Regulatory Alerts2020-07-05
Added · Updated
Central Bank of Jordan Instructions No. 2020/6: Implementation of AAOIFI Financial Accounting Standards
The Central Bank of Jordan mandates that all general Islamic banks and their branches implement AAOIFI Financial Accounting Standards No. 30, 33, 35, and 26. Banks are required to classify financial assets and liabilities into specific portfolios based on business models and measure Expected Credit Losses using a forward-looking approach. The instructions impose strict obligations on Boards of Directors to ensure adequate systems, data quality, and Sharia compliance for these accounting treatments.
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