Amman, Jan 12 (Petra) — The Central Bank of Jordan (CBJ) Governor Adel Sharkas has extended the compliance deadline for finance companies to align with Bylaw No. 107 of 2021 until July 13, 2025, exercising authority under Article 20/B/2 of the regulation.

The extension, marking the second consecutive compliance period adjustment, follows recent amendments to the Finance Companies Bylaw published in the Official Gazette on December 31, 2024.

The original bylaw, enacted in 2021, had given companies a two-year grace period from its May 30, 2022 effective date.

“This extension reflects CBJ’s recognition of finance companies’ vital role in the national economy, particularly in serving micro, small, and medium enterprises,” the central bank stated.

The decision aims to preserve companies’ legal status while protecting stakeholder rights and enhancing the sector’s domestic and international standing.

Significant regulatory changes include new provisions for crowd-lending activities, requiring separate corporate entities distinct from conventional financing operations.

The amendments expand the Governor’s authority to grant additional compliance extensions not exceeding one year in total.

The regulatory updates aim to align with finance sector developments while providing a more flexible, comprehensive framework that considers operational scale and business models.

These changes support the Economic Modernization Vision’s objectives in project financing and job creation.

CBJ urged existing finance companies that have yet to complete their compliance requirements to expedite their alignment with the updated regulations.

//Petra// AA
12/01/2025 20:25:20