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Jordan: Coming of age

by Executive Staff

As Jordan’s financial services industry comes of age, the banking sector has been shaping itself into one of the major contributors to the country’s increasing economic power. The sector may also be experiencing what is equal to its Sturm und Drang period, brimming with ambitions, growth instincts, and sometimes conflicting impulses. In recent reports, analysts credited increased purchasing power of consumers along with liberal attitudes towards personal debt with driving Jordan’s explosive banking sector growth. Deeper rooted drivers of development included increased investment from the GCC, improved regulations, and focus on the development of retail business. A variable helping the sector sustain its growth is trade and banking services activities originating from neighboring Iraq, which has provided significant fee income for local and foreign banks. Observers also say that the sector appears to have benefited from the ongoing political instability in Lebanon where certain capital inflows make it to Jordan

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