DOCSLIB.ORG

The Role of the Amman Stock Exchange in Jordanian Corporate Governance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Role of the Amman Stock Exchange in Jordanian Corporate Governance THE ROLE OF THE AMMAN STOCK EXCHANGE IN JORDANIAN CORPORATE GOVERNANCE By YOUSEF AHMED YOUSEF AL-TAL Principal Supervisor: Professor Razeen Sappideen A thesis submitted in fulfilment of the requirements for the award of the degree DOCTOR OF PHILOSOPHY School of Law, University of Western Sydney Sydney, Australia March 2014 Dedication This thesis is dedicated to my parents who have supported and encouraged me throughout my life and in particular my study. i Acknowledgements I wish to express my deepest gratitude to my principal supervisor Professor Razeen Sappideen and co-supervisor Professor Carolyn Sappideen who provided me with the most effective guidance and supervision. I am also grateful for my friend Mr. Moayyad Tahtamouni the Chief of Listing Division in the Amman Stock Exchange for providing me with various updated information and research materials. The incomparable appreciation is due to my father, who inspired and kept encouraging me to continue my postgraduate studies and offered me the financial support which enabled me undertake this program. I am thankful to my mother who always supports me in my life. I cannot express my indebtedness to my darling wife Hala Freihat and lovely son Ahmad for their love and help during this painstaking journey. This work is the outcome of their encouragement, support and patience. ii Statement of Authentication The work presented in this thesis is, to the best of my knowledge and belief, original except as acknowledged in the text. I hereby declare that I have not submitted this material, either in full or in part, for a degree at this or any other institution. Signature Yousef Ahmed Al-Tal March 2014 iii Table of Contents List of Tables ………………………………………………………………………… viii List of Figures ………………………………………………………………………... ix List of Diagrams …………………………………………………………………….... x List of Appendices ……………………………………………………………………. xi List of Abbreviations ………………………………………………………………….. xii Abstract ………………………………………………………………………………. xiv Chapter One: Introduction 1.1. Introduction ……………………………………………………………………… 1 1.2. Jordan ……………………………………………………………………………. 1 1.3. Scope of the Thesis ……………………………………………………................ 2 1.4. Thesis Structure ………………………………………………………………….. 3 Chapter Two: Securities Markets and Corporate Governance 2.1. Securities Markets ……………………………………………………………….. 5 2.2. Origins of Securities Markets …………………………………………………… 5 2.3. Types of Securities Markets …………………………………………………….. 7 2.4. The Quest for Securities Market Efficiency …………………………………….. 9 2.5. Corporate Governance …………………………………………………………... 11 2.6. Theories Underlying Corporate Governance ……………………………………. 12 2.6.1 Agency Theory ……………………………………………………………... 12 2.6.2 Stakeholder Theory ………………………………………………………… 13 2.7. Corporate Governance Principles ……………………………………………….. 15 Chapter Three: The Securities Market in Jordan 3.1. Introduction ……………………………………………………………………… 20 3.2. Establishment and Growth of the Amman Financial Market 1976-1996 ……….. 20 3.3. The Jordanian Capital Market Reforms 1997-2002 ……………………………... 23 3.4. Establishment and Growth of the Amman Stock Exchange from 1997 ………… 26 3.5. The ASE Performance Measured in Terms of Mobilising Public Savings for Companies ……………………………………………………………………….. 32 3.6. Summary and Conclusions ……………………………………………………… 37 Chapter Four: The Institutional Structure of the Amman Stock Exchange (ASE) 4.1. Introduction ……………………………………………………………………… 39 4.2. The Functions of the ASE ……………………………………………………….. 40 4.3. The ASE Organisational Structure ………………………………………………. 40 4.4. ASE Legal Status ………………………………………………………………... 42 4.4.1. ASE Hybrid Status ………………………………………………………… 44 iv 4.4.2. The Judicial Review of ASE's Decisions ………………………………….. 47 4.4.3. The ASE Public Aspect …………………………………………………… 50 4.4.4. Governmental Control over the ASE through Financial and Administrative Procedures ……………………………………………………………………….. 52 4.4.5. Control by the JSC ………………………………………………………… 57 4.5. Summary and Conclusions ………………………………………………………. 58 Chapter Five: ASE: Listing, Trading and Disclosure 5.1. Introduction ………………………………………………………………………. 60 5.2. The ASE's Regulatory Role in the Jordanian Capital Market ……………………. 