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The Military Credit Fund and Safwa Islamic Bank Renew Support for “Refaq Al-Selah” Program
The Military Credit Fund and Safwa Islamic Bank have renewed their partnership by signing a memorandum of understanding (MoU) aimed at providing a comprehensive range of financial and banking products and services to military retirees. These offerings are fully compliant with Islamic Sharia principles and are designed with favorable terms and preferential returns under the framework of the “Refaq Al-Selah” Program.
The MoU was signed by Mr. Yazeed Al Khalidi, Director General of the Military Credit Fund, and Mr. Samer Tamimi, CEO of Safwa Islamic Bank. This collaboration aims to offer military retirees personal, housing, and car financing solutions that feature competitive terms, flexible repayment plans, and reduced profit rates. These services will be accessible through various branches across the Kingdom.
Mr. Yazeed Al Khalidi commended Safwa Islamic Bank’s continued support for the Refaq Al-Selah Program for the third consecutive year. He highlighted the bank’s dedication to offering preferential financial solutions tailored to the needs of military retirees. He also emphasized the Military Credit Fund’s commitment to building strategic partnerships across sectors to enhance the program’s reach and impact.
On his part, Mr. Samer Tamimi stated: “We are proud to remain a key partner of the Military Credit Fund in its mission to ensure a dignified life for military retirees. Our renewed collaboration reflects our deep commitment to the royal vision of improving the wellbeing of military personnel, in recognition of their invaluable service. Furthermore, it highlights our dedication to financial inclusion and creating sustainable value for both the economy and society, in line with global sustainability practices.”
Safwa Islamic Bank and Iraqi Islamic Bank Sign Strategic Partnership Agreement
Following earlier announcements, Safwa Islamic Bank and the Iraqi Islamic Bank have officially signed a partnership agreement during a ceremony at Safwa Islamic Bank’s Head Office in Amman on 26th, January 2025. The partnership signing ceremony was attended by key officials, including Dr. Mohammed Abu Hammour, Chairman of Safwa Islamic Bank; Mr. Ahmed Waleed, Chairman of the Iraqi Islamic Bank; Mr. Basem Salfiti, Chairman of Bank al Etihad; Mr. Samer Tamimi, CEO of Safwa Islamic Bank, along with executives from both institutions.
Dr. Abu Hammour highlighted the significance of this agreement, noting that it aims to drive a positive shift in Islamic banking within the two neighboring countries: Jordan and Iraq. This collaboration marks the start of a strategic and commercial partnership in which both banks will share their expertise in banking and finance. The partnership is expected to strengthen their financial positions by leveraging their combined experience to deliver a broad range of banking services and financing solutions to the growing Iraqi market, in alignment with Iraqi Islamic Bank’s 33 years of experience and established credibility.
Highlighting that this partnership introduces the expertise of a leading Islamic banking institution from Jordan to the Iraqi financial sector, Mr. Waleed welcomed Safwa Islamic Bank’s involvement as a shareholder. He emphasized that this partnership reflects the growing confidence in Iraqi banking institutions regionally and noted that the collaboration would promote development, enhance financial investment opportunities, and increase trade exchanges between the two countries.
Meanwhile, Mr. Tamimi accentuated the importance of this strategic partnership, highlighting its potential to expand investment opportunities and deepen ties between the banks. He noted that the agreement sets a clear path toward a prosperous and productive commercial relationship, aiming to achieve positive financial outcomes and further strengthen the financial standing of both institutions.
