(MENAFN- Emirates News Agency (WAM))
DUBAI, 17th April, 2021 (WAM) -- H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and First Deputy Chairman of The Executive Council of Dubai said the efforts of the Awqaf and Minors Affairs Foundation (AMAF) have helped realise the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai to enhance the role played by the waqf (endowments) system in the country's sustainable development.
The Foundation has played a particularly important part in realising the leadership's goal of expanding the scope of endowments to include all areas of development including culture, healthcare, education and scientific research, Sheikh Maktoum added.
His Highness further said both individuals and establishments in Dubai have adopted endowments as a way of contributing to society. A spate of new innovative endowments has redefined the endowment landscape in Dubai. With the use of new technologies and fresh scientific approaches, Dubai is seeing a positive transformation in the way endowments support sustainable development.
"The UAE's leadership and its society encourage endowments as a means to enhancing development. Endowments create an enduring legacy for donors while transforming the future of people and institutions that benefit from them," His Highness said.
By the end of 2020, the total number of endowments registered by the Awqaf and Minors Affairs Foundation in Dubai stood at 717, representing a total value of AED7 billion. These endowments have been registered by 442 endowers.
Of the 717 endowments, 683 are real estate endowments and 34 financial endowments (including stocks and financial assets). Philanthropic endowments accounted for 622, Islamic family endowments 64, and joint endowments 31. Women donated 97 endowments while 29 were provided by institutions.
Essa Abdullah Al Ghurair, Chairman of AMAF, said: "The vision of His Highness Sheikh Mohammed bin Rashid to enhance the role of endowments in advancing sustainable development goals has encouraged individuals and establishments to develop endowments that support people in need."
Ali Al Mutawa, Secretary-General of AMAF, said continuous research to identify investment opportunities in sustainable projects is required to further enhance the waqf system. Various entities need to contribute their expertise and resources to enhance innovation in developing waqf projects that can add social and economic value.
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