60 5.3. The ASE's Role in Listing Securities …………………………………………….. 64 5.4. The ASE's Role in Trading in Securities …………………………………………. 75 5.4.1. The ASE Infrastructure for Trading ………………………………………... 75 5.4.2. Quotation of Listed Securities ……………………………………………… 78 5.4.3. Regulating the ASE Interrelationship with its Members …………………… 80 5.4.4. Regulating the Brokerage Firms Interrelationship with their Clients ……… 81 5.5. Summary of the ASE's Listing and Trading Roles in Jordanian Corporate Governance …………………………………………………………………………… 86 5.6. The ASE's Role in Disclosure and Dissemination of Information ……………….. 87 5.6.1. The ASE Infrastructure for the Disclosure and Dissemination of Information ... 87 5.6.2. The ASE's Role in Disclosing Trading Information ……………………….. 89 5.6.3. The ASE's Role in Regulating Disclosure in the Listing of Securities …….. 92 5.6.4. The ASE's Role in Disclosing the Information that Affects Trading Activities and Securities' Prices ……………………………………………………………… 93 5.6.5. The ASE's Disclosure Mechanism …………………………………………. 96 5.6.6. Summary of the ASE's Disclosure Role in Jordanian Corporate Governance 99 5.7. The ASE Role in Education and Awareness ……………………………………. 100 5.8. Summary and conclusions ………………………………………………………. 101 Chapter Six: Regulatory Framework of the Securities Market in Jordan 6.1. Introduction ……………………………………………………………………... 104 6.2. The House of the Nation (Parliament) and the Council of Ministers …………… 107 6.3. The Companies Control Department (CCD) ……………………………………. 108 6.3.1. Introduction ……………………………………………………………….. 108 6.3.2. The CCD's Role in the Jordanian Capital Market ………………………… 110 6.3.3. Monitoring Disclosure Compliance ………………………………………. 111 6.3.4. Monitoring the Rights of Shareholders …………………………………… 112 6.3.5. Supervising the Board of Directors ……………………………………….. 113 6.3.6. The Code of Corporate Governance for Jordanian Companies …………... 115 6.4. The Jordan Securities Commission (JSC) ………………………………………. 115 6.4.1. Introduction ……………………………………………………………….. 115 6.4.2. The JSC Regulatory Role in the Jordanian Capital Market ………………. 118 6.4.3. The JSC Supervisory Role in the Jordanian Capital Market ……………… 118 6.4.4. The JSC role in Jordanian Corporate Governance ………………………... 120 6.5. The Securities Depository Centre (SDC) ……………………………………….. 124 6.5.1. Introduction ……………………………………………………………….. 124 v 6.5.2. The SDC Role in the Jordanian Capital Market …………………………... 127 6.6. The Central Bank of Jordan (CBJ) ……………………………………………… 131 6.6.1. Introduction ……………………………………………………………….. 131 6.6.2. The CBJ Role in the Jordanian Capital Market …………………………… 133 6.6.3. The CBJ Role in the Jordanian Corporate Governance …………………... 134 6.7. The Insurance Commission (IC) ………………………………………………... 136 6.7.1. Introduction ……………………………………………………………….. 136 6.7.2. The IC Role in the Jordanian Corporate Governance …………………….. 138 6.8. The Interrelationship between the ASE and the Regulatory Bodies in the Jordanian Capital Market ……………………………………………………………………….. 138 6.81. The Regulatory Roles in the Jordanian Capital Market …………………… 139 6.8.2. The Supervisory Roles in the Jordanian Capital Market ………………….. 140 6.8.3. The Disclosure Regime in the Jordanian Capital Market …………………. 144 6.8.4. Codes of Corporate Governance in the Jordanian Capital Market ………... 146 6.9. Summary and conclusions ………………………………………………………. 150 Chapter Seven: Listed Companies Compliance with Corporate Governance Rules 7.1. Introduction …………………………………………………………………….. 154 7.2. Ownership Concentration in Jordanian Listed Companies …………………….. 154 7.2.1. Family Owned Companies ………………………………………………...156 7.2.2. Jordanian Government and Official Public Institutions …………………... 157 7.3. The Independent Board of Directors and Good Corporate Governance ……….. 159 7.3.1. The Non-Executive Directors …………………………………………….. 159 7.3.2. Independent Directors …………………………………………………….. 161 7.3.3. The Chairman of the Board and the CEO ………………………………… 163 7.3.4. Establishing the Board's Permanent Committees …………………………. 164 7.4. The Board of Directors Dialogue with the Shareholders ……………………….. 165 7.5. The Board of Directors' Duties and Responsibilities ……...……………………. 167 7.5.1. The Board of Directors' Fiduciary Duties and Duty of Care ……………… 168 7.5.2. The Board of Directors' Statutory Duties …………………………………. 171 7.5.3. Board of Directors Responsibilities to Meet Corporate Governance Requirements …………………………………………………………………….. 