A Senior Arab scholar said on Monday that Jordan's banking sector would not be affected by world financial crisis thanks to prolific monetary verification procedures.
Mohammed Haliqeh, President of Arab Academy for Banking and Financial Sciences, made the remarks at a forum of economic and political repercussions of world financial crisis held in Jordan's Al-bayet University.
"Lending transactions executed by Jordanian banks, particularly in real estate field, is audited and controlled by Central Bank of Jordan, which retains 14 per cent of deposits," Haliqeh told the forum.
He said that Jordan's economy was least affected by the global economic crisis because the kingdom's investments in the United States and bank deposits were very limited.
Haliqeh called on Jordan's institutions to get ready for Gulf investments expected to inundate the Middle East conduced by unprecedented US market losses.
There should be an imminent need to exert efforts to set up new investment havens in Jordan with lucrative investment conditions, he added.
The Arab Academy for Banking and Financial Sciences, one of leading educational institution in the Arab world, specializes in providing education and training in the field of business, banking, financial sciences and information technology.