Regulatory Alerts2019-11-19
Added · Updated
Circular on Prior Approval for Savings Account-Linked Promotional Offers
The Central Bank of Jordan mandates that all banks operating in the Kingdom must obtain prior approval before advertising or promoting prizes linked to any type of account. This requirement applies to all banks and is effective as of January 1, 2020. The directive is issued under Article 99 of the Banking Law No. 28 of 2000 and supersedes previous circulars regarding prizes linked to savings accounts.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 3/27/1666 Date: 22/3/1441 AH Corresponding to: 19/11/2019 AD
Circular to 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, and subsequently our Circular No. (3808/5/27) dated 10/3/2019, regarding "Prizes Linked to Savings Accounts," all banks are required to obtain prior approval from the Central Bank of Jordan before advertising or promoting any of their prizes linked to all types of accounts. This requirement is effective as of January 1, 2020.
Please accept our highest regards,
The Governor Dr. Ziad Fariz