172 7.6. Companies Compliance with the Listed Companies Code for Corporate Governance …. 175 7.7. Summary and conclusions ………………………………………………………. 180 Chapter Eight: Evaluating the Amman Stock Exchange Role in Corporate Governance 8.1. Introduction ……………………………………………………………………... 183 8.2. The Powers and Functions of the ASX …………………………………………. 184 8.3. ASX, ASE - Institutional Structure ……………………………………………... 185 8.4. ASX, ASE - Role in Listing and Trading in Securities …………………………. 188 8.5. ASX Clearing and Settlement Services - The Australian Payments System …… 192 8.6. ASX, ASE - Role in Disclosure of Information ………………………………… 194 8.7. ASX, ASE - Supervisory Role ………………………………………………….. 197 8.8. ASX, ASE - Role in Corporate Governance ……………………………………. 204 8.9. ASX, ASE - Role in Education and Awareness ………………………………… 206 vi 8.10. Summary and Conclusions …………………………………………………….. 208 Chapter Nine: The Way Forward 9.1. Introduction ……………………………………………………………………... 210 9.2. Key Findings …………………………………………………………………….
Load more

Recommended publications
  • The Role of MENA Stock Exchanges in Corporate Governance the Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I
    The Role of MENA Stock Exchanges in Corporate Governance The Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I. Key Features of MENA Markets Dominant state ownership Low regional and international integration Moderate competition for listings Young markets, dominated by a few sectors High levels of retail investment Diversifi cation of fi nancial products Part II. The Role of Exchanges in Corporate Governance The regulatory role The listing authority Corporate governance codes Disclosure and transparency The enforcement powers Concluding Remarks Annex I. About The Taskforce Annex II. Consolidated Responses to the OECD Questionnaire Annex III. Largest Listed Companies in the MENA region www.oecd.org/daf/corporateaffairs/mena Photos on front cover : © Media Center/Saudi Stock Exchange (Tadawul) and © Argus/Shutterstock.com 002012151cov.indd 1 12/06/2012 12:48:57 The Role of MENA Stock Exchanges in Corporate Governance This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2012 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given.
    [Show full text]
  • List of the Recognized Foreign Exchanges Relative to the Reporting Requirement (3Rd December 2007)
    List of the recognized foreign exchanges relative to the reporting requirement (3rd December 2007) Art. 15 para. 2 SESTA determines that securities dealers must report all the infor- mation necessary to ensure a transparent market (reporting requirement). In Art. 2 following SESTO-SFBC the appropriate implementing regulations are determined. Exceptions of the reporting requirement are recorded in Art. 4 SESTO-SFBC. Art. 4 letter a SESTO-SFBC determines that the securities dealer shall not be obliged to report transactions abroad in foreign securities admitted for trading on a Swiss stock exchange, provided that they are conducted on a foreign stock exchange recognized by Switzerland. According to established practice relative to the release of the reporting require- ment, recognized exchanges are the exchanges that are united in the World Fed- eration of Exchanges and/or the Federation of European Stock Exchanges (FESE). All foreign exchanges that are authorized by the Swiss Federal Banking Commis- sion in accordance with Art. 14 SESTO are also recognized exchanges concerning this matter, even they are neither member of the World Federation of Exchanges nor of the FESE. As an exception to this rule, besides the Deutsche Börse AG (member of World Federation of Exchanges) also the remaining German (regional) exchanges are recognized in this context. Name Location AMERICAN STOCK EXCHANGE New York, USA AMMAN STOCK EXCHANGE Amman, JORDAN ATHENS EXCHANGE Athens, GREECE AUSTRALIAN STOCK EXCHANGE Sydney, AUSTRALIA BAYERISCHE BÖRSE Munich, GERMANY BERMUDA STOCK EXCHANGE Hamilton, BERMUDA BOLSA DE COMERCIO DE BUENOS AIRES Buenos Aires, ARGENTINA BOLSA DE COMERCIO DE SANTIAGO Santiago, CHILE BOLSA DE VALORES DE COLOMBIA Bogota, COLOMBIA BOLSA DE VALORES DE LIMA Lima, PERU BOLSA DE VALORES DO SAO PAULO Sao Paulo, BRAZIL Name Location BOLSA MEXICANA DE VALORES Mexico, MEXICO BOLSAS Y MERCADOS ESPANOLES Barcelona, Bilbao, Madrid, Valencia, SPAIN BOMBAY STOCK EXCHANGE LTD.
