Regulatory Alerts2022-04-10
Added · Updated
Instructions of Corporate Governance for Microfinance Companies No. 10/2020
The Central Bank of Jordan issued Instructions of Corporate Governance for Microfinance Companies No. 10/2020, applicable to all microfinance companies operating in the Kingdom and their foreign branches. The regulations mandate a Board of Directors with at least five members, including a minimum of two independent members or 20% of the Board, whichever is higher. The document establishes specific composition rules, duties, and meeting frequency requirements for the Board, Sharia Supervisory Board, and specialized committees such as the Audit, Risk Management, and Nomination and Compensation committees. These instructions become enforceable one year after their issuance on December 6, 2020.
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