New equity to Jordan’s finance industry
26th December 2015
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Ethmar - Jordan’s first Shari’a-compliant finance company inaugurates 1st branch today
December 23, 2015. Amman, Jordan – The Ethmar Islamic Finance Company, the first Shari’a-compliant finance company in Jordan, launched their first branch today under the patronage of His Royal Highness Prince Hamzah. Ethmar ishigh quality rolex replica
by King Hussein Foundation (KHF) and Tamweelcom - Jordan Micro Credit Company.
At the inauguration, PrincePanerai Replica Watches
said, “I am proud of the evolution of financial inclusion in the foundation. Offering alternative financial services promotes inclusiveness and encourages more potential entrepreneurs to become financially self-sufficient, improving their lives and benefiting Jordan’s economy as a whole.”
“Ethmar will provide working capital and fixed assets for home-based and licensed businesses and salaried clients who prefer using Shari’a-compliant products to cover their consumption and production needs. Reaching these citizens will in the long run alleviate poverty and improve the economy as a whole.” – Ethmar Chairman Faris Sharaf
During the inauguration of the first branch, which opened today in the Tabarbour area in Amman, Ethmar CEO Ziad Al-Rifa’i stated; “Our goal is to establish a unique Islamic finance institution that guarantees the highest quality of service, knowledge, and consumer experience. Although there are Islamic banks and consumer lending companies in Jordan that offer Islamic financing products, there is no specialized Islamic finance company that is fully dedicated to offering Shari’a-compliant financing and that has the capability drones for sale
to utilize Shari’a law to introduce microfinance products that can satisfy the unmet needs of finance beneficiaries. Ethmar will fill this gap.”
Al Refai Added : "A recent study revealed a concerning statistic that approximately 35% of potential entrepreneurs in rural and poverty-pocket areas in Jordan listed religious reasons as the largest impediment to obtaining credit.” Jordan’s potential demand for tailored Islamic finance products is still largely unmet - only the needs of 4% of clients who prefer Shari’a banking have been met by institutions offering a mix of conventional and Shari’a-compliant products.