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Rule · CBJ · 10 Oct 2022

Central Bank of Jordan Circular No. 10/3/18224: Repeal of Provisions on Provisions for Expropriated Properties

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The Central Bank of Jordan repeals the requirement to deduct provisions for properties expropriated in violation of Banking Law No. 28 of 2000, as established in Circular No. 10/1/4076 dated March 27, 2014, and subsequent circulars including Nos. 10/1/6841, 10/1/2510, 10/1/16607, 10/1/13967, and item 1 of Circular No. 10/1/16239. Banks are instructed to maintain existing provisions allocated against such expropriated properties and to release these provisions only when the specific non-compliant properties are disposed of.

JordanCentral Bank of Jordan

In the Name of Allah, the Most Gracious, the Most Merciful

Central Bank of Jordan

No.: 10/3/18224
Date: 14/3/1444 AH
Corresponding to: 10/10/2022 AD

Circular to Banks Operating in the Kingdom

Greetings,

Continuing the approach of the Central Bank characterized by following up and reviewing its issued instructions to make any amendments thereto in line with international standards and sound banking practices, and the procedures adopted by the Central Bank of Jordan regarding the impact of applying the requirements of International Financial Reporting Standard No. 9 (IFRS 9) on the financial statements of banks, it has been decided to repeal Item (Second) of Circular No. 10/1/4076 dated 27/3/2014, concerning the request to deduct provisions for properties expropriated in violation of the provisions of Banking Law No. (28) of 2000 and its amendments, as well as the circulars/items of circulars subsequent to it mentioned below:

  • Circular No. 10/1/6841 dated 3/6/2015.
  • Item Second of Circular No. 10/1/2510 dated 14/2/2017.
  • Circular No. 10/1/16607 dated 17/12/2017.
  • Circular No. 10/1/13967 dated 25/10/2018.
  • Item No. (1) of Circular No. 10/1/16239 dated 21/11/2019.

Reaffirming in this regard the necessity to maintain the provisions allocated against properties expropriated in violation of the provisions of Banking Law, and that the provision allocated against any of the non-compliant properties shall be released only upon their disposal.

Please accept our highest respect,

Governor
Dr. Adel Al-Sharkas

P.O. Box 37 • Amman 11118 Jordan • Tel: 4630301 • Fax: 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo

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(Second) of Circular No. 10/1/4076dated 27/3/2014Not in RegAlert(Second) of Circular No. 10/1/4076 dated 27/3/2014 — Not in RegAlertCircular No. 10/1/13967 dated2018-10-25Not in RegAlertCircular No. 10/1/13967 dated 2018-10-25 — Not in RegAlertCircular No. 10/1/16239 dated2019-11-21Not in RegAlertCircular No. 10/1/16239 dated 2019-11-21 — Not in RegAlertCircular No. 10/1/2510 dated14/2/2017Not in RegAlertCircular No. 10/1/2510 dated 14/2/2017 — Not in RegAlertCentral Bank of JordanCircular No. 10/3/18224: Repe…2022-10-10 · this documentCentral Bank of Jordan Circular No. 10/3/18224: Repeal of Provisions on Provisions for Expropriated Properties (2022-10-10)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (4)
Supersedes
  • Circular No. 10/1/13967 dated 2018-10-25Not in RegAlert

    “Circular No. 10/1/13967 dated 25/10/2018.”

  • Circular No. 10/1/16239 dated 2019-11-21Not in RegAlert

    “Item No. (1) of Circular No. 10/1/16239 dated 21/11/2019.”

  • Circular No. 10/1/2510 dated 14/2/2017Not in RegAlert

    “Item Second of Circular No. 10/1/2510 dated 14/2/2017.”

Amends
  • (Second) of Circular No. 10/1/4076 dated 27/3/2014Not in RegAlert

    “it has been decided to repeal Item (Second) of Circular No. 10/1/4076 dated 27/3/2014”

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