The Board of Directors, of the Jordan Micro Credit Company (Tamweelcom) that owned by King Hussein Foundation, held its annual meeting on Saturday, December 19, 2009. 

The meeting was chaired by HM Queen Noor, the Chairperson of the Foundation’s Board of Trustees.

During the meeting, strategic options related to the legal environment were discussed, including the Company’s continued provision of financial services in terms of financial and non-financial services to productive poor and low income people. 

This is in addition to the transfer of the Company’s expertise to neighboring countries as a special model in this regard, according to Planet Rating’s report, which placed Tamweelcom in first place in the financial performance in the MENA region for 2008.

Also during the meeting, HM Queen Noor honored former Chairman of the Board Sharif Shaker bin Zeid, former Vice Chairman Mr. Amer Salti, and former Board member H.E. Mr. Rateb Al-Wazani for their exceptional efforts and continued support to the Company over the past years.  Moreover, Mr. Emad Ayyoub was elected as Chairman of the Board.

HM Queen Noor praised the Company’s success and achievements during the past year, and said:  “By excelling in the microfinance sector and obtaining numerous international awards this year, Tamweelcom is translating the late King Hussein’s vision of Jordan being a center for innovation and a model for projects that apply the best international practices and standards in the region, not to mention a source of trained and specialized capabilities and skills that are sought after in neighboring countries.”

Tamweelcom’s CEO Mr. Ziad Al-Refai pointed out that the Company’s ability to provide non-financial services, such as marketing channels for its beneficiary clients, has contributed to helping micro-entrepreneurs achieve better sales and the ability to manage their projects more efficiently and effectively, when in the past they use to suffer from marketing problems and low profits, as well as shortage of basic skills to manage their projects.

In addition to its financial services, the Company provides a set of supportive non-financial services, such as a marketing gateway through the Souk Ayyadi initiative, educational grants to children of clients and the local community, and Training for building capacity and developing entrepreneurs’ skills in project management.

This year, Tamweelcom received three awards:  certificate of Excellence Award, the Schwapp Award for Social Innovation, and the Microfinance Performance Award. 

Tamweelcom is a non-profit company and is a pioneering microfinance company in Jordan that endeavors to fight poverty and unemployment. 

Since its establishment in 1999, Tamweelcom has financed more than 137600 projects using more than JD64 million, 96% of the projects were for women in various sectors.