About the Fund
The Military Credit Fund was established in 2010 under the directives of His Majesty King Abdullah II, Chief Commander of the Jordanian Armed Forces, pursuant to paragraph (f) of Articles 17 and 20 of the Jordanian Armed Forces Law no 3 for 2007. This law stipulates in article 3 “A fund to be called the ‘Military Credit Fund’ shall be established in the Armed Forces, with legal persona, and financial and administrative independence, and as such may own transferrable and non-transferrable funds, as well as conduct all legal transactions necessary to achieving its goals. It shall be headquartered in Amman”. This significant initiative was established for the purpose of serving Jordanians affiliated with the Jordanian Armed Forces and security bodies, and comes as a reaffirmation of His Majesty’s concern for their needs and in appreciation of their commitment towards Jordan and its citizens. The Fund is a testament to the firm belief held by His Majesty that these public servants are entitled to financial security and a dignified livelihood. Headquartered in Amman, Jordan, the Fund was established with a capital of 140 million Jordanian dinars, and provides services and products that conform to the rules of Islamic murabaha. The Fund is fully furbished by the Jordanian Armed Forces, which provide it with the technical support, equipment and machinery necessary for operation. Although in its nascent stages, the Fund successfully financed, during the first six months of operation, 478 requests by officers and 2,778 requests by individuals totaling JD 22,930,453 in value. Of these amounts, approximately 58% were for housing loans, and the remainder for personal loans
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