There are currently 28 banks operating in Jordan. They include both local and international banks serving the country’s financial needs.
Jordan’s economy is driven mainly by service industries such as banking, finance, and tourism. The country has a robust banking system that operates under the regulation of the Central Bank of Jordan. There are currently 28 banks operating in Jordan, offering a range of services such as personal and commercial banking, Islamic banking, and investment banking.
Some of the prominent local banks include Arab Bank, Housing Bank for Trade and Finance, and Jordan Islamic Bank, while international banks such as Citibank, HSBC, and Standard Chartered Bank also have a presence in the country. The banking industry in Jordan has been growing rapidly, with banks actively adopting technology and innovative solutions to enhance their customer experience.
Central Bank Of Jordan
When it comes to banking, Jordan is a country that has been rapidly expanding its financial sector over the years. With more than 20 licensed banks, Jordan is home to a well-developed banking industry that is committed to providing the best services to its citizens. One of the significant institutions of the Jordanian banking industry is the Central Bank of Jordan.
Overview Of The Central Bank
The Central Bank of Jordan was established in 1964 and is the governing body responsible for monetary policy, exchange rate policies and is the regulator of the banking sector in Jordan. It is committed to maintaining a stable and sustainable financial system that promotes economic growth and development in Jordan. The bank ensures the stability and the efficiency of the financial system in Jordan and is the official bank of the government.
Mandate Of The Central Bank Of Jordan
The Central Bank of Jordan has several primary objectives that include:
- Formulating and implementing monetary policy and exchange rate policy,
- Issuing and regulating the supply of Jordanian currency,
- Overseeing and regulating banks and financial institutions in the country,
- Promoting financial stability and efficiency in the Jordanian economy, and
- Acting as the banker and financial advisor to the government.
The Role Of The Central Bank Of Jordan In The Jordanian Banking Industry
The Central Bank of Jordan regulates and supervises all the banks in the country, ensuring compliance with international banking standards and financial reporting requirements. It also promotes the adoption of new and innovative banking technologies that facilitate the growth and development of new financial products and services. In addition, the Central Bank of Jordan is responsible for the licensing of new banks and the evaluation of mergers and acquisitions in the banking sector in Jordan.
The Central Bank of Jordan plays a crucial role in the stability and sustainability of the Jordanian economy. It is committed to protecting the interests of depositors and maintaining the integrity of the financial system in Jordan.
Local Banks
Jordan has many trusted local banks, providing financial services to individuals and businesses. Some of the most popular banks in Jordan include Arab Bank, Bank Al-Etihad, and Cairo Amman Bank.
Jordan is a significant market for banking in the Middle East. The country’s banking sector is made up of a mix of both local and international banks that provide services to Jordanian citizens and international clients. In this article, we will focus on the local banks, specifically the Bank of Jordan, Arab Bank, Cairo Amman Bank, and Jordan Commercial Bank. These banks are members of the Jordanian banking industry and play a significant role in the country’s economy.
Bank Of Jordan
The Bank of Jordan was established in 1960 and is one of the oldest and largest banks in Jordan. It has a network of around 64 branches across the country and offers various services such as personal banking, corporate banking, and treasury services. The Bank of Jordan is known for its much sought-after services in trade finance, commodity finance, and correspondent banking services.
Arab Bank
The Arab Bank is one of the leading financial institutions in the Middle East. It was founded in 1930 and has its headquarters in Amman, Jordan. It has a strong presence in the financial markets of the world and has around 600 branches in 30 countries. Arab Bank provides a wide range of banking services such as corporate banking, personal banking, investment banking, treasury, and wealth management services.
Cairo Amman Bank
Cairo Amman Bank is based out of Amman and has one of the largest branch networks in Jordan, with around 77 branches. The bank was founded in 1960 and has an extensive range of banking services such as personal banking, commercial banking, and investment banking. Cairo Amman Bank is also well known for its Islamic banking services and has a Shariah-compliant unit.
Jordan Commercial Bank
Jordan Commercial Bank was established in 1976 and has its headquarters in Amman. It operates 30 branches throughout the country and offers banking services such as corporate banking, commercial banking, and retail banking. Jordan Commercial Bank is also popular for its treasury and investment banking services that cater to customers’ diverse and complex financial needs. In conclusion, the banking industry in Jordan comprises several local banks that cater to the financial needs of the citizens and the domestic economy. The Bank of Jordan, Arab Bank, Cairo Amman Bank, and Jordan Commercial Bank are some of the leading banks that offer a wide range of financial services to customers across the country and the world.
International Banks
Jordan is home to a diverse range of international banks including Arab Bank, Standard Chartered, and Citibank. These banks offer a wide range of financial services and solutions for both individuals and businesses alike.
Jordan boasts a thriving banking sector that is responsible for the country’s economic stability. Along with the local banks, various international banks have established their presence in the country. These banks are known for their advanced services, specialized products, and global reach. In this section, we will discuss some of the most prominent international banks operating in Jordan.
