Dubai: The Awqaf and Minor Affairs Foundation (AMAF) has granted a licence to the first endowment foundation in the UAE, it was announced.
This comes in line with the foundation’s commitment to support all philanthropic activities inside and outside the country.
The endowment foundation is to be a financially independent non-profit organisation financed by the foundation’s profit to fund its programmes and initiatives. The financial resources of the endowment foundation may come from any endowment property, and all return on investments will accrue to the foundation.
The licence was granted as per Law No. 14 issued for regulating endowments by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The purpose of the law is to create a legislative environment that is conducive to establishing endowment institutions.
“Today’s endowment foundation is an initiative that enables the community to become an integral part in investing of endowments, thereby enhancing the role of society in the sustainable development journey,” said Khalid Rashid Al Thani, Deputy Secretary General of AMAF.
He also thanked those who contributed to the establishment of the endowment foundation.
“I hope that this project will serve as a model to encourage the society to take a step into establishing similar institutions that embody the purpose of philanthropy and the values of giving instilled by the late Saikh Zayed Bin Sultan Al Nahyan,” he added.
