Zayad Al Refai
Work Preference
Summary
Dynamic and results-driven Executive Director and Consultant with over 30 years of experience in Financial Inclusion, MSME Development, and Economic Empowerment across the MENA region. An accredited EFQM Lead Assessor with a proven record in institutional excellence assessments and performance improvement. Demonstrated expertise in designing inclusive finance strategies, strengthening non-bank financial institutions, and advancing policy development and capacity building to foster poverty alleviation, women’s economic participation, youth employment, and sustainable enterprise growth. Adept at engaging both government and private sector stakeholders to drive systems-level change and excellence in financial inclusion. Trusted by leading international organizations—including USAID, EU, World Bank, and IFC—for delivering high-impact solutions that expand financial access and build economic resilience. Recognized for strategic vision, operational excellence, and the ability to align multi-stakeholder efforts toward scalable, sustainable results.
Overview
33
33
years of professional experience
1
1
Certification
Work History
Consultant
Self Employed
MENA
09.2020 - Current
- Conducted and supported internal assessments for Dubai Municipality to enhance readiness, address gaps, and ensure alignment with the Dubai Government Excellence Program.
- Advised central banks, NBFIs, and financial institutions on developing and implementing inclusive finance and MSME strategies.
- Led capacity-building programs for banks, PSPs, and regulators to strengthen institutional performance and outreach.
- Designed and launched innovative financial products—including digital, green, and Islamic finance solutions—targeting underserved segments.
- Conducted market and policy diagnostics to identify financial inclusion gaps and guide regulatory and institutional reforms.
- Partnered with leading international organizations (GIZ, USAID, EU, IFC) to deliver high-impact advisory and technical assistance.
- Championed initiatives promoting women’s economic participation, youth employment, and sustainable enterprise growth.
Executive Director
SFS Siraj Financial Services
Amman
12.2023 - 05.2025
- Lead projects in collaboration with the Co-President of NEF and theSVP of Programs and Impact, engaging with staff, directors, and officers across NEF group entities.
- Execute duties according to the articles of incorporation and the directives of the co-president and SVP, and obtain explicit consent from the co-president before making strategic decisions or binding the association or financial services company.
- Drive company growth by overseeing mergers and acquisitions, identifying new business opportunities, and forging strategic partnerships.
- Improve employee retention by fostering a positive work environment and providing professional development opportunities.
- Align project initiatives with organisational objectives by collaborating with stakeholders to develop strategies.
Executive Director
Ethmar For Islamic Microfinance
01.2016 - 09.2020
As CEO of Ethmar, Jordan’s first Sharia-compliant microfinance institution under the Central Bank and King Hussein Foundation, I led the company’s market entry and institutional setup. I introduced new Islamic finance products, implemented a matrix structure, and launched a performance dashboard to drive operational efficiency.
- Led the institutional setup and market entry, establishing Ethmar as a pioneering player in Islamic microfinance.
- Introduced innovative Islamic finance products tailored to MSMEs, women, and youth entrepreneurs.
- Designed and implemented a matrix organizational structure and a performance dashboard to enhance efficiency and accountability.
- Managed a USAID-funded product development initiative, expanding outreach and portfolio diversification.
- Launched a vocational education loan program that enabled over 3,000 youth to access training and employment opportunities.
- Strengthened risk management systems and positioned Ethmar as a national leader in ethical and inclusive finance.
Executive Director
Tamweelcom
Jordan
12.2005 - 01.2016
As CEO of Tamweelcom, Jordan’s largest microfinance institution, founded by the King Hussein Foundation, I led its transformation from a single-branch startup (established in 1999 with a JD 30,000 grant) into a nationwide leader serving 90,000 clients through 31 branches and two mobile units.
- Oversaw the disbursement of 460,000 loans valued at USD 298 million, with 91% to women and 35% to youth, achieving 119% operational and 111% financial sustainability.
- Expanded institutional equity from USD 43,000 to USD 11.2 million and managed a team of 381 professionals across Jordan.
