monetary, financial and other governmental authorities and defends the interests of its members.
 
  • What are the Association's targets and purpose of establishment?
The Association aims to upgrade and promote the banking services through the following:
  1.  Take care of interests of the members and coordinates among themselves for their common benefits.
  2.  Develop the methods of banking services and modernizes it.
  3.  Consolidate the concept of banking work and customs, and adopting a unified systems and  procedures for this purpose.
 
  • Does the Association of Banks works as a syndicate for the banks?
No, the Association of Banks does not work as a syndicate for the operating banks in Jordan, as it takes care of banks interests and coordinates among them to achieve their common benefits. The syndicate is usually for employees and workers and this does not apply to the Association because the Association of Banks is an Association for institutions and not for employees in banks.
 
  • Does the Association of Banks have a supervisory authority on member banks?
No, the Association of Banks does not have a supervisory authority on member banks, this specialty is for the Central Bank of Jordan.
 
  • Is the Association of Banks a syndicate for banks' employees?
No, it's only related to the banks and coordinated their works and has nothing to do with banks' employees.
 
  • Who are the member banks of the Association?
All licensed banks operating in Jordan whether it was Jordanian banks or branches of non Jordanian banks that work in Jordan.
 
  • Are branches of non Jordanian banks operating in Jordan members of the Association?
Yes, the branches of non Jordanian banks operating in Jordan are members of the Association.
 
  • Is the membership of the Association mandatory?
The membership of the Association of Banks is mandatory for all Jordanian banks and branches of non Jordanian banks operating in Jordan according to the Association's Law No. (35) for 2005.
 
  • What is JODIBOR?
JODIBOR is interbank offered rates lending between banks in Jordanian Dinar, was adopted for short terms to form a quantum leap and very important step to develop the monetary market in Jordanian Dinar. This bench mark was created on November 2005 resulting from the joint cooperation between the Association and all member banks with the support and cooperation from the Central Bank of Jordan.
 
  • What is the relationship between the Association of Banks and the Central Bank of Jordan?
The relationship between the Association of Banks and the Central Bank of Jordan is represented in the cooperation between the two parties to achieve the objectives of the monetary policy, exchange views of various banking issues, submission of proposals by the Association to develop banking legislations and economic issues, in addition, the Central Bank has an observer member in the Board of Directors of the Association.
 
  • What is the relationship between the Association of Banks and the Union of Arab Banks?
The Association of Banks is a member of the Union.
 
  • What are the most significant publications issued by the Association of Banks?
The Association of Banks issues several monthly, quarterly and yearly publications, most important are:
  1.  Magazine of Banks: It is a monthly magazine published by the Association of Banks interested in the topics and issues of local, regional and international banking and economic issues, covers the activities of member banks which makes it an important source for useful and trusted information that aim to serve and develop the Jordanian banking sector.
  2. Association's Annual Report: This report contains major developments of the banking system, the development of number of banks and branches, the development of deposits and facilities and other financial and banking indicators, it contains also a report of major activities of the Association during the meant year.
  3. Latest News Bulletin: This bulletin contain the latest news concerning the decisions of Board of Directors of the Association, instructions of the Central Bank of Jordan, issues of the common policy, latest seminars, workshops, training courses and meetings presented by the Association to member banks and major banking indexes.

    In addition to other publications issued by the Association in form of studies to benefit the banking sector, of most important: a study of JODIBOR System, a study of Operating Banks in Jordan (1996 – 2006), Jordanian Banking and Financial Contemporary Issues (Association of Banks seminars in 2007).
 
  • Does the Association have any branches abroad?
No, the Association has no branches outside the Kingdom.
 
  • Does the Association have a role in determining interest rates in the Jordanian market?
The Association has no role in determining interest rates, as the debited and credited interest rates are floated, and are determined according to demand and supply factors in the market.
 
  • Are there any agreements signed between the Association and other similar parties in or outside Jordan?
Yes, there is one memorandum of understanding signed between the Association and (SABEQ) program which is funded by the USAID.
 
  • What are the major activities undertaken by the Association at the level of training courses, workshops, courses, meetings and seminars?
The Association of Banks to convene educational seminars, training courses, workshops, meetings and seminars relating to banking and economic issues based on the initiatives of the Association or by demand of member banks.
 
  • Does the Association have a direct relationship with the public?

No, there is no direct relationship between the Association and the public.
 
  • Does the access to the previous and old issues of the "Magazine of Banks" require subscription?
The previous issues of "Magazine of Banks" are not published, except for the issues of 2008 which it will available only to subscribers of the magazine through a username and password.
Regarding the publication of the previous issues of the magazine on the Association's website is under study.
 
  • If my name is ListArrowed on the black ListArrow, what's the way to remove it?
1.The client should visit the bank who rejected his check(s) being without sufficient balance, and ask the bank to address a letter to the Association includes the lifting of his name from the black ListArrow.

2.Visit the Association, or make an inquiry by the phone to provide him with the bank's name who demanded his name to be circulated, to enable the client to obtain a letter from this bank in order to remove his name from the ListArrow.