AMMAN —
The Lower House on Monday
passed legislation abolishing the National Microfinance Bank Law during a
session chaired by Speaker Abdul Karim Al-Doghmi and attended by Cabinet
members, according to the Jordan News Agency, Petra.
اضافة اعلان
The lawmakers agreed to abolish the bank, but kept it as a registered
private joint-stock company that will continue its work under the Companies’
Law and the umbrella of the
Central Bank of Jordan (CBJ), considering it the
legal corporate successor of the bank.
The law aims to remove the distortions in the microfinance sector and
unify its legal and regulatory framework, according to the mandating reasons
for the draft law.
The National Bank for Microfinance, founded in 2003 through a partnership
between the
King Abdullah II Fund for Development, the Arab Gulf Program for UN
Development Organizations, and shareholders from the private sector, was
registered with the Ministry of Industry, Trade, and Supply as a private joint
stock company.
During Monday’s session, the legislature referred to its Legal Committee
draft amendments to the laws on criminal procedure, officers’ service in the
armed forces, and the Constitutional Court.
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