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    Gov't okays bill to repeal law of National Microfinance Bank

    June 24, 2021
    banking

    Amman, June 23 (Petra) -- A Cabinet session, chaired by Prime Minister Bishr Khasawneh, on Wednesday approved a bill to repeal law of the National Microfinance Bank's (NMB) of 2021.

    The bill aims comes due to the existence of a standard legal and regulatory framework for the microfinance sector in the Kingdom under the umbrella of the Central Bank of Jordan (CBJ) and to remove distortions in this sector and unify the legal provisions governing its work and to abolish the NMB and transform it into a private joint stock company operating in accordance with the provisions of the Companies Law and the CBJ Law.

    The Council of Ministers also approved a system amending the system of the Social Solidarity Fund for Shariah judges and legal aides of 2021, and a system amending the system of judicial service for Sharia judges of 2021.

    The two systems aim to improve the financial and living conditions of Sharia judges, motivate them and improve their performance, increase the amount of money disbursed to participants in the Social Solidarity Fund for Sharia judges, and unify the additional allowance granted to them like regular judges, in addition to organizing affairs related to their annual vacations and assigning work outside official working hours.

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