Islamic Finance

Dubai unveils new awqaf and endowment initiatives

23 Mar 2016
News
Salaam Gateway

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, yesterday launched the emirate’s new vision and strategy for awqaf and endowments with a raft of initiatives, including 4.5 billion dirhams ($1.23 billion) for innovation and knowledge, and a social real estate district. 

Dubai’s Global Vision for Awqaf and Endowments will be spearheaded by the new Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC) that will provide free consultation to individuals as well as institutions. The Centre will be headed by Dr Hamad al Hammadi as secretary general.

A statement from Emirates news agency WAM quoted Sheikh Mohammed as saying, "We opened the doors to become the most supportive nation for endowment for the service of humanity. Many businessmen provide charity in secret, we want them to announce their endowments and lead by example.”

At the event in Dubai yesterday to launch the initiatives, there was a stress on the vision focusing on 'sustainable giving' and 'giving that never ends.' Underlining this, Sheikh Mohmamed added, "Expatriate businessmen and investors impressed me by their giving, commitment and appreciation of the importance of Waqf. The UAE will always be the capital of humanity through its initiatives and efforts aimed at serving people and its humanitarian innovative projects.”

Sheikh Mohammed has pledged all proceeds from his book, Flashes of Wisdom, toward a cultural endowment that will focus on nurturing Emirati writers.

Photo: DUBAI, UAE, Mar 22, 2016: Announcement of the Dubai global initiative for endowment. Dr Hamad al Hammadi was named the Secretary-General of the new Mohammed bin Rashid Global Centre for Endowment Consultancy

OVERALL STRATEGY AND DRIVERS

The work of the new MBRGCEC will be informed by the overarching vision, which is underlined by four strategic themes and driven by eight:

Four strategic themes

  1. Transform Dubai into a catalyst to serve society through awqaf and endowments
  2. Transform Dubai into a regional hub that caters to the Arab world’s social needs through awqaf and endowments
  3. Dubai to become a source of global best practices for awqaf and endowments
  4. Enable Dubai to become a global source for awqaf and endowment research and expertise

Eight themes

  1. Comprehensive strategy
  2. Clear legislative environment
  3. Effective consultation
  4. International best practices in the establishment and management of awqaf and endowment foundations
  5. Maximizing social impact
  6. Monitoring social needs in the UAE and the Arab world
  7. Stimulating awqaf and endowments
  8. Enable crowdfunding

THE INITIATIVES AT A GLANCE

3.5 billion dirhams for Knowledge Endowment 1 billion dirhams for Innovation Endowment 500 million dirhams for other general purposes
Mohammed bin Rashid Global Centre for Endowment Consultancy (MBRGCEC)
  1. Provide free consultation on awqaf and endowments.
  2. To be headed by Dr Hamad al Hammadi as secretary general
  3. Will allocate funds to fulfill the most critical Arab social needs and will support a mechanism for economic development.
  4. Has prepared a best practices guide that sets a roadmap to formulate strategic plans for awqaf and endowment foundations. The guide provides input into organizational structure options, general framework for project prioritization to maximize social impact, investment management, performance indicators and developing operations.
  5. Will provide consultations for new or existing institutions.
  6. Will manage the Dubai Arab World Awqaf and Endowment Monitoring System
  7. Will supervise Dubai Awqaf and Endowments District
Dubai Awqaf and Endowments District
  1. Social real estate project inspired by innovation in endowments and in cooperation with the development banks in the UAE and the Arab world
  2. Built on a property endowed by Sheikh Mohammed, to build housing with proceeds from each building being allocated to awqaf and endowment needs.

Dubai Awqaf and Endowment Sign

Public and private institutions that carry this sign are recognized as those that serve the community. 

First batch announced yesterday include:

  1. Emarat Al Youm – sponsors the Autism Endowment
  2. The MOB – Awareness Endowment
  3. Kuttab Café – Reading Endowment
  4. Al Shabab Al Arabi club – Health Endowment
  5. Wasl Asset Management Group – School Maintenance Endowment
  6. Du – Medicines Endowment
  7. DEWA – Marriage Endowment
  8. Mohammed bin Rashid School for Communication – Education Endowment

Photo: The Dubai Awqaf Sign revealed yesterday, Mar 22, 2016, at an event in Dubai, UAE

 

tags:

Awqaf
Endowment
Waqf