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Interest-Free Loans Improve Quality of Life

An American immigrant to Israel received today one of the country’s great honors, the Knesset Speaker’s Prize for Quality of Life.

In 1990, three decades after immigrating to Israel, Hebrew University academic Eliezer Jaffe set about taking the old shtetl idea of a free loan society and building it on a national scale in Israel.

Jaffe, co-chairman of the Hebrew University Centre for the Study of Philanthropy and author of “Giving Wisely: The Israel Guide to Non-profit and Volunteer Organizations,” set up the Israel Free Loan Association, a body that grants interest-free loans to low-income individuals and businesses.

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Interest-Free Loans Improve Quality of Life

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