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AMMAN — The Lower House on Tuesday anesthetized the 2019 amendments to the Drop Allowance Association Law.

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Under the adapted law, the associates of Islamic banks in the Jordan Drop Allowance Association (JODIC) would be afflicted from alternative to mandatory.

A fatwa (religious edict) issued afresh accustomed insuring Islamic deposits to accommodate aegis for all depositors at banks.

The bill, which includes Islamic banks beneath the JODIC’s allowance awning in accordance with Sharia (Islamic law) additionally enables the association to administer afflicted banks in accordance with the new amendments to the law.

According to a account agitated by the Jordan News Agency, Petra, the amendments additionally seek to strengthen aplomb in Jordan’s cyberbanking system. These amendments acquiesce the acquittal of due allowance fees on account of the depositors, after conditionally claiming them. 

The bill stipulates the enactment of a armamentarium in the Islamic banks with a JD150,000 admission from the JODIC as a authoritative contribution. 

Banks present anniversary statements to the JODIC and Central Bank of Jordan on their absolute deposits beneath the law, Petra reported.

The bill exempts Islamic banks from advantageous the anniversary cable fees, which angle at 0.0025 per cent of absolute deposits, according to Petra.

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