Military Credit Fund
Regulation No. 60 of 2010 Article (1) This system is called
(Military Credit Fund System for the year 2010) and it shall be enforced from
the date of its publication in the Official Gazette. Article (2) a- The following words
and expressions wherever they appear in this Law shall have the meanings
assigned to them below, unless the context indicates otherwise: Armed Forces: The
Jordanian Armed Forces / Arab Army. The Fund: The Military
Trust Fund established under the provisions of this Regulation. The Authority: The
Administrative Board of the Fund. The President: The
President of the Authority. Director: The General
Manager of the Fund. Affiliate: The officer,
the individual, and the civilian employee working in the armed forces or
security agencies. Depositary: The owner of
the deposit in the fund from the affiliates, private funds, and associations
working in the armed forces and the security services. Capital: The total sums
allocated to the fund to conduct its business. b - For the purposes of
this system, the phrase (security services), wherever mentioned in this system,
means the Public Security Directorate, the General Intelligence Department, the
General Directorate of Civil Defense, and the General Directorate of the
Gendarmerie. Article (3) a- A fund called
(Military Trust Fund) shall be established in the armed forces, which enjoys a
legal personality with financial and administrative independence, and in this
capacity possesses movable and immovable funds and performs all legal actions
necessary to achieve its goals, including concluding contracts and accepting
donations, donations, subsidies, savings, trusts, lending, borrowing, and
investment He has the right to litigate and to be represented by the agent of
the State Cases Administration or any other lawyer who delegates him for this
purpose. b - The main fund center
is in Amman, and it has the right to establish branches and open offices in the
various governorates of the Kingdom. Article (4) The fund aims to
encourage employees of the armed forces and security agencies to save and save
in order to achieve a better standard of living and help them to finance and
invest, and in order to achieve this it may do the following: - a- Providing loans and
financing services to employees of the armed forces and security agencies on
easy terms and on the Islamic Murabaha system. b- Accepting cash
deposits is conditional on the purpose in accordance with the general policy of
the fund. c- Investing its money
and the money of its depositors in various fields of real estate, agricultural,
industrial, service and financial investment, or any other investment. d- Providing salary
transfer services. e- Providing payment and
collection services. f- Using ATMs to provide
financial services to affiliates. g- Issuance of credit
and debit cards. h- Buying and selling
debts. i- Any other business
or activities that achieve the objectives of the fund. Article (5) a- The supervision of
the fund’s affairs will be undertaken by an administrative body headed by the
Chairman of the Joint Chiefs of Staff and the membership of each of: - 1- Director of the
Financial Department in the Armed Forces or any financial officer chosen by the
President. 2- A delegate from the
armed forces or one of the security services, rotating among them, provided
that he has competence in financial, economic or legal matters to be chosen by
the president or the director general of the agency as required by the
solution. 3- Four civilians with
experience and competence to be selected by the president for a period of two
years, which can be renewed. The membership of any of them ends with the choice
of an alternative in the same way. b - The president
chooses from among the civilian members a vice president. c - The president
appoints from among the officers working in the fund a secretary for the
commission, who is responsible for organizing its meetings, keeping its records
and records, writing down the minutes of its sessions and decisions, and
following up on their implementation and any other work entrusted to him. d- The commission meets
at the invitation of the president or his deputy in his absence, at least once
a month and whenever the need arises, and its legal meeting is attended by two-thirds
of its members, provided that the chairman or his deputy is among them, and its
decisions are taken by the majority of the votes of its members. Article (6) a- The purpose of
granting loans, financial facilities and financing services to affiliates is
housing and includes: - 1- Housing construction and purchase. 2- Purchase of lands, provided that housing is built on it. 3- Housing maintenance and rehabilitation. 4- Buying furniture and household items. b- Notwithstanding what is stated in Paragraph (A) of this
Article, the Fund may, in case of availability of cash, provide other financing
services to its affiliates. Article (7) b- 1
- That the loan granted is for one of the purposes stipulated in Article (6) of
this system, provided that the beneficiary is not granted a loan for the same
purpose more than once. 2 - That the employee's service period is not less than five
years, and the Authority may reduce this period according to the financial
position of the Fund, provided that his service is not less than three years in
any case. 3- If the loan or financial facility is used for the purpose for
which it was granted. b - In the event that the member who obtained the loan or
financial facility violates any of the conditions stipulated in Paragraph (a)
of this Article, the fund has the right to stop the disbursement of the loan or
financial facility payments that have not been paid, and all the sums
previously disbursed by the fund are due to be paid immediately plus To it any
costs or expenses incurred by the fund. c- If the borrower’s services are terminated for any reason, his
liability will not be discharged except after settling the balance of the loan
or financial facilitation with the fund, either by commitment from the party
from which he receives his retirement salary, end of service dues, or any other
source. d- The fund is exempt from issuing warnings and judicial
notifications. Article (8) a- The following priorities shall be taken into consideration when
granting loans and financial facilities: 1- Not benefiting from the fund's loans previously. 2- The loan applicant does not own a home of his own 3- The social conditions of the loan applicant 0 4- Duration of service. b - The Commission shall issue instructions for determining the
