Amman – Jordan
On Thursday, October 23, 2025, the Association of Banks in Jordan signed a Memorandum of Understanding (MoU) with the Economic and Social Association for Retired Servicemen and Veterans. The agreement aims to enhance joint cooperation to ensure the financial sustainability of military retirees, regulate lending operations directed toward this group, and implement the principle of responsible lending.

The MoU was signed by the Retired Major General Adnan Ahmad Al-Raqqad, Director General of ESARSV, and Dr. Maher Mahrouq, Director General of the Association of Banks in Jordan, during a meeting held at the Association’s headquarters. The signing ceremony was attended by the Director of the Financial Department at ESARSV and several officials from the Association of Banks.

At the beginning of the meeting, Dr. Al-Mahrouq welcomed Major General Al-Raqqad and the accompanying delegation, expressing the Association’s deep appreciation for the significant national role played by military retirees, who serve as the strong support arm of the armed forces and security agencies, and as comrades-in-arms of His Majesty the Supreme Commander. He noted that the signing of this agreement aligns with the banking sector’s responsibility to support retirees and provide services that ensure their comfort and financial stability.

For his part, the Major General Adnan Al-Raqqad emphasized that ESARSV gives special attention to military retirees and their families, noting that this agreement aims to facilitate banking procedures for retirees—particularly regarding loans and bank transfers—in a way that protects their rights and ensures compliance with the ratios approved by the Ministry of Finance. He added that the agreement represents a practical step toward strengthening the partnership between ESARSV and the Association of Banks to serve this honorable segment of citizens. It also reflects the institution’s commitment to removing obstacles faced by retirees and enabling them to access banking services easily and safely.

In this context, both the Association of Banks in Jordan and ESARSV extended their highest appreciation and gratitude to the Jordanian government and to His Excellency Dr. Adel Sharkas, Governor of the Central Bank of Jordan, for their continuous support of coordination efforts between financial and social institutions, and for their commitment to promoting the financial sustainability of military retirees—an effort that contributes to enhancing economic and social stability across the Kingdom.

The signing of this MoU reflects both parties’ shared commitment to safeguarding the interests of military retirees, who have dedicated years of service to protecting the homeland, its security, and stability. The agreement ensures that retirees’ pensions remain a source of dignified living rather than a financial burden due to multiple loans, aligning lending operations with their actual financial capacities and existing commitments.

The MoU stipulates the need to consider any existing financial obligations of a military retiree before granting new loans. It requires the retiree to provide a “no objection” letter from the bank to which their pension is transferred as a condition for obtaining a loan. This ensures that part of the pension remains available to cover essential living needs such as housing, food, and healthcare, in line with safe debt-to-income levels.

Both parties affirmed that this memorandum marks the beginning of a long-term strategic partnership between the two institutions, aimed at improving the quality of financial services provided to military retirees, ensuring the reliability and fairness of financial transactions, and opening new avenues of cooperation in areas related to financial inclusion, consumer protection, and the promotion of financial sustainability for military retirees.