    [Show full text]
  • The Effect of Conflict on Palestine, Israel, and Jordan Stock Markets
    International Review of Economics and Finance 56 (2018) 258–266 Contents lists available at ScienceDirect International Review of Economics and Finance journal homepage: www.elsevier.com/locate/iref The effect of conflict on Palestine, Israel, and Jordan stock markets Islam Hassouneh a,*, Anabelle Couleau b, Teresa Serra b, Iqbal Al-Sharif a a College of Administrative Science and Informatics, Palestine Polytechnic University (PPU), P.O. Box 198, Abu Ruman, Hebron, Palestine b Department of Agricultural and Consumer Economics, University of Illinois, 335 Mumford Hall, 1301 W Gregory Drive, Urbana, IL 61801, United States ARTICLE INFO ABSTRACT JEL classification: This research studies how the Israeli-Palestinian conflict affects Palestine, Israel and Jordan stock C32 markets, as well as the links between these markets on a daily basis. A violence index is built and G11 used as an exogenous variable in a VECM-MGARCH model. Our findings suggest the existence of G15 an equilibrium relationship between the three markets, which is essentially kept through Pales- tinian and Jordanian stock market adjustments and that does not respond to increases in violence. Keywords: An increase in violence has short-run direct negative impacts on the Palestinian stock exchange, Stock markets but does not directly influence the Israeli and Jordanian stock markets. Volatility VECM MGARCH model 1. Introduction Understanding the dynamic relationships between different stock markets sheds light on important financial market characteristics, and provides valuable information
    [Show full text]
  • The Socio-Economic Impacts of Mining on Local Communities: the Case
    The Extractive Industries and Society 3 (2016) 494–507 Contents lists available at ScienceDirect The Extractive Industries and Society journal homepage: www.elsevier.com/locate/exis Original article The socio-economic impacts of mining on local communities: The case of Jordan a, b a Rami Al Rawashdeh *, Gary Campbell , Awwad Titi a Mining Engineering Program, College of Engineering, Al-Hussein Bin Talal University, P.O. Box 20, Ma’an, Jordan b School of Business and Economics, Michigan Technological University, Houghton, MI 49931, USA A R T I C L E I N F O A B S T R A C T Article history: This paper compares selected socioeconomic indicators (e.g. unemployment, Human Development Received 30 October 2015 Index, poverty, education, health and environment) in the Southern Region of Jordan with those of its Received in revised form 3 February 2016 northern and central parts, with the aim of exploring what impact mining has had on local communities. Accepted 3 February 2016 According to the development indicators examined, the South Region of Jordan lags behind, Available online 23 February 2016 developmentally, the rest of the country as a whole, and that there appears to be a correlation between mining activities in the country and lower-than-average performance, as measured by development Keywords: indicators. However, this correlation may not be causation and could be due to other factors at work, Socio-economic impact mining communities may be better off than they would have been otherwise. Before and after mining Mining comparisons of socioeconomic indicators for the locality of Ma’an provide no indication of faster Economic development Jordan development relative to the rest of the country for the same time period.
