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Microfinance company to support small businesses in poverty pockets

By JT - Jun 12,2018 - Last updated at Jun 12,2018

AMMAN — The Central Bank of Jordan has recently licensed the Ideal for Microfinance Company, which is entirely owned by the Jordanian Hashemite Fund for Human Development (JOHUD), a JOHUD statement said.

The company aims at fighting poverty and unemployment at the national level, most specifically by targeting poverty pockets which are determined following field investigation, JOHUD Financial and Administrative Director Mohammed Hiari said, noting that the company plans to achieve its objectives through financing licensed and unlicensed small enterprises and micro projects.

Hiari added that the company seeks to offer Islamic financing products for micro projects, support the unemployed and underprivileged individuals in the target areas, empower women and offer specialised financing projects that enable people with disabilities to work. 

"It also aims to build partnerships with local and regional stakeholders, coordinate efforts to serve and develop Islamic financial products and contribute to generating more job opportunities," the director said, adding that it will serve in conducting studies on the small enterprises needed by society and the technical training required for the development of these projects.

"The company will also help in building a database of all the micro projects and small enterprises in Jordan," Hiari was quoted in the statement as saying.

It will provide individuals, companies and institutions, with a financing loan that amounts to JD500 to JD10,000 with a repayment period of 4 to 60 months, while the home-based and small enterprises, whether licensed and unlicensed, are financed with JD500 to JD4000 with a repayment period of 4 to 48 months.

The Ideal for Microfinance Company will offer a financing programme of JD1,000 to JD1,500 to families, with a repayment period of 4 to 24 months.

Existing projects which seek to expand will also be entitled to receive financing loans ranging from JD500 to JD25,000 with a repayment period of 4 to 60 months, he noted.

Hiari called on those who want to benefit from the company's financial services to visit any of the various branches of Princess Basma Community Development Centre or visit the company's website www.mifm.org. 

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