- Introduced international labour and customer service standards, strengthening institutional reputation and client trust.
- Led a USD 600,000 USAID-funded capacity-building project to scale outreach, enhance risk management, and establish a KPI-based performance leadership system.
CFO
Microfund For Women
01.2001 - 12.2005
At Microfund for Women (MFW), a leading non-profit under the Central Bank of Jordan, I oversaw financial compliance, internal controls, and strategic planning during a period of rapid expansion. I managed a USD 5 million USAID-funded project supporting operational growth, while ensuring regulatory compliance, forecasting trends, and optimizing budget performance. I also led efforts in financial analysis, product and client performance reporting, and provided strategic insights to key stakeholders, contributing to sustained revenue growth and institutional agility across MFW’s 50+ branches serving over 130,000 clients.
Assistant Finance Manager
UNDP
03.1998 - 01.2001
Finance Manager
Royal Society for Conservation of Nature
01.1993 - 01.1998
Education
Executive Education - Leadership For System Change
Harvard Kennedy School
2018
Executive Education - Performance Measurement of Non Profit
Harvard Business School
2014
Executive Education - Strategic Planning For 'Non -Profit Organizations
Harvard Business School
2011
Executive Education - Strategic Leadership For Microfinance
Harvard Business School
2009
MBA - Microfinance
Bergamo University
2004
Incomplete MBA - Finance
University Of Jordan
1998
Bachelor of Arts - Accounting And Economics
University Of Jordan
1992
Skills
- Strategic Planning and Business Planning
- Performance Assessment and Valuation
- Business Development
- Strategic Leadership & Partnerships
- Financial Management And Reporting
- Youth Development
- Stakeholder Relations
- Fundraising
- Investment Strategy
- Monitoring
- Plan Implementation
- Risk Management
- Outreach
Websites
Affiliations
Board Member, FINCA Jordan Mar 2021- Jan 2025.
Board Member of Social Performance Task Force “SPTF” 2012-2016
Social Entrepreneur of 2008 Award and World Economic Forum “WEF” member
Vice-Chairman of The Microfinance Network of Jordan 2018
Vice-Chairman of The Microfinance Network of Arab Countries 2009-2012.
Committee Member of “Financial Inclusion Strategy of Jordan 2018”
Committee member of “ National employment and training strategy of Jordan, 2012-2013”
Advisory Board Member, Youth Financial Services(YFS), Making Cents 2009-2011.
Consultant \ Trainer, GIZ building capacity project for Central bank of Yemen and Central bank of Jordan.
Consultant\ Trainer, Strategy and Performance Management for Grameen-Jamil Foundation, 2015-2017.
Trainer, for microfinance practitioners from the MENA region, Jordan, Egypt, Yemen, Palestine, Saudi Arabia, Iraq, Sudan, and Syria.
Parte-Time Lecturer at Jordan University (2008-2010), Luminous Technical University (Starting 2020) and Arab Open university (Starting 2020). In Entrepreneurship, Financial Technology and Financial inclusion.
Certification
- Business Excellence Lead Assessor for EFQM (European Foundation for Quality of Management)
- Certified trainer for SME and Microfinance (Operations, Marketing, Administration, Finance and Microfinance at university), Microfinance Center “MFC”, Institution of Banking Studies, ILO and Sanabel .
- Microfinance and MSME Management Development, USAID Jordan, 2003/01.
- Microfinance and MSME Specialist, Advanced level, USAID Jordan, 2002/07.
- Microfinance and MSME Strategic and Business Planning held by USAID, Washington, USA, 2002/01.
- Treasury Management, USAID Jordan. 2001/09.
