Regulatory Alerts2020-08-26
Added · Updated
Circular to Microfinance Companies in the Kingdom Regarding COVID-19 Safety and Business Continuity
The Central Bank of Jordan requires microfinance companies to implement public safety measures, including social distancing, mask-wearing, and remote work mechanisms, in accordance with government decisions. The circular mandates that these entities continuously review their business continuity plans, ensure employee awareness, and activate crisis management roles to maintain service sustainability. It further requires continuous communication between executive management and the Board of Directors to facilitate rapid decision-making during the pandemic.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 2/28/1117 Date: 9/1/1442 AH Corresponding to: 26/8/2020 AD
Circular to Microfinance Companies Operating in the Kingdom
Greetings,
Following our circular No. (4869/1/28) dated 27/4/2020, and in light of the rapid developments resulting from the repercussions of the spread of the new coronavirus (COVID-19) and the activation of Defense Order No. (11) for the year 2020, and with the Central Bank of Jordan's keenness on the sustainability of services provided by you to customers in a manner that considers the preventive and health procedures for both your employees and customers, we emphasize the necessity of taking the necessary public safety measures, including social distancing, wearing masks, and activating remote work mechanisms where necessary, and ensuring the existence of the necessary secure infrastructure for that, in accordance with government decisions issued on this matter.
Furthermore, with the aim of enhancing the company's ability to continue providing its services and fulfilling its role in meeting customer needs, we emphasize the necessity of continuing to review the business continuity plan and ensuring that all employees are aware of it, and activating the role of the entity responsible for crisis management and ensuring continuous communication between executive management and the Board of Directors/Company Board of Directors and its/their committees to ensure speed in taking necessary decisions.
Please accept our highest respect,
The Governor Dr. Ziad Friez