Military fund to begin receiving direct salary deposits

The Military Credit Fund (MCF) on Saturday announced that it will start allowing members of the Jordan Armed Forces (JAF) and other security bodies to have their salaries deposited directly into the fund in October. The fund was established in 2010 with a value of JD140 million under a Royal makruma to provide financial services such as housing loans for military and security personnel. MCF Director Muhannad Shehadeh said 1,000 members had already signed up to have their salaries deposited directly and that the fund had begun issuing ATM cards to facilitate their financial transactions. The MCF had extended JD47 million in financing by mid-September, benefiting 8,000 members, Shehadeh said, adding that the fund’s housing loans cover the purchase of apartments, houses, land or construction materials with repayment periods of up to 15 years. "The first goal of the nonprofit institution is to encourage members of the army and security apparatuses to save and help them achieve their financial aspirations through soft loans," the fund director noted. The MCF also plans in the near future to allow retired military personnel to benefit from its services and to establish a fourth branch in the southern region. The fund was established as part of His Majesty King Abdullah's commitment to implementing programmes that secure a decent living for military and security personnel.