Amman, Jordan (Sunday 28 December 2008) The Jordan Micro Credit Company, Tamweelcom, has been classified as eighth best out of 652 financially sustainable microfinance institutions worldwide, and as number one in the Middle East and North Africa region, according to a report on the best Microfinance Institutions (MFIs) in the world for the year 2008 issued by Microfinance Information Exchange (MIX) Market.

The ranking is based on outreach, transparency and efficiency, that is, on the MFI's that are most widespread and advanced in the area of providing financial services to target groups and the poor with efficiency, cost-effectiveness, maintain and cover expenses, and the ability to be financially transparent.

This is the second year that Tamweelcom has been ranked in the top ten microfinance institutions in the world. Last year, it was ranked tenth out of 820 micro credit companies and institutions.

Tamweelcom’s CEO Ziad Al-Rifai said: "It is rewarding news in light of the hard work and commitment of our staff, and this achievement is based on the efforts of building on past successes".

Tamweelcom also won the Financial Transparency Award in 2006, and last year it won the World Bank’s Pro-Poor Innovation Challenge Award, both of which were granted for the first time to a microfinance company in the Arab world and the Middle East. This year it was also selected as the MFI of the Month in the world for March 2008, and the company’s profile was featured on the MIX Market homepage.

Mr Al Rifai acknowledged the support Tamweelcom has had from USAID, the European Commission and the Jordanian government as major contributors to such successes.

'This year's achievement', added Mr Al-Rifai, 'reflects the fast progress that is being made among MFIs in the region'.

Tamweelcom is a major Noor Al Hussein Foundation institution that aims to provide owners of micro and small businesses with ideal financial services that are suitable to all target groups in the sector, as well as non-financial services, most important of which are the Souk Ayyadi, which is the first of its kind designed to sell the products of micro-entrepreneurs, and Tamweelcom’s educational fund, which is designed to combat the rising rate of school dropouts. There are 40,000 micro-entrepreneurs who are benefiting from these services, with a growth rate that reached 40% in 2008.

MIX is a non-profit company funded by the Consultative Group to Assist the Poor (CGAP) supported by other international organizations from a variety of sectors. It is a business information provider focused on strengthening the microfinance sector by promoting transparency, supplying detailed information about the financial issues and performance of microfinance companies.