The banking sector is very active in Jordan. It
is one of the main pillar of the national wealth and it is pushing the whole economy
forward. The Central Bank Of Jordan supervises the banking activity with the objectives
and functions of maintaining monetary stability, ensuring Jordanian Dinar convertibility
and promoting the sustained growth of the Kingdom's economy.
This policy has been successfully driven and the financial situation of the banks
in the kingdom can be seen as sound. Indeed, leading Jordanian banks can rely
on a domestic network and on solid representations abroad . With 21 banks in the
Kingdom, we can believe this sector is in a strong position to meet the economic
opportunities that are on the horizon. Jordan based banks often provide pioneer
on line services to their customers.
This is obviously a stake that is placing the whole sector in a leading position
as some Kingdom based banks are offering on line banking services that leading
international banks are not able to provide today. Its is the result of partnerships
between these banks and software development companies located in the country.
This industry is in constant growth and retail banking, commercial banking, corporate
banking activities, in addition to some investment and non-credit activities are
now undertaken by most of the banks which was not the case only few years ago.
The insurance sector is facing a tough competition : twenty seven insurance companies
share a market that still needs better awareness to grow. Car insurance counts
for almost half of the total insurance contracted in the Kingdom.
This shows how important the growth potential
of the sector is. However, this large number of insurance companies operating
in the country doesn't enable substantial profits for the majority of them. The
government established the Insurance Regulatory Commission (IRC) in December 1999
to develop, regulate and promote the insurance industry in the Kingdom.
Financial services companies also provide quality financial advisory and brokerage
services to their clients. 71 companies are quoted on the Amman stock exchange