Real Estate Ownership Instructions No. 2-2000 dated 15-10-2000

In the Name of Allah, the Most Gracious, the Most Merciful Form (1/1/11)

Number: 17982 / 3/3/2/10
Date: 1421/7/18 AH
Corresponding: 2000/8/15 AD

Real Estate Ownership Instructions
No. 2000/6
Issued by the Central Bank of Jordan pursuant to
Article 99(b) of the Banking Law

Based on the provisions of Article 48 of Law No. (28) of 2000, the following is approved:

First: Banks may, without submitting an application to the Central Bank, own real estate that they need for managing their operations or for housing and serving their employees, provided that the Central Bank is supplied with the following data monthly for supervisory purposes, after the real estate has been owned:

• Justification for the need for the real estate.
• Location.
• Description.
• Purchase value (original cost), and payment method.
• Owner's name and their relationship with the bank, if any.
• Purpose of use of the real estate (new branch, expansion, existing branch, etc.).

Second: Banks may not lease any real estate they own – for the bank or for its operations – or any part thereof, except with prior written approval from the Central Bank, and the approval request must include the following data:

• Location of the real estate.
• The portion intended to be leased.
• The entity intended to lease it and their relationship with the bank, if any.

Third: Banks may, without submitting an application to the Central Bank, own any real estate as settlement of a debt owed to them, provided that the duration of this ownership does not exceed two years from the date of acquiring ownership of the real estate.

Fourth: Banks may submit an application to the Central Bank to extend the ownership period specified in the third paragraph above – with a maximum of two years – based on reasons and justifications stated in the application.

Fifth: Banks must provide the Central Bank monthly with a list attached to financial statements showing the real estate received as settlement of debts according to the attached form.

Sixth: All previous instructions related to the above are repealed, including instructions No. (2077/7/20) dated 21/1/1991 and No. (29079/7/20) dated 25/11/1993.

Minutes
Dr. Ziad Fakhrī

Attachments: 1

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Form (1/1/7/09)

Follow-up with the Banker
(If the real estate mentioned below is not completed):

Name:
Serial Number:
Institution:
Account Number:
Registration Number:
Debtor's Name (formerly):
Owner's Name (formerly):
Ownership Value:
Debt Value:
Estimated Value:
Date of Ownership:
Amounts paid due to real estate ownership:
Scaling

Detail any amounts provided by the bank and delivered to the relevant authorities as a result of real estate ownership or given as a mortgage with a value exceeding the debt value.

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