Regulatory Alerts2016-11-06
Added · Updated
Circular No. 14633/6/10 Regarding Credit Information Company CREF-Jordan
The Central Bank of Jordan granted preliminary approval to CREF-Jordan to operate as a credit information company under Credit Information Law No. 15 of 2010. The Bank directed banks operating in the Kingdom to take necessary measures to ensure their readiness to provide required credit information to CREF-Jordan for their clients. This obligation is effective starting from the end of 2015.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 14633/6/10 Date: 14/9/1437 AH Corresponding to: 26/11/2015 AD
Circular to Banks Operating in the Kingdom
Greetings,
With reference to Credit Information Law No. (15) of 2010 and the regulations issued pursuant thereto, "CREF-Jordan" has been granted preliminary approval to operate as a credit information company in the Hashemite Kingdom of Jordan. The company is currently in the process of obtaining the necessary license in accordance with the aforementioned legal references. Given the active role of this company in rationalizing credit decisions, enhancing risk management among credit providers, and improving the business environment in the Kingdom, we request that you instruct the relevant parties to take the necessary measures to ensure your institution's readiness to provide the company with the required credit information regarding your clients, effective from the end of this year.
Please accept our highest respect.
Governor Dr. Ziad Fries