The Government Communication Forum held a meeting with media representatives on Tuesday, entitled “The Orphans Fund Development Corporation (OFDC): Achievements and Challenges.”
OFDC’s Director General, Abdul Rahim Al-Hazaimeh, said that the OFDC’s assets are estimated at about JD251 million, including lands valued at JD47 million, buildings valued at JD43 million, and a stock portfolio valued at JD22 million.
He added that the OFDC owns 25 investment buildings in Amman, and 6 buildings as a usufruct in Aqaba in partnership with the Aqaba Special Economic Zone Authority at a value of JD5.5 million and an annual profit of JD75,000, indicating that the number of tenants reached about 800 with a revenue of JD4 million annually.
He said that the volume of financing in the OFDC is JD71 million, and the volume of financial leasing investments that started in 2018 is about JD10 million, indicating that the financing is granted to low-income public sector employees, in addition to preferential benefits granted to
employees that contribute to reducing the profit rate.
Al-Hazaimeh pointed out that the OFDC’s revenues last year amounted to JD13.644 million, the volume of its investments in deposits in Islamic banks is JD45 million, and the sale of Murabaha is JD72 million with a growth rate of 25 percent.
Al-Hazaimeh explained that the OFDC manages the money of orphans, whose number is estimated at about 45,000 minors, and its goal is to preserve the orphans’ money, develop it, and invest it according to the provisions of Sharia law to achieve returns on the orphans’ deposits.
He explained that the OFDC manages its investments in several ways, the most important of which is the financing portfolio; It is a profit-sharing investment that comes through granting public and private sector employees and small and medium-sized enterprises materials to provide housing for low-income people.
He stressed that the OFDC has made great strides in electronic transformation, as the user can obtain financing through a special appli
cation that uploads documents and obtains approval, and visits the OFDC only to obtain the commitment letter. The guardian can also deposit into the minor’s account without having to come to the OFDC.
Al-Hazaimeh noted that the OFDC has allocated JD20 million to create an electronic card that will enable the government employee to buy his needs in installments at the “cash” price, indicating that the card is in its final stages and the agreement with the implementing company will be signed within two days.
He added that there are aspirations for a new project that aims to establish a bank for public sector employees similar to the Military Credit Fund for comrades-in-arms, and a project specialized in real estate and real estate development, in addition to proposed partnerships with the private sector.
Source: Jordan News Agency