Dubai: Dubai government on Tuesday announced the launch of Sukuk Al Waqf, the first of its kind initiative in the world.
Sukuk Al Waqf, is an innovative endowment from the Awqaf and Minors Affairs Authority, which was launched in partnership with the Mohammed bin Rashid International Center for Endowment and Endowment Consultation. It is managed by National Bonds.
Through this endowment, one can place their contribution into a savings account and the profits earned from it will be transferred towards a humanitarian project of their choice.
Open to all
The Waqf is now open to all contributors be it companies or individuals. The proceeds will be spent on health, educational and humanitarian projects while preserving contributors' assets.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai made the announcement on Twitter. He said, “We are starting with Dh100 million and the door is open to all contributions from companies and individuals who are looking to donate in this holy month.”
“Dubai has always been proactive in launching qualitative initiatives not only in the economic and development fields, but also in the humanitarian spheres. Sukuk Al Waqf will greatly support the societal contribution of companies in carrying out beneficial projects,” Sheikh Hamdan said.
