Microfund for Women celebrates its millionth grant

AMMAN — Iman Kaabi took a small loan from the Microfund for Women (MFW) in 2007 with the aim of starting a small business and ended up becoming a municipality member for Deir Alla 10 years later.

“I stayed at home for over 12 years not knowing what to do. Then, I heard of the MFW, took an education loan and eventually started my own business with another loan from the same organisation,” Kaabi said.

The testimony came during an event organised at the MFW headquarters to celebrate granting 1 million loans to approximately 140,000 people, at a value of over JD450 million over the past 21 years.

“Our family is small but through my business, I got to know more people. I ended up winning a seat on the municipality council after garnering 1,182 votes,” she told a cheering crowd.

Ruba Khreim, another MFW beneficiary, also spoke about her experience: “I always had a dream to start a business that talks about our heritage in a different manner.”

 “I got the loan and was able to fulfill my dream and create products that reflect our heritage. But, most importantly, the income I made went to educate my four children,” Khreim told the gathering.

MFW is a private non-profit organistion that began its operations in 1996 by providing financial services to low-income, small business owners in Jordan with the aim of empowering women economically and socially, so they become active members of society. 

Currently, 96 per cent of MFW’s beneficiaries are women. The organisation employs 700 people working in over 60 branches across the Kingdom. 

“We are proud to have reached 1 million loans by giving tens of thousands of women who could not get a loan from a bank because they have no collateral, a chance to increase their income and improve their standard of living,” said MFW Managing Director Muna Sukhtian.

Sukhtian said the loans also helped women “build their confidence in playing a productive, effective and active role in the household and society”.

“This has been our goal since we opened our doors over 20 years ago as the first microfinance company in Jordan. The will of the Jordanian woman and her determination to improve herself is our inspiration and the main reason that we are here. All of this is reflected in the success stories we presented today,” Sukhtian noted. 

Sukhtian added that the organisation is considered the “largest institution of its kind in terms of market share”, noting that it “will continue its mission to provide financial and non-financial services, in accordance with international methods of financial management to help women on an economical and social level so they can reach a state of financial inclusion”.

Sukhtian stated that the loans, which range from JD250 to JD10,000, have affected 374,000 individuals and families.

Other services provided by MFW include the “Himaya Protection Programme”, a life insurance product designed to assist low-income households to cope with uncertainties. 

 “Afiyatuna” , a “first-of-its-kind” project in the region, also aims to lower hospital expenses as a result of health emergencies.

The MFW has won dozens of awards in recognition for their work including the Women’s World Bank Excellence in Leadership Award in 2014 and the Mohammad Bin Rashid Award for Young Business Leaders Award as the Best Fund to Serve Women in the Arab World.