Hsbc Jordan
HSBC is a global banking and financial services institution headquartered in London. The bank has a strong presence in Jordan, providing a wide range of financial and banking services to both individuals and corporations. HSBC Jordan offers various products and services, including personal and business banking, trade finance, treasury, and cash management. With its extensive network and expertise, HSBC Jordan is a reliable banking partner for those looking to expand their business in Jordan.
Citibank Jordan
Citibank is a multinational banking and financial services corporation headquartered in New York City. The bank has been operating in Jordan for over 40 years, providing various services, including corporate banking, investment banking, and private banking. Citibank Jordan offers innovative solutions to its clients, including competitive pricing, customized financing, and cash management services. The bank’s experienced team and technology-driven approach make it one of the most reliable banking partners in Jordan.
Standard Chartered Bank Jordan
Standard Chartered Bank is a leading international banking group headquartered in London. The bank has been operating in Jordan since 1949, providing a range of services, including corporate banking, trade finance, foreign exchange, treasury, and cash management. Standard Chartered Bank Jordan is known for its dedication to its clients and its innovative solutions. The bank has won several awards for its exceptional services and customer satisfaction.
Bnp Paribas Jordan
BNP Paribas is a multinational banking and financial services corporation headquartered in Paris. The bank has a strong presence in Jordan, providing various financial products and services, including corporate banking, trade finance, and cash management. BNP Paribas Jordan is known for its modern approach to banking and commitment to innovation. The bank has a dedicated team of professionals who work closely with their clients to develop customized solutions that meet their specific needs. Overall, these international banks provide an extensive range of services to businesses and individuals in Jordan. With their global reach and expertise, they are well-positioned to provide customized financial solutions that meet the unique needs of their clients.
Islamic Banks
Jordan has a number of Islamic banks which operate based on the principles of Shari’ah law. These include Jordan Islamic Bank and Arab Jordan Investment Bank.
Islamic banking has gained popularity in Jordan, with several banks offering Shari’ah compliant financial services. The Central Bank of Jordan regulates and supervises Islamic banks, ensuring compliance with Shari’ah principles. In this article, we’ll be discussing the two main Islamic banks in Jordan, namely Jordan Islamic Bank and Arab Jordan Investment Bank.
Jordan Islamic Bank
Jordan Islamic Bank (JIB) was the first bank to introduce Islamic banking in Jordan. Established in 1978, the bank provides customers with a range of Islamic financial services, including financing, investment, and saving products. JIB follows the principles of mudarabah, wakalah, and musharakah, allowing customers to invest in a variety of sectors, such as trade, industry, and agriculture. JIB’s services are accessible to both individuals and businesses, making it a popular choice in Jordan.
Arab Jordan Investment Bank
The Arab Jordan Investment Bank (AJIB) is another Islamic bank in Jordan that offers Shari’ah compliant financial services. The bank was established in 1978 and has since grown to become a leading provider of Islamic banking products in Jordan. AJIB follows the principles of mudarabah, wakalah, and musharakah, and offers a variety of financial services tailored to its customers’ needs. These services include savings accounts, financing options for businesses and individuals, and investment opportunities. In conclusion, Jordan’s Islamic banking sector is growing steadily, with more banks introducing Shari’ah compliant financial services. With Jordan Islamic Bank and Arab Jordan Investment Bank leading the way, customers in Jordan have access to a range of Islamic financial products that meet their needs.
Online Banks
Jordan has several online banks that provide services such as mobile banking, bill payments, and fund transfers. Some of the banks in Jordan offering online banking services include Arab Bank, Housing Bank, and Cairo Amman Bank.
Online Banks have revolutionized the banking sector by providing customers with a convenient and efficient way of conducting transactions. In Jordan, there are several banks that offer online banking services to their customers. Let’s take a look at two of the most popular Online Banks in Jordan.
National Bank Of Kuwait-jordan (nbk)
National Bank of Kuwait-Jordan (NBK) is one of the leading banks in Jordan, providing a wide range of financial services to its customers. NBK offers an online banking platform that enables customers to access their accounts, transfer funds, pay bills, and much more. The online banking platform is secure, user-friendly, and available 24/7, ensuring that customers can conduct transactions whenever they want.
Bank Al Etihad: Online Banking Services
Bank al Etihad is another leading bank in Jordan that offers online banking services to its customers. The bank’s online banking platform provides customers with a range of services, including account management, bill payments, fund transfers, and credit card payments. The platform is secure, easy to use, and accessible on both desktop and mobile devices. Bank al Etihad also provides its customers with a mobile banking application, which allows them to access their accounts and conduct transactions on the go. In conclusion, Online Banks have become an integral part of the banking sector in Jordan, providing customers with a convenient and efficient way of conducting transactions. Banks such as National Bank of Kuwait-Jordan (NBK) and Bank al Etihad have embraced online banking, offering their customers a range of online services that are secure, user-friendly, and accessible 24/7.
Conclusion
To sum up, having a good understanding of the banking system in Jordan is essential for both local residents and international visitors. Knowing the list of banks in Jordan provides insight into the financial sector’s landscape and helps you select the best option that suits your needs.
The banking industry in Jordan is dynamic, with numerous players offering a variety of services and products in this rapidly growing economy. So, take a proactive approach and choose wisely by referring to this comprehensive list of banks in Jordan.