Queen Noor of Jordan, the founder and chairperson of the King Hussein Foundation (KHF), recently announced the launch of Ethmar, a microfinance institution (MFI) that is compliant with Shariah, the Islamic legal system. Islamic finance eschews conventional interest payments in lieu of concepts such as the sharing of profit and loss.
Queen Noor expressed the vision of Ethmar “becoming an innovative model for economic empowerment similar to the other pioneering [programs] launched by the King Hussein Foundation over the last three decades” [1].
KHF was established in 1999 by Jordanian royal decree. The foundation aims to continue King Hussein’s “humanitarian vision and legacy” [2] by supporting human development in Jordan. As of 2015, the foundation operates programs including the Jubilee Institute; the Information and Research Center; the National Center for Culture and Performing Arts and the National Music Conservatory.
By Meredith Steih, Research Associate
About King Hussein Foundation
The King Hussein Foundation (KHF) was established in 1999 by Jordanian royal decree. It aims to continue King Hussein’s “humanitarian vision and legacy” by supporting human development in Jordan. As of 2015, the foundation operates programs including the Jubilee Institute; the Information and Research Center; the National Center for Culture and Performing Arts and the National Music Conservatory.
Sources and Additional Resources
Jordan Times, “Queen Noor launches Sharia-compliant microfinance institution,”http://www.jordantimes.com/news/local/queen-noor-launches-sharia-compliant-microfinance-institution
MicroCapital Universe Profile: King Hussein Foundation
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