Sharjah: His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Sunday issued Endowment Law for the emirate of Sharjah.
The law identifies types of endowments, terms and conditions, expiry dates, the rights of beneficiaries, the dates of disbursement of its revenues and the conditions required for the Waqf supervisor.
According to the Law No. 8 of 2018, which features 61 articles, the Waqf is exempted from any taxes and local fees. The endower shall also be exempted from any fees related to the Waqf or any amendments made to it, its expenses, terms, replacement or registration.
The new law annuls Law No. 4 of 2011 pertaining to endowments in Sharjah. Current regulations, systems and resolutions issued for the Law No 4 of 2011 shall remain in place until they are revoked or amended by Law No 8 of 2018.
The law provisions will be applied to all endowments in Sharjah. All relevant authorities are tasked with implementing the law and its provisions. The law will be published in the official gazette and to be effective as of the date of its issuance.
