Ziad Al Refai, CEO of Tamweelcom, Jordan Micro Credit Company, has received the 2009 Middle East Regional Social Entrepreneurship award from the Schwab Foundation for his leadership role in maximizing benefits for the society and the environment.

The award recognizes Tamweelcom accomplishments as a leading micro-finance institution in the Arab region that develops innovative pro-poor business models in areas that affect people's day-to-day lives and their future, while applying solid business practices to maintain long term sustainability.

The award highlights companies who focus not on maximizing profit but on maximizing benefits for the society and the environment.

“This [financial] crisis teaches us that we need to refocus the economy on serving society. It is these social entrepreneurs who show us the way to a sustainable future,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum and Founder of the Schwab Foundation for Social Entrepreneurship.

In accepting the award, Refai said that the award was a further incentive to create productive opportunities for the poor. He highlighted Tamweelcom integrated approach towards supporting small businesses that includes marketing events, educational school grants, training and business networking for Tamweelcom clients.

The awards were presented by the Chairperson and Co-Founder of the Schwab Foundation, Hilde Schwab to both Ziad Al Refai and Naif Al Mutawa, Founder and Chairman of Teshkeel Media Group, Kuwait during the World Economic Forum at the Dead Sea.

Tamweelcom was established by the Noor Al Hussein Foundation in 1999 as the Jordan Micro Credit Company, a non-profit company pioneering in the field of micro enterprise support and development. Tamweelcom, ranked number eight among microfinance institutions worldwide, has to date issued

has to date financed 113000 project amounting to more than 54 million Jordanian dinars. 95 per cent of which supports women entrepreneurs