Regulatory Alerts2021-03-31
Added · Updated
Mandatory Prior Approval for Banks' Savings Account Prize Promotions
The Central Bank of Jordan mandates that all banks operating in the Kingdom must obtain prior approval before advertising or promoting any prizes related to savings accounts. This requirement, issued under Article 99 of the Banking Law, applies to all such promotions effective January 1, 2020.
No.: 27/3/16066 Date: 22/3/1441 Hijri Corresponding to: 19/11/2019 Circular to banks operating in the Kingdom After Greetings, Based on the provisions of paragraph (b) of article (99) of Banking Law no. (28) of 2000 and its amendments, and further to our circular no. (27/5/3808) dated 10/3/2019 regarding “Prizes related to Savings Accounts”, all banks, and before they advertise and promote any of their prizes related to all accounts, must obtain the prior approval of the Central Bank of Jordan, as of 1/1/2020. Respectfully, Governor Dr. Ziad Fariz