    [Show full text]
  • Contestation Between Islamic Authority and Local Culture in Marriage Law in Jordan Jayusman1* Oki Dermawan1 Mahmudin Bunyamin2 Sudarman2
    Advances in Social Science, Education and Humanities Research, volume 492 Proceedings of the 1st Raden Intan International Conference on Muslim Societies and Social Sciences (RIICMuSSS 2019) Contestation Between Islamic Authority and Local Culture in Marriage Law in Jordan Jayusman1* Oki Dermawan1 Mahmudin Bunyamin2 Sudarman2 1Faculty of Syariah, Universitas Islam Negeri Raden Intan Lampung, Bandar Lampung, Indonesia 2Faculty of Ushuluddin and Religous Study, Universitas Islam Negeri Raden Intan Lampung, Bandar Lampung, Indonesia *Corresponding author. Email: [email protected] ABSTRACT The treasure of Mazhab Fiqh (the school of thoughts in Islamic jurisprudence) is somewhat difficult to accommodate the legal conditions of modern Islamic marriage. The new law must accommodate the benefit of life, which is the aim of Islamic law reconciliation, in the present time. Marriage law in Jordan also does not fully adhere to the majority of mazhab fiqh in the country. However, many maslahat (public common welfare) have accommodated their values. The focus of this study is to study the marriage law in Jordan and the dynamics of Islam and local culture in marriage law in Jordan. This study concludes the following. In the renewal of marriage law in Jordan, it still maintains the maqāsid al-syarī'ah (the goal of Islamic law) for the achievement of the benefit of the law and rejects harm. Jordanian family law is inseparable from the local wisdom that is owned and institutionalized in the community. Renewing marriage law in Jordan is done with the principle of preserving an existing law or regulation that is considered good, and developing it with a better law or better regulation.
    [Show full text]
  • International Directory of Deposit Insurers
    Federal Deposit Insurance Corporation International Directory of Deposit Insurers September 2015 A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC wants to acknowledge the cooperation of all the countries listed, without which the directory’s compilation would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 703 254 0937 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ SEPTEMBER 2015 2 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7
    [Show full text]
  • Jordan and the World Trading System: a Case Study for Arab Countries Bashar Hikmet Malkawi the American University Washington College of Law
    American University Washington College of Law Digital Commons @ American University Washington College of Law SJD Dissertation Abstracts Student Works 1-1-2006 Jordan and the World Trading System: A Case Study for Arab Countries Bashar Hikmet Malkawi The American University Washington College of Law Follow this and additional works at: http://digitalcommons.wcl.american.edu/stu_sjd_abstracts Part of the Economics Commons, and the Law Commons Recommended Citation Malkawi B. Jordan and the World Trading System: A Case Study for Arab Countries [S.J.D. dissertation]. United States -- District of Columbia: The American University; 2006. Available from: Dissertations & Theses @ American University - WRLC. Accessed [date], Publication Number: AAT 3351149. [AMA] This is brought to you for free and open access by the Student Works at Digital Commons @ American University Washington College of Law. It has been accepted for inclusion in SJD Dissertation Abstracts by an authorized administrator of Digital Commons @ American University Washington College of Law. For more information, please contact [email protected]. JORDAN AND THE WORLD TRADING SYSTEM A CASE STUDY FOR ARAB COUNTRIES By Bashar Hikmet Malkawi Submitted to the Faculty of the Washington College of Law of American University in Partial Fulfillment of the Requirements for the Degree of Doctor of Juric] Dean of the Washington College of Law Date / 2005 American University 2 AMERICAN UNIVERSITY LIBRARY UMI Number: 3351149 INFORMATION TO USERS The quality of this reproduction is dependent upon the quality of the copy submitted. Broken or indistinct print, colored or poor quality illustrations and photographs, print bleed-through, substandard margins, and improper alignment can adversely affect reproduction.