Timeline
Executive Director
SFS Siraj Financial Services
12.2023 - 05.2025
Consultant
Self Employed
09.2020 - Current
Executive Director
Ethmar For Islamic Microfinance
01.2016 - 09.2020
Executive Director
Tamweelcom
12.2005 - 01.2016
CFO
Microfund For Women
01.2001 - 12.2005
Assistant Finance Manager
UNDP
03.1998 - 01.2001
Finance Manager
Royal Society for Conservation of Nature
01.1993 - 01.1998
Executive Education - Leadership For System Change
Harvard Kennedy School
Executive Education - Performance Measurement of Non Profit
Harvard Business School
Executive Education - Strategic Planning For 'Non -Profit Organizations
Harvard Business School
Executive Education - Strategic Leadership For Microfinance
Harvard Business School
MBA - Microfinance
Bergamo University
Incomplete MBA - Finance
University Of Jordan
Bachelor of Arts - Accounting And Economics
University Of Jordan
Consultancy
Over the last four years, I have undertaken various consultancy assignments, contributing my expertise to diverse projects:
- Delivered EFQM-aligned excellence training and institutional assessments, including capacity building for the Jordanian Ministry of Foreign Affairs in preparation for the King Abdullah II Award for Excellence; supporting Dubai Municipality with internal assessments and gap reviews following recent criteria updates; and conducting excellence assessments for Jordan Customs, the Social Security Corporation, Jordan Aviation Company, and the Ministry of Foreign Affairs over the past decade.
- As a Non-Bank Financial Institutions (NBFI) Expert in Iraq, supporting the design and implementation of the National Financial Inclusion Strategy (2025–2029) through institutional capacity building and ecosystem development in collaboration with GIZ.
- AEP Lebanon B5 Fund World Bank project: Institutional assessment and transformation consulting. Jan 2025- until now.
- Consultant, GIZ Iraq (CARP) and Central Bank of Iraq (CIB), Financial inclusion training for financial insinuations and NBFIs, Jun 2025.
- Siraj Financial Services, institutional assessment and transformation NGO- North Syria Dec 2023 – May 2025
- · Recent collaboration in Somaliland with the World Bank, and previously, I led a financial ratio analysis assignment for KMIS in Somaliland with IFC -2024 which deepened my understanding of financial sector dynamics in that region
- Impact Finance Expert, Luminus Vocational Student Lending, August 2023.
- Consultant, GIZ Iraq (CARP) and Central Bank of Iraq (CIB), Financial Analysis Training for NBFIs, May 2023.
- Consultant, Sparkassenstiftung für Internationale Kooperation, Finance expert for sustainable transformation of the financial sector and improving training and employment, Oct 2022-Sep 2024.
- Consultant, GIZ Jordan, MSME Expert in "Innovative Approaches for Financial Inclusion of MSMEs in Jordan" Project, 2023-2024.
- Consultant, USAID "Jordan Public and Accountability Justice Strengthening Activity (PAJ)," Finance Analyst and Advisor, Dec 2022. Developed Financial Sustainability plan for King Abdullah II Center for Excellence (KACE).
- Consultant, GIZ Iraq (CARP), Central Bank of Iraq. Trainer for Microfinance Supervision Unit, Jan 2023.
- APEX Consulting, SMEPS Private Sector Engagement Study in Yemen, Strategic exercise for Chamber of Commerce in the south of Yemen, Dec 2022-Mar 2023.
- Consultant, GOPA Worldwide Consultants, Support to an enabling business environment for MSME development and financial inclusion in MENA, May 2022-Dec 2022. Developed "Guidelines for Adopting Digital and FinTech Solutions in the MENA" and "Guidelines for Mainstreaming Gender Dimension through MFIs."
- Consultant, Center of International Private Enterprise (CIPE), Policy Analysis of the Legislative and Regulatory Framework and its Impact on the Performance and Development of the Formal Microfinance Sector in Jordan study, July-Dec 2021.
- Consultant, Sida, and NIRAS, Regional Financial Inclusion and Finance Development for MENA region, Access to finance and MSME development, Oct 2021-Mar 2022.
