Not an oil-producing country itself, Jordan has nonetheless benefited from the oil riches in recent years. Along the intertwining roads that crisscross Amman’s calcareous landscape, luxury villas and a rising towers are built. Reflecting the country’s positive economic environment, the Jordanian banking sector continues to display sound financial indicators. The Jordanian banking sector currently has 23 banks, of which eight are foreign institutions (including two Lebanese), two are Islamic banks and 13 commercial banks, according to Khouloud al-Saqqaf, Vice Governor of the Central Bank of Jordan (CBJ). A March 2008 IMF report describes the Jordanian banking sector as well capitalized with low non-performing loan ratios, strict loan classification and provisioning rules requiring banks to maintain adequate loan-loss provisions. The entry of regional players has rendered the market more competitive and prompted the introduction of more sophisticated products. As an indicator, “the number of ATM machines has also been growing significantly,”