    [Show full text]
  • Report of the 5 Th Meeting
    FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 1 FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 2 TABLE OF CONTENTS Final Report of the Fifth Meeting of the OIC Member States’ Stock Exchanges Forum ANNEXES I. Presentation by Mr. Thomas Krabbe II. Presentation by Mr. Roland Bellegarde III. Presentation by Mr. Lauri Rosendahl IV. Presentation by Mr. Stephan Pouyat V. Presentation by Mr. Philippe Carré VI. Presentation by Mr. Rushdi Siddiqui on behalf of Thomson Reuters VII. Presentation by Mr. Ibrahim Idjarmizuan on behalf of IFSB VIII. Presentation by Mr. Gürsel Kona from the Istanbul Stock Exchange IX. Presentation by Mr. Ijlal Alvi on behalf of IIFM X. Presentation by Avşar Sungurlu, on behalf of BMD Securities Inc. XI. Presentation by Mr. Hüseyin Erkan, as Forum Chairman XII. Presentation by Şenay Pehlivanoğlu on behalf of the Task Force for Customized Indices and Exchange Traded Islamic Financial Products XIII. Presentation by Mr. Charbel Azzi on behalf of S&P Indices XIV. Presentation by Dr. Eralp Polat on behalf of the Forum Secretariat XV. Presentation by Mr. Abolfazl Shahrabadi and Mr. Hamed Soltaninejad on behalf of the Task Force for Capital Market Linkages 3 FINAL REPORT OF THE FFIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 4 Original: English FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM (Istanbul, September 17-18, 2011) 1.
    [Show full text]
  • Amman Stock Exchange Amman Stock Exchange
    Amman Stock Exchange Amman Stock Exchange Annual Report 2015 His Majesty King Abdullah II Ibn Al Hussein His Royal Highness Crown Prince Al Hussein Bin Abdullah II The Amman Stock Exchange (ASE) was established in March 11, 1999 as an independent institution authorized to function as an exchange for the trading of securities in Jordan under the Securities Law, No. 23 of 1997 and its amendments. The ASE has a legal personality with financial and administrative autonomy and it is regulated by Jordan Securities Commission. Vision Advanced financial market distinguished legislatively and technically, regionally and globally; rising to the latest international standards in the field of financial markets to provide an attractive investment environment. Mission Provide an organized, fair, transparent, and efficient market for trading securities in Jordan, and secure a safe environment for trading securities to deepen trust in the stock market therefore to serve the national economy. Objectives • Creating an attractive, safe, competitive, transparent and credible investment environment. • Developing processes, methods, and systems for trading securities in the stock market according to the latest international standards. • Developing and delivering an outstanding service to the related parties. • Disseminating trading information to the largest possible number of traders and interested parties. • Enhance the public awareness of all segments of society, while devoting especial attention to traders of securities. • Increasing the depth and the transparency of the ASE and diversifying the financial instruments available to investors. • Enhancing the cooperation with the Arab, regional and international exchanges, organizations and federations. Amman Stock Exchange 7 Amman Stock Exchange Contents Subject Page Chairman’s Statement............................................................................
    [Show full text]
  • Privacy Protection in the Information and Communications Technology
    University of Wollongong Research Online University of Wollongong Thesis Collection University of Wollongong Thesis Collections 2011 Privacy protection in the information and communications technology (ICT): a comparative analysis of the laws of the United States, European Union and Jordan Akram Almatarneh University of Wollongong, [email protected] Recommended Citation Almatarneh, Akram, Privacy protection in the information and communications technology (ICT): a comparative analysis of the laws of the United States, European Union and Jordan, Doctor of Philosophy thesis, Faculty of Law, University of Wollongong, 2011. http://ro.uow.edu.au/theses/3470 Research Online is the open access institutional repository for the University of Wollongong. For further information contact Manager Repository Services: [email protected]. Privacy Protection in the Information and Communications Technology (ICT): A Comparative Analysis of the Laws of the United States, European Union and Jordan A Thesis Submitted in Fulfilment of the Requirements for the Award of the Degree of Doctor of Philosophy From University of Wollongong By Akram Almatarneh LL.B (MU, Jordan) LL.M (UWS, Australia) M.Phil (Macquarie University, Australia) Faculty of Law 2011 SUMMARY OF CONTENTS CONTENTS………………………………………………….. ii LIST of FIGURES, TABLES and APPENDICES………….. viii ABBREVIATIONS…………………………………………... ix ACKNOWLEDGMENTS………………………………….... xi STATEMENT OF AUTHORSHIP……………………….... xiii AUTHOR’S PUBLICATIONS……………………………… xiv ABSTRACT………………………………………………….. xv CHAPTERS 1–9…………………………………………….... 1 BIBLIOGRAPHY……………………………………………. 447 APPEDNICES………………………………………………... 478 i CONTENTS Chapter One General Introduction 1.1 Background to the Research……………………………………………... 1 1.2 Statement of the Problem………………………………………………... 3 1.3 Research Questions……………………………………………………….. 8 1.4 Conceptual Framework…………………………………………………... 9 1.5 Aims and Objectives of the Research…………………………………… 17 1.6 Approach and Methodology……………………………………………..
