JMRC Mission

    

Objectives

Board of Directors

Organization Chart

Sources of Funds

          Higher management executives

 

 

 

Operation Mechanism 

JMRC provides medium and long-term finance for banks and financial institutions operating in the Kingdom through refinancing housing loans granted by these institutions to citizens at a percentage not exceeding (83%) of the outstanding balances of housing loans. JMRC’s policy has specified the principles and criteria that ought to be available in the borrowing financial institution and in the housing refinance loan.

To guarantee the loan obtained by the bank from the company, the bank endorses first preferred property mortgage deeds pertaining to the housing loans granted by it in favor of the company at a percentage of not less than (120%) of the value of JMRC’s loan granted to the bank, provided that the housing loans granted by the bank shall not be under any installments due and that the bank undertakes to transfer alternative mortgage deeds throughout the life of JMRC’s loan to the bank.

In accordance to JMRC’s credit policy the bank is also permitted to provide temporary collaterals until it can provide the company with necessary mortgages deeds. The most important of such temporary guarantees are The Jordanian Government bonds or bonds guaranteed by the Government, treasury bills and JMRC’s Bonds. and also an authorization to debit on the bank account in the central bank of Jordan in favor of JMRC  loans to banks , shall be repaid bullet on its maturity date and the interest shall be paid semiannually.

In special cases, JMRC refinance housing loans on the basis of settlement of the principal loan and loan interests periodically.

The company also adopted a mechanism to grant financial leasing companies (owned by banks) loans to refinance financial leasing contracts, not more than (80%) of the present value of the financial leasing contract after deducting the total revenues charged by the leasing company, Not more than (50%) of the credit limit of the bank owner of the financial leasing company. And that the term of the refinancing loan that will be granted to the leasing company shall not exceed (5) years.

Loans granted to banks enable these banks and financial leasing companies (owned by banks)to increase its participation in the housing finance market and minimize the risks of mismatching between the sources and uses of its funds and encourage competition among these banks, which would eventually be in the interest of citizens.
JMRC gets the necessary funds for its operations by issuing bonds in the local capital market through private or public subscription and in accordance to the Jordan Securities Commission regulations.

The Company provides the necessary funds for its lending activity from the proceeds of selling of bonds in the local capital market with sizes and maturities consistent with the refinancing loans and with the cash flows of the Company at fixed or variable interest rates for each interest period during the term of the bond - As appropriate -And can be amortized in a single installment or in installments synchronized with the cash flows of the company, after obtaining the necessary approvals from the Securities Commission. The company acts as the issuance manager for the bonds of issued by company or through specialized Parties in Bond issuance management

 Independent Auditors

Arab Professionals

P.O.BOX : 921879 Amman - 11192 Jordan

Telephone : (962 6 ) 5151125

Fax : (962 6) 5151124

e-mail: arab_prof@firstnet.com.jo

Shareholders Equity

 JMRC's Legal Consultants

Lawyer / Mr. Mousa Faheed Al Aaraj

P.O.BOX: 520 Jubaiha Amman - Jordan

Telephone: 5622463

Fax : 5660241

Governance Guide