priorities for granting loans in accordance with Paragraph (a) of this Article,
and any other priorities it deems appropriate. Article (9) The authority shall assume the following tasks and powers: - a- Drawing up the general policy of the fund and laying down the
necessary plans and programs for its implementation. b- Approving one or more banks in which the funds of the fund are
to be deposited upon the manager’s recommendation. c- Discussing the reports of the Internal Control Unit and taking
the necessary actions regarding them. d- Approval of borrowing contracts from internal and external
financial and banking institutions or any other bodies. e- Approval of the fund's investment projects. f- Discussing and approving the annual report on the fund's
business, activities and final financial statements. g- Approval of the annual budget draft of the fund. h- Approval of establishing branches and offices of the fund. i- Determine the monthly and annual remuneration of the
Commission’s members and the Fund’s employees. j- Approving consultants and experts and determining their fees
and rewards. k- Deciding on any dispute that may arise as a result of
implementing the provisions of this system, provided that its decisions do not
conflict with provisions. l- Delegating the powers of signature and withdrawal from the fund
accounts. m- Authorizing her representative to sign financial,
administrative and judicial matters. n- Selection of an external certified accountant for the
fund. q- Approving the necessary instructions to implement the
provisions of this system. Article (10) a- The fund’s general manager shall be appointed by a decision of
the Commission, provided that he is a civilian and has experience and
competence in financial affairs. . b - The director shall have a deputy nominated by the president. c- The director assumes the following duties and powers: - 1- Implementing the general policy of the fund and implementing
the plans, programs and decisions issued by the authority. 2- Supervising the functioning of the fund, including its
administrative and financial affairs, and the technical and administrative
staff of the fund’s staff, and following up on all its activities. 3- Supervising the implementation of contracts and agreements
signed with others. 4- Preparing the annual budget draft and the fund's work plan for
the coming year and submitting it to the commission for approval. 5- Proposing projects and activities related to the fund that are
related to achieving its goals and presenting them to the authority in
preparation for approval. 6- Preparing semi-annual reports on the fund’s activities and
conditions, especially with regard to its financial position, and submitting it
to the Authority. 7. Preparing the annual report and final financial statements of
the fund within a period not exceeding four months from the date of the end of
the fiscal year. 8- Appointment of branch and office managers with experience and
competence in financial, banking and financing matters. 9 - Granting a good loan to the affiliate and regulating the
method of repayment. 10- Forming specialized technical committees to evaluate
investment projects and raise appropriate recommendations regarding them to the
Authority. 11- Any other tasks assigned to him by the Authority. d - The manager represents the fund before others, and in his
absence, his deputy takes over all matters related to it and arising out of its
business. Article (11) The fund's resources and funds consist of the following: - a- The fund's capital. b - Any sums provided by the armed forces and security
agencies. c- The proceeds of movable and immovable funds owned or invested
by the fund. d - Gifts, aid and donations made to the fund with the approval of
the Commission e - What is deposited from the funds of affiliates, special funds
and charities operating in the armed forces and security agencies. f - Any other resources received by him, subject to the approval
of the Council of Ministers if they are from a non-Jordanian source. Article (12) The fund’s fiscal year begins on the first day of January of the
year and ends with the end of the thirty-first day of December of the same
year. Article (13) The fund's accounts and records are organized according to the
approved accounting principles and are subject to oversight by the Audit
Bureau. Article (14) The fund, all its projects, activities, services, and the funds of
its depositors and savers enjoy the exemptions and facilities enjoyed by the
armed forces and security agencies in accordance with the legislation in force
in each of them. Article (15) The funds of the fund are considered public funds that are
collected in accordance with the enforceable Emiri Funds Collection Law. Article (16) The Commission shall, upon the recommendation of the Director,
issue the necessary instructions to implement the provisions of this bylaw,
including: - a- The conditions for granting and recovering the loan or the
financial facility, the maximum limit for each of them, the period of repayment
and all other matters related to it, and the calculation of the costs and
expenses incurred by the fund to return to the defaulters in accordance with
the provisions of Paragraph (b) of Article (7) of this law. b- Accept deposits from persons, including funds and other
parties of the armed forces and security agencies. . c- Investing the fund’s funds and deposits available to it. d- Organizing the affairs of the civilian and military personnel
in the Fund in a manner that does not conflict with the legislation in force in
the armed forces and security agencies. e- Supplies and works related to the fund in a manner that does
not conflict with the supplies and works regulations in force in the armed
forces, and for this purpose the director grants the powers of the procurement
manager stipulated in the supplies system and the powers of the director of the
housing and military works establishment stipulated in the military works
system. f- Granting incentives and rewards to members of the Commission
and the fund’s workers. g- Distribution of funds allocated for lending between the armed
forces and security agencies according to the number of its members at the
beginning of each year. Article (17) In cases other than those stipulated in this system, the
provisions of the financial regulations in force in the armed forces shall be
applied.