Latest news with #AssociationofBanks
Jordan Times
21-05-2025
- Business
- Jordan Times
Digital skills dominate job market in Jordan's banking sector
The study reveals that more than 50 per cent of financial institutions in Jordan now consider data analysis and artificial intelligence (AI) skills essential for entry-level roles (JT file) AMMAN — A recent study by the Association of Banks in Jordan (ABJ) has identified the most in-demand university majors in the Kingdom's banking sector, highlighting a growing need for digital and technical skills in the industry. According to the ABJ statement sent to The Jordan Times, the most sought-after majors include Accounting, Finance and Banking, Computer Science, Information Systems, Information Technology, Business Administration, and Cybersecurity. While Jordanian universities are increasingly aware of the need to update academic programmes in line with digital transformation, the ABJ noted that a gap persists between graduates' qualifications and the rapidly evolving demands of the banking sector, particularly in fintech and digitalisation. The study also revealed that more than 50 per cent of financial institutions in Jordan now consider data analysis and artificial intelligence (AI) skills essential for entry-level roles. Positions such as big data analyst, AI specialist, financial data analyst, tech risk analyst, digital officer, and banking app developer are among the fastest-growing roles in the sector, the study found. 'In 2024, recent graduates accounted for nearly half of all new hires in the banking sector, indicating a clear trend among banks to integrate young talent into the industry,' the ABJ stated. Commenting on the findings, financial analyst Yousef Suboh told The Jordan Times that 'Banks are not only seeking to modernise their operations through digital solutions, but also to invest in a younger, tech-competent workforce capable of adapting to emerging trends in fintech, AI, and data-driven decision-making.' He added that demand for such skills is likely to grow as financial institutions expand their digital offerings. Economist Majed Shari said: 'Adapting to the digital era is no longer optional for banks; it is a necessity.' He stressed that financial institutions are now focused on building a workforce equipped to navigate complex financial ecosystems and drive innovation.
LBCI
21-05-2025
- Business
- LBCI
Equal rules for all banks: Lebanon's central bank seeks fast-track solution to return billions in trapped deposits
Report by Lea Fayad, English adaptation by Karine Keuchkerian If you've been benefiting from Banque du Liban's circulars and withdrawing $500 or $250 per month, depending on your individual limit, you're likely wondering whether those amounts will increase soon. So far, there is no definitive decision from the central bank on the matter. According to banking sources, the current priority is finding a swift and comprehensive solution to the issue of frozen deposits in Lebanese banks. 'It is essential that deposits be returned to their owners in full,' said Banque du Liban Governor Karim Souaid during his first meeting with a delegation from the Association of Banks in Lebanon. The governor shared his vision and ideas for restoring the central bank's financial balance to distribute losses and responsibilities eventually. According to available figures, the total value of frozen deposits is estimated at around $85 billion. The governor is working on a plan to reduce that amount by addressing irregularities that occurred both before and after the onset of the crisis. Among the proposed ideas, according to banking sources, is the deduction of certain amounts from specific categories of deposits. These include individuals who benefited from high interest rates and financial engineering schemes, those who repaid dollar-denominated loans in Lebanese lira at the official rate of 1,500 LBP or other below-market rates, and those who converted their deposits from Lebanese lira to U.S. dollars at the 1,500 rate after the 2019 crisis. Deductions may also apply to accounts with sources of funds deemed suspicious. Following such deductions—or partial deductions—the total value of deposits would be reduced, making repayment more manageable. Responsibility for repaying depositors would be shared among the state, Banque du Liban, and the banks, which would be required to increase their capital and liquidity. The governor reportedly told the Association of Banks that all financial institutions will be treated equally, with no favoritism, emphasizing his role as a regulator rather than a stakeholder. He also underlined the importance of maintaining the central bank's independence from the state, in order to protect its assets from potential lawsuits by Eurobond holders against the Lebanese government. Such legal action could target Lebanon's gold reserves, which are owned by the central bank and ultimately by depositors. Sources within the Association of Banks described the meeting as positive, especially because they were included in the vision, ideas, and dialogue aimed at resolving the crisis—a shift from previous approaches in which the association was excluded from discussions.
