Abdelrazzaq AI Shurbaji, Citibank

Fintech is transforming the banking and finance sector in Jordan. Citibank assistant vice president and legal counsel AI Shurbaji explains the important role in-house counsel are playing behind the scenes to facilitate this change.

I believe that being an in-house legal counsel here in Jordan and working within the banking and finance sector requires a good understanding of financial technology and electronic banking. Despite its issues, the use of technology within the industry is growing, so it is essential for in-house lawyers working in this field to have a good background in, and a sound understanding of, laws surrounding new technological innovations.

There are a lot of new laws and regulations in Jordan that support the financial industry. But a challenge is that a lot of the people living in Jordan are still not used to the concept of electronic banking. They still need time to understand how it works. For example, the majority of Jordanians still need time to understand how to pay their bills online – many of them still feel like they need to physically go to the bank to pay their bills. This makes the development of financial products here in Jordan particularly challenging.

The laws supporting the integration of Fintech are also growing. The laws surrounding electronic transactions, including the use of e-signatures, are also developing. I believe this is the start of the boom that will transform our industry.

Nevertheless, in-house lawyers are working in areas where there are sometimes a lack of legal regulations. If we look at the introduction of electronic transactions and the use of e-signatures here in Jordan, the laws around that are still developing. I think if laws are implemented in the right way, this will be a great advantage to all parties – including customers, companies and banks – and for all manner of transactions.

In general, some of the new laws implemented in Jordan revolve around income tax law, security rights in moveable property law and insolvency law. For instance, we have recently had new income tax laws introduced, which say that there is a new amount that should be paid to the government as income tax from a range of entities – this includes banking and finance companies. This may impact business here in Jordan because the amount might be considered very high. As a result, I think businesses will think very carefully before investing any money.

Most of the time I work autonomously, but sometimes I like to share experiences with colleagues who are dealing with similar challenges. When new regulations are introduced within the banking and finance sector, I like to share my opinion, as well as learn from the knowledge and experience of other colleagues who are working in the same industry. Sometimes there will be a need to go to external counsel at times when we need to obtain detailed advice on a particular issue.

Despite all of the challenges, one of the biggest advantages of working in Jordan is the security it provides. The business environment in Jordan is safe, stable and secure, especially when compared to some of the countries that surround it. This is a big advantage for Jordan. A lot of countries situated around it are experiencing a lot of challenges. By comparison, Jordan has emerged as an attractive place in the Middle East to work and to invest.

We do not have an abundance of natural resources here in Jordan. I think one of the things that support Jordan’s economy is investment opportunities. We have a lot of projects related to solar and other renewable energy. These projects are supporting the industry here in Jordan. n