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Fund changing by-law to support families of fallen soldiers

By JT - Jan 10,2017 - Last updated at Jan 10,2017

AMMAN — The Military Credit Fund (MCF) has embarked on amending its by-law in order to allow access to its funding services for the families of army and security personnel who died in the line of duty, according to an advertisement published in Al Rai Daily on Tuesday. 

The amendment comes in implementation of directives issued by His Majesty King Abdullah, the Supreme Commander of the Jordan Armed Forces-Arab Army, announced during a visit to the army headquarters on Sunday.

The targeted families will be included as beneficiaries of the MCF’s financing services and will be entitled to obtain interest-free loans.

The fund was established in June 2011 under a Royal makruma, or benefaction, to encourage army and security personnel to save and achieve better living conditions, as well as to help them invest in accordance with the Islamic law, under “favourable terms”, according to the advertisement.  Subscribing to the fund will guarantee the financial acquittal of beneficiaries and see their debts paid in full after their death. 

The services of the fund include purchasing or building a new housing units and buying residential land, construction materials, furniture and cars, according to the advertisement. 

Also on Tuesday, the Senate decided to contribute a whole month’s salary from each senator to support the MCF, in response to King Abdullah’s directives. 

Senate President Faisal Fayez said that the Upper House also decided to establish a social solidarity fund in the Senate, taking a share from each senator’s monthly wage for a year to support the fund.

 

He added that a committee will be formed to decide the fund’s work mechanism and how the money will be spent. 

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