Jordan Times
19-05-2025
- Business
- Jordan Times
Jordan's banking sector faces critical skills gap as digital transformation accelerates
Jordanian banks hired 2,613 new employees in 2024, nearly half of whom were recent graduates (Photo courtesy of Association of Banks) AMMAN — Despite Jordanian banks increasingly hiring fresh graduates, a significant skills gap is threatening the long-term success of new talent in a sector undergoing rapid digital transformation, according to a recent study by the Association of Banks in Jordan (ABJ). In a statement to The Jordan Times, the ABJ said the study, conducted in the first quarter of 2025, gathered responses from human resources executives across Jordan's banking institutions. The findings highlight a changing employment landscape. In 2024 alone, Jordanian banks hired 2,613 new employees, nearly half of whom were recent graduates, a figure the ABJ says signals growing opportunities for young professionals. However, the sector's accelerating adoption of digital technologies, artificial intelligence, and automation is reshaping job demands. While traditional roles such as tellers and customer service agents remain necessary, banks are increasingly prioritising skills in areas like data analytics, cybersecurity, mobile app development, and digital customer support. 'The study shows that key competencies now sought by banks include effective communication, digital literacy, and analytical thinking,' the ABJ said, adding that a clear mismatch exists between higher education outputs and the evolving needs of the financial sector. The report also found that banks tend to favour graduates from universities known for academic excellence and modern programmes in disciplines such as AI and cybersecurity. Although some cooperation exists between universities and banks, over one-third of institutions surveyed reported no formal training partnerships, a gap that hampers efforts to align curricula with market requirements. To bridge the divide, the ABJ recommended reforms in university curricula to embed future-focused skills, the introduction of minors in fintech and digital banking, and the implementation of mandatory internships. It also calls for the creation of banking simulation labs within universities and the development of stronger strategic partnerships between academia and the financial sector. These local findings mirror global trends. The World Economic Forum's Future of Jobs Report 2025 projects that while 83 million jobs are expected to disappear worldwide, 69 million new roles will emerge, many of them in tech-driven fields, the statement said.
Zawya
28-04-2025
- Business
- Zawya
Jordan: Banks, GAM discuss real estate tax reforms
AMMAN — As the government moves forward with fiscal reforms affecting the real estate sector, Jordan's banking community has stepped up efforts to ensure that legislative changes support sustainable investment and financial stability. In line with its commitment to fostering institutional dialogue, the Association of Banks in Jordan recently held a specialised roundtable discussion on the draft Buildings and Land Tax Law. The session brought together representatives from Jordanian banks and officials from the Greater Amman Municipality (GAM) to examine the law's potential implications. The discussions centred on proposed legislative and technical amendments, with particular focus on new mechanisms for tax valuation. A technical presentation showcased the use of advanced digital tools aimed at reducing human intervention in the valuation process. These tools are designed to promote fairness, transparency, and a more accurate reflection of real market property values, according to a statement sent to The Jordan Times. Director General of the Association of Banks Maher Mahrouq underscored the importance of maintaining the attractiveness of real estate as an investment sector. He warned against any tax reforms that might deter investment flows, noting that 'banks prioritise financing real estate projects due to their significant impact on economic growth.' GAM clarified that the draft law does not include any increases in existing tax rates. On the contrary, case studies presented during the session indicated that the new valuation approach could, in many cases, result in lower tax burdens compared to the current system. The roundtable is part of a broader series of policy dialogues hosted by the Association of Banks to enhance cooperation with government bodies on economic legislation, with the goal of ensuring a balanced legal framework that supports both financial sector development and national economic goals. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
24-04-2025
- Business
- Jordan Times
Banks, GAM discuss real estate tax reforms
AMMAN — As the government moves forward with fiscal reforms affecting the real estate sector, Jordan's banking community has stepped up efforts to ensure that legislative changes support sustainable investment and financial stability. In line with its commitment to fostering institutional dialogue, the Association of Banks in Jordan recently held a specialised roundtable discussion on the draft Buildings and Land Tax Law. The session brought together representatives from Jordanian banks and officials from the Greater Amman Municipality (GAM) to examine the law's potential implications. The discussions centred on proposed legislative and technical amendments, with particular focus on new mechanisms for tax valuation. A technical presentation showcased the use of advanced digital tools aimed at reducing human intervention in the valuation process. These tools are designed to promote fairness, transparency, and a more accurate reflection of real market property values, according to a statement sent to The Jordan Times. Director General of the Association of Banks Maher Mahrouq underscored the importance of maintaining the attractiveness of real estate as an investment sector. He warned against any tax reforms that might deter investment flows, noting that 'banks prioritise financing real estate projects due to their significant impact on economic growth.' GAM clarified that the draft law does not include any increases in existing tax rates. On the contrary, case studies presented during the session indicated that the new valuation approach could, in many cases, result in lower tax burdens compared to the current system. The roundtable is part of a broader series of policy dialogues hosted by the Association of Banks to enhance cooperation with government bodies on economic legislation, with the goal of ensuring a balanced legal framework that supports both financial sector development and national economic goals.