- Consultant, Institute of Banking Studies (IBS), MSME Vocational Diploma Certificate, May 2021-Jan 2022
Accomplishments
- Delivered EFQM-aligned excellence training and institutional assessments, including
capacity building for the Jordanian Ministry of Foreign Affairs in preparation for the King
Abdullah II Award for Excellence; supporting Dubai Municipality with internal
assessments and gap reviews following recent criteria updates; and conducting
excellence assessments for Jordan Customs, the Social Security Corporation, Jordan
Aviation Company, and the Ministry of Foreign Affairs over the past decade. - As a Non-Bank Financial Institutions (NBFI) Expert in Iraq, supporting the design and
implementation of the National Financial Inclusion Strategy (2025–2029) through
institutional capacity building and ecosystem development in collaboration with GIZ. - AEP Lebanon B5 Fund World Bank project: Institutional assessment and transformation
consulting. Jan 2025- until now. - Consultant, GIZ Iraq (CARP) and Central Bank of Iraq (CIB), Financial inclusion training for
financial insinuations and NBFIs, Jun 2025. - Siraj Financial Services, institutional assessment and transformation NGO- North Syria
Dec 2023 – May 2025 - Recent collaboration in Somaliland with the World Bank, and previously, I led a financial
ratio analysis assignment for KMIS in Somaliland with IFC -2024 which deepened my
understanding of financial sector dynamics in that region - Impact Finance Expert, Luminus Vocational Student Lending, August 2023.
Consultant, GIZ Iraq (CARP) and Central Bank of Iraq (CIB), Financial Analysis Training for
NBFIs, May 2023. - Consultant, Sparkassenstiftung für Internationale Kooperation, Finance expert for
sustainable transformation of the financial sector and improving training and
employment, Oct 2022-Sep 2024. - Consultant, GIZ Jordan, MSME Expert in "Innovative Approaches for Financial Inclusion
of MSMEs in Jordan" Project, 2023-2024. - Consultant, USAID "Jordan Public and Accountability Justice Strengthening Activity (PAJ),"
Finance Analyst and Advisor, Dec 2022. Developed Financial Sustainability plan for King - Abdullah II Center for Excellence (KACE).
Consultant, GIZ Iraq (CARP), Central Bank of Iraq. Trainer for Microfinance Supervision
Unit, Jan 2023. - APEX Consulting, SMEPS Private Sector Engagement Study in Yemen, Strategic exercise
for Chamber of Commerce in the south of Yemen, Dec 2022-Mar 2023. - Consultant, GOPA Worldwide Consultants, Support to an enabling business environment
for MSME development and financial inclusion in MENA, May 2022-Dec 2022. Developed
"Guidelines for Adopting Digital and FinTech Solutions in the MENA" and "Guidelines for
Mainstreaming Gender Dimension through MFIs." - Consultant, Center of International Private Enterprise (CIPE), Policy Analysis of the
Legislative and Regulatory Framework and its Impact on the Performance and
Development of the Formal Microfinance Sector in Jordan study, July-Dec 2021. - Consultant, Sida, and NIRAS, Regional Financial Inclusion and Finance Development for
MENA region, Access to finance and MSME development, Oct 2021-Mar 2022. - Consultant, Institute of Banking Studies (IBS), MSME Vocational Diploma Certificate, May
2021-Jan 2022
Training and Coaching
During the last 24 months, several training workshops conducted;
- Risk Management, Institute for Banking Studies.
- FinTech, Institute for Banking Studies.
- Financial Ratio Analysis, Institute for Banking Studies.
- Portfolio Management and Portfolio Quality, Institute for Banking Studies and Amman Arab university.
- Financial literacy for MSMEs clients, For local CBOs household beneficiaries.
- TOT for Financial Literacy, Sparkassenstiftunge Jordan.
- Introduction to MSMEs and Microfinance Industry. Institute for Banking Studies.
Work Availability
monday
tuesday
wednesday
thursday
friday
saturday
sunday
morning
afternoon
evening
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