Latest news with #AssociationofBanksinJordan
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.
Jordan Times
25-03-2025
- Business
- Jordan Times
Banking sector shows resilience despite economic headwinds
AMMAN — The Association of Banks in Jordan (ABJ) on Monday held its Ordinary General Assembly meeting on Monday, amid a dynamic financial landscape and evolving economic challenges. Chaired by Bassem Khalil Al Salem, the virtual meeting brought together representatives from all banks operating in Jordan to evaluate the sector's performance and strategies for the year ahead. The General Assembly reviewed the Board of Directors' annual report on the association's 2024 activities and examined the audited financial statements for the fiscal year 2024. In a statement provided to The Jordan Times, Salem delivered a comprehensive analysis of Jordan's economic performance, highlighting that the country's GDP grew by 2.4 per cent during the first three quarters of 2024. He also noted that inflation remained controlled at 1.56 perc ent, while the unemployment rate decreased to 21.4 per cent. On the fiscal front, the budget deficit, after grants, widened by 12.8 per cent, reaching 5.6 per cent of GDP. Public debt, including liabilities held by the Social Security Investment Fund, rose by 7.2 per cent to 122 per cent of GDP. "Despite external pressures, Jordan's banking sector continued to drive economic activity. Exports increased by 5.8 per cent, while imports grew by 4.5 per cent, contributing to a 3.2 per cent rise in the trade deficit compared to the previous year." In the financial sector, total assets expanded by 5.6 per cent, credit facilities grew by 4.2 per cent, and total deposits saw a rise of 6.8 per cent. Financial analyst Suzan Bourini emphasised that 'Jordanian banks have maintained strong liquidity levels despite economic challenges.' She pointed to the steady growth in credit and deposits as a reflection of the sector's resilience and adaptability to changing conditions. The association's 46th annual report also addressed interest rate movements and summarised key activities and achievements. Banking governance consultant Hatem Hourani highlighted the critical role of partnership in sustaining growth within the sector. He noted that Jordanian banks have demonstrated effective coordination with regulators and industry stakeholders to navigate the evolving economic landscape.
Roya News
16-03-2025
- Business
- Roya News
Prime Minister praises banks for allocating JD 90 million to health, education
Prime Minister Jafar Hassan commended Jordanian banks on Sunday for committing JD 90 million to support the health and education sectors as part of their social responsibility initiatives. Central Bank Governor Adel Sharkas highlighted that the collaboration between the government and the banking sector is essential for fostering a resilient economy capable of adapting to regional and global challenges. Bassem Khalil Al-Salem, Chairman of the Association of Banks in Jordan, noted that the initiative aims to fund the construction of schools, facilities, and health centers throughout various governorates, aligning with the government's strategic plans.