    [Show full text]
  • Jordan's Financial Sector Performance During the COVID-19
    Jordan’s Financial Sector Performance During the COVID-19 Pandemic August 2020 Jordan’s Financial Sector Performance during the COVID-19 Pandemic – August 2020 1 يقوم منتدى اﻻستراتيجيات اﻷردني بمشاركة املعلومات اﻻقتصادية املهمة التي يتم تجميعها من مصادر محلية وعاملية مختلفة؛ وذلك بهدف نشر الوعي حول اﻷمور اﻻقتصادية واﻻجتماعية والتوعية في ظل التغييرات التي يشهدها العالم وذلك ملواكبة آخر التطورات وطرح مجال للتفكير في حلول تعمل على تنمية وتعزيز اﻻقتصاد الوطني. Jordan Strategy Forum shares important economic information that is collected from various local & international sources; with the aim of raising economic and social awareness. This is done in order to track the latest developments and suggest solutions that would develop and strengthen the national economy. Jordan’s Financial Sector Performance during the COVID-19 Pandemic – August 2020 2 On March 11, 2020, the World Health Organization (WHO) declared COVID-19 a pandemic. Soon after, the swift and massive shock of COVID-19 and the various shutdown measures to contain it have plunged the global economy into a severe recession. Nevertheless, since the outbreak began, “more than 1,400 measures have been adopted to support the financial sector by more than 140 different countries” (World Bank). Indeed, the objectives of the adopted measures are to stabilize financial markets, and maintain the flow of credit and liquidity to the most affected sectors, especially small and medium enterprises, as well as households. The International Monetary Fund (IMF) estimates that global public debt (as a percentage of Gross Domestic Product / GDP) will increase by 18.7% compared to the 10.5% increase following the 2008 global financial crisis.
    [Show full text]
  • Bankruptcy in Ja'farī Jurisprudence
    ISSN: 2687-1882 Cilt / Volume: 2 Sayı / Issue: 2 Aralık /December 2020 Bankruptcy in Ja’farī Jurisprudence Caferî Hukukunda İflas Heshmatollah Samavati PhD, Independent Author Iran [email protected] https://orcid.org/0000-0003-0823-5122 Makale Bilgisi/Article Information Makale Türü/Article Type: Araştırma Makalesi / Research Article Geliş Tarihi / Date Received: 16.10.2020 Kabul Tarihi / Date Accepted: 22.12.2020 Yayın Tarihi /Date Published: 31.12.2020 DOI: https://doi.org/10.48203/siader.811434 Atıf/Citation: Samavati, Heshmatollah, “Bankruptcy in Ja’farī Jurisprudence”, Turkish Journal of Shiite Studies 2/2 (Aralık 2020): 203-220. doi: 10.48203/siader.811434 İntihal: Bu makale, Turnitin yazılımınca taranmıştır. İntihal tespit edilmemiştir. Plagiarism: This article has been scanned by Turnitin. No plagiarism detected. Web: https://dergipark.org.tr/tr/pub/siader mailto: [email protected] Bankruptcy in Ja’farī Jurisprudence 204 Abstract The study examines bankruptcy in Islam from the perspective of the Ja'farī school of ju- risprudence. To this end, it first describes the meaning of the term ‘iflās’ (bankruptcy). Then, considering the connection between ‘i’sār’ (insolvency) and iflās, the article elucida- tes the relationship between iflās and i’sār as well as the differences between them. However, the main issues the paper deals with are the conditions required for the issuance of the bankruptcy judgment and its effects on the debtor and the creditors. Meanwhile, it seeks to show that the provisions of Islamic and Shiite bankruptcy laws are debtor-friendly. Moreover, the article explores the Shiite resources in order to demonstrate the similarities between Islamic bankruptcy and the prevailing laws in Western countries.
    [Show full text]