Regulatory Alerts2023-02-02
Added · Updated
Circular on Advertising and Promoting Banking Products
The Central Bank of Jordan requires all banks operating in the Kingdom to obtain prior approval before advertising or promoting any banking product. Banks must submit advertisement details ten days prior to launch and ensure all terms are clear, unambiguous, and accessible via active links on their websites and social media. Advertisements must be removed upon expiration or modification, and concise phrases in indirect advertising must not be misleading.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 27/8/500 Date: 11/1/1444 AH Corresponding Date: 8/8/2023 AD
Circular to all Banks Operating in the Kingdom
Greetings,
Based on the provisions of Paragraph (b) of Article (99) of the Banking Law No. (28) of 2000 and its amendments, regarding advertisements related to banking products offered by banks, all banks are required to comply with the following:
- Obtain prior approval from the Central Bank before advertising and promoting any banking product, and provide us with the product advertisements and their details 10 days prior to the launch date of the advertisement.
- Ensure that banking product advertisements and their specific terms are comprehensive and drafted in clear, understandable language that allows for no ambiguity.
- Ensure that the concise phrases used in indirect advertising of banking products are clear and not misleading, provided that all details are available on the bank's website and its publications.
- After obtaining Central Bank approval for the advertisement, the following must be done: a. Publish the terms and conditions specific to the banking product on the bank's official website, its social media posts, and its branches. b. Remove the advertisements wherever they appear, upon the expiration of the specified period, or if any modification is made to the advertisement. c. Include an active link to the terms and conditions directly within the advertisement.
The provisions of this circular shall take effect from its date.
Please accept our highest regards,
[Signature] Governor Dr. Adel Al-Sharkas