Regulatory Alerts2017-06-09
Added · Updated
Instructions on Licensing and Existence of Microfinance Companies No. 62/2016
The Central Bank of Jordan issues Instructions No. 62/2016 to regulate the licensing, operational standards, and governance of microfinance companies. The document mandates specific loan limits, such as a maximum of 20,000 JD for first-time individual borrowers, and requires existing firms to rectify their positions within three months of the instructions' effective date. It establishes strict fit-and-proper criteria for board members and senior management, including minimum age, education, and experience thresholds, while detailing procedures for opening, closing, and